Financial Results : Al-Jouf Agricultural posts 10% profit drop in 9M

Al-Jouf Agricultural posts 10% profit drop in 9M

05/11/2018 Argaam Exclusive

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Al-Jouf Agricultural Development Co.’s net profit after zakat and tax fell 9.7 percent year-on-year (YoY) to SAR 24.7 million for the first nine months of 2018, due to higher selling, general and administrative expenses.



Financials (M)

Item 9m 2017 9m 2018 Change‬
Revenues 229.44 247.82 8.0 %
Gross Income 58.97 72.38 22.7 %
Operating Income 31.58 32.99 4.5 %
Net Income 27.29 24.65 (9.7 %)
Average Shares 30.00 30.00 -
EPS (Riyals) 0.91 0.82 (9.7 %)

The company’s third-quarter net profit after zakat and tax almost doubled YoY to SAR 22.6 million, driven by a 10.7 percent rise in sales, especially olives, and lower cost of goods sold.

 

When compared to the previous quarter, Al Jouf’s Q3 net profit declined 13.4 percent, hurt by the higher cost of goods sold to total sales and lower production volumes. 



Current Quarter Comparison (M)

Compared With The
Item Q3 2017 Q3 2018 Change‬
Revenues 114.03 126.24 10.7 %
Gross Income 23.46 44.18 88.3 %
Operating Income 12.78 26.88 110.3 %
Net Income 11.47 22.55 96.6 %
Average Shares 30.00 30.00 -
EPS (Riyals) 0.38 0.75 96.6 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2009 51.98 131.1 % 19.95 79.1 % 15.68 93.1 %
Q2 2009 39.33 (5.9 %) 18.77 (17.1 %) 9.99 (23.6 %)
Q3 2009 79.83 18.8 % 33.91 18.6 % 19.43 28.8 %
Q4 2009 94.74 16.5 % 31.33 (15.8 %) 20.71 (7.8 %)
Q1 2010 33.82 (34.9 %) 12.87 (35.5 %) 6.48 (58.7 %)
Q2 2010 35.70 (9.2 %) 17.50 (6.8 %) 10.93 9.3 %
Q3 2010 84.42 5.7 % 36.70 8.2 % 23.98 23.5 %
Q4 2010 92.95 (1.9 %) 35.53 13.4 % 25.68 24.0 %
Q1 2011 15.44 (54.3 %) 7.27 (43.5 %) 2.76 (57.4 %)
Q2 2011 50.37 41.1 % 23.51 34.4 % 15.52 42.1 %
Q3 2011 100.53 19.1 % 45.22 23.2 % 30.40 26.8 %
Q4 2011 126.15 35.7 % 50.38 41.8 % 35.22 37.2 %
Q1 2012 36.23 134.7 % 10.30 41.8 % 3.00 8.7 %
Q2 2012 55.63 10.4 % 27.24 15.9 % 18.91 21.8 %
Q3 2012 135.97 35.3 % 57.59 27.3 % 40.33 32.6 %
Q4 2012 116.71 (7.5 %) 54.71 8.6 % 39.21 11.3 %
Q1 2013 38.00 4.9 % 14.30 38.8 % 3.97 32.4 %
Q2 2013 71.34 28.2 % 33.41 22.7 % 22.85 20.9 %
Q3 2013 121.19 (10.9 %) 50.51 (12.3 %) 35.85 (11.1 %)
Q4 2013 110.47 (5.3 %) 54.31 (0.7 %) 32.97 (15.9 %)
Q1 2014 46.84 23.2 % 15.94 11.5 % 5.49 38.3 %
Q2 2014 69.11 (3.1 %) 33.15 (0.8 %) 23.21 1.6 %
Q3 2014 124.13 2.4 % 51.25 1.5 % 38.16 6.4 %
Q4 2014 110.23 (0.2 %) 51.53 (5.1 %) 37.13 12.6 %
Q1 2015 53.18 13.5 % 18.28 14.7 % 8.23 50.0 %
Q2 2015 74.26 7.4 % 31.70 (4.4 %) 20.51 (11.6 %)
Q3 2015 123.03 (0.9 %) 57.47 12.1 % 44.78 17.3 %
Q4 2015 118.49 7.5 % 14.56 (71.7 %) (0.36) (101.0 %)
Q1 2016 56.31 5.9 % 19.17 4.8 % 10.01 21.6 %
Q2 2016 74.58 0.4 % 34.78 9.7 % 23.71 15.6 %
Q3 2016 120.83 (1.8 %) 47.45 (17.4 %) 34.45 (23.1 %)
Q4 2016 128.50 8.4 % 30.82 111.7 % 4.17 1268.6 %
Q1 2017 48.20 (14.4 %) 13.26 (30.8 %) 7.17 (28.4 %)
Q2 2017 67.21 (9.9 %) 22.25 (36.0 %) 11.63 (51.0 %)
Q3 2017 114.03 (5.6 %) 23.46 (50.6 %) 12.78 (62.9 %)
Q4 2017 76.18 (40.7 %) 15.42 (50.0 %) (1.16) (127.7 %)
Q1 2018 41.64 (13.6 %) (14.92) (212.6 %) (23.50) (427.8 %)
Q2 2018 79.94 18.9 % 43.12 93.8 % 29.61 154.6 %
Q3 2018 126.24 10.7 % 44.18 88.3 % 26.88 110.3 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2009 13.80 79.4 % 0.46 - 13.80 0.46
Q2 2009 11.40 (8.2 %) 0.38 - 11.40 0.38
Q3 2009 16.84 23.8 % 0.56 - 16.84 0.56
Q4 2009 20.91 1.0 % 0.70 (0.50) 21.41 0.71
Q1 2010 7.15 (48.2 %) 0.24 - 7.15 0.24
Q2 2010 12.00 5.2 % 0.40 - 12.00 0.40
Q3 2010 23.58 40.1 % 0.79 (1.75) 25.33 0.84
Q4 2010 23.53 12.5 % 0.78 (2.06) 25.59 0.85
Q1 2011 6.05 (15.4 %) 0.20 - 6.05 0.20
Q2 2011 15.13 26.1 % 0.50 - 15.13 0.50
Q3 2011 29.31 24.3 % 0.98 - 29.31 0.98
Q4 2011 34.13 45.1 % 1.14 - 34.13 1.14
Q1 2012 7.09 17.3 % 0.24 - 7.09 0.24
Q2 2012 20.24 33.8 % 0.67 (2.17) 22.40 0.75
Q3 2012 34.81 18.8 % 1.16 (2.81) 37.62 1.25
Q4 2012 39.54 15.8 % 1.32 5.21 34.33 1.14
Q1 2013 8.13 14.6 % 0.27 - 8.13 0.27
Q2 2013 23.07 14.0 % 0.77 - 23.07 0.77
Q3 2013 34.36 (1.3 %) 1.15 - 34.36 1.15
Q4 2013 36.51 (7.7 %) 1.22 7.73 28.78 0.96
Q1 2014 5.19 (36.1 %) 0.17 - 5.19 0.17
Q2 2014 27.75 20.3 % 0.93 - 27.75 0.93
Q3 2014 37.15 8.1 % 1.24 - 37.15 1.24
Q4 2014 37.03 1.4 % 1.23 - 37.03 1.23
Q1 2015 8.62 66.1 % 0.29 - 8.62 0.29
Q2 2015 20.16 (27.4 %) 0.67 - 20.16 0.67
Q3 2015 43.35 16.7 % 1.45 - 43.35 1.45
Q4 2015 0.26 (99.3 %) 0.01 - 0.26 0.01
Q1 2016 8.81 2.2 % 0.29 - 8.81 0.29
Q2 2016 22.93 13.7 % 0.76 - 22.93 0.76
Q3 2016 32.89 (24.1 %) 1.10 - 32.89 1.10
Q4 2016 3.53 1240.7 % 0.12 - 3.53 0.12
Q1 2017 8.11 (8.0 %) 0.27 - 8.11 0.27
Q2 2017 7.71 (66.4 %) 0.26 (2.50) 10.21 0.34
Q3 2017 11.47 (65.1 %) 0.38 - 11.47 0.38
Q4 2017 (1.69) (148.0 %) (0.06) - (1.69) (0.06)
Q1 2018 (23.96) (395.4 %) (0.80) - (23.96) (0.80)
Q2 2018 26.05 237.9 % 0.87 - 26.05 0.87
Q3 2018 22.55 96.6 % 0.75 - 22.55 0.75

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2009 44.75 % 43.26 % 24.99 %
Q2 2009 43.58 % 42.68 % 24.82 %
Q3 2009 43.51 % 42.91 % 24.86 %
Q4 2009 39.10 % 37.95 % 23.86 %
Q1 2010 39.11 % 36.14 % 22.93 %
Q2 2010 39.17 % 36.55 % 23.51 %
Q3 2010 39.57 % 37.58 % 26.50 %
Q4 2010 41.55 % 41.04 % 28.38 %
Q1 2011 42.45 % 43.02 % 30.18 %
Q2 2011 42.36 % 42.63 % 29.65 %
Q3 2011 43.01 % 42.74 % 29.34 %
Q4 2011 43.21 % 41.35 % 28.93 %
Q1 2012 41.31 % 38.57 % 27.34 %
Q2 2012 41.80 % 38.93 % 29.18 %
Q3 2012 41.11 % 37.90 % 28.60 %
Q4 2012 43.49 % 40.21 % 29.44 %
Q1 2013 44.42 % 42.39 % 29.59 %
Q2 2013 44.20 % 43.07 % 28.49 %
Q3 2013 44.04 % 44.99 % 28.77 %
Q4 2013 44.73 % 45.52 % 27.67 %
Q1 2014 44.07 % 44.73 % 26.13 %
Q2 2014 44.28 % 45.76 % 27.64 %
Q3 2014 44.12 % 46.76 % 28.21 %
Q4 2014 43.35 % 48.71 % 30.58 %
Q1 2015 43.24 % 48.65 % 31.00 %
Q2 2015 42.22 % 47.30 % 28.46 %
Q3 2015 44.08 % 49.60 % 30.26 %
Q4 2015 33.07 % 38.57 % 19.62 %
Q1 2016 33.03 % 39.44 % 19.51 %
Q2 2016 33.83 % 40.83 % 20.23 %
Q3 2016 31.32 % 38.76 % 17.53 %
Q4 2016 34.78 % 32.03 % 17.92 %
Q1 2017 33.95 % 32.41 % 18.13 %
Q2 2017 31.20 % 31.24 % 15.01 %
Q3 2017 25.09 % 26.65 % 9.31 %
Q4 2017 24.34 % 33.60 % 9.20 %
Q1 2018 15.45 % 22.16 % (1.33 %)
Q2 2018 21.52 % 27.29 % 3.81 %
Q3 2018 27.10 % 30.56 % 7.09 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2009 30.00 2.02 2.02 16.20
Q2 2009 30.00 1.98 1.98 16.58
Q3 2009 30.00 2.09 2.09 17.14
Q4 2009 30.00 2.10 2.12 17.82
Q1 2010 30.00 1.88 1.89 16.65
Q2 2010 30.00 1.90 1.91 17.05
Q3 2010 30.00 2.12 2.20 17.83
Q4 2010 30.00 2.21 2.34 18.60
Q1 2011 30.00 2.17 2.30 17.37
Q2 2011 30.00 2.28 2.40 17.87
Q3 2011 30.00 2.47 2.54 18.85
Q4 2011 30.00 2.82 2.82 19.99
Q1 2012 30.00 2.86 2.86 20.22
Q2 2012 30.00 3.03 3.10 19.17
Q3 2012 30.00 3.21 3.37 20.33
Q4 2012 30.00 3.39 3.38 21.65
Q1 2013 30.00 3.42 3.42 20.19
Q2 2013 30.00 3.52 3.44 20.96
Q3 2013 30.00 3.50 3.33 22.11
Q4 2013 30.00 3.40 3.14 23.32
Q1 2014 30.00 3.30 3.05 22.66
Q2 2014 30.00 3.46 3.20 23.53
Q3 2014 30.00 3.55 3.30 24.77
Q4 2014 30.00 3.57 3.57 24.37
Q1 2015 30.00 3.69 3.69 25.28
Q2 2015 30.00 3.43 3.43 25.90
Q3 2015 30.00 3.64 3.64 27.34
Q4 2015 30.00 2.41 2.41 25.72
Q1 2016 30.00 2.42 2.42 27.30
Q2 2016 30.00 2.51 2.51 23.67
Q3 2016 30.00 2.16 2.16 24.76
Q4 2016 30.00 2.27 2.27 22.90
Q1 2017 30.00 2.25 2.25 26.15
Q2 2017 30.00 1.74 1.82 24.45
Q3 2017 30.00 1.03 1.11 24.84
Q4 2017 30.00 0.85 0.94 22.84
Q1 2018 30.00 (0.22) (0.13) 22.04
Q2 2018 30.00 0.40 0.40 21.91
Q3 2018 30.00 0.77 0.77 22.66

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 7.27 7.27 0.91
Q2 2009 9.48 9.48 1.13
Q3 2009 9.66 9.66 1.18
Q4 2009 11.47 11.38 1.35
Q1 2010 12.19 12.08 1.37
Q2 2010 10.02 9.93 1.11
Q3 2010 9.62 9.29 1.14
Q4 2010 11.56 10.93 1.37
Q1 2011 10.17 9.60 1.27
Q2 2011 9.67 9.15 1.23
Q3 2011 9.76 9.50 1.28
Q4 2011 10.84 10.84 1.53
Q1 2012 12.52 12.52 1.77
Q2 2012 10.30 10.06 1.63
Q3 2012 11.19 10.64 1.77
Q4 2012 10.70 10.72 1.67
Q1 2013 10.08 10.10 1.71
Q2 2013 11.25 11.51 1.89
Q3 2013 12.96 13.64 2.05
Q4 2013 12.22 13.22 1.78
Q1 2014 12.98 14.08 1.89
Q2 2014 13.58 14.67 2.00
Q3 2014 15.08 16.26 2.16
Q4 2014 11.43 11.43 1.68
Q1 2015 11.37 11.37 1.66
Q2 2015 13.45 13.45 1.78
Q3 2015 10.67 10.67 1.42
Q4 2015 13.82 13.82 1.30
Q1 2016 9.69 9.69 0.86
Q2 2016 11.92 11.92 1.27
Q3 2016 12.91 12.91 1.13
Q4 2016 15.31 15.31 1.52
Q1 2017 13.85 13.85 1.19
Q2 2017 16.72 15.95 1.19
Q3 2017 27.35 25.30 1.13
Q4 2017 35.95 32.75 1.34
Q1 2018 NEG NEG 1.36
Q2 2018 66.80 66.80 1.21
Q3 2018 29.82 29.82 1.01

Business Segments (Million)

Compared With The
Period Agricultural activity - Manufacturing Agricultural activity - plants
Q3 2016 22.23 98.61
Q4 2016 29.74 98.76
Q1 2017 31.56 16.64
Q2 2017 26.73 40.48
Q3 2017 10.73 103.30
Q4 2017 8.45 67.73
Q1 2018 17.81 23.83
Q2 2018 10.37 69.56
Q3 2018 35.75 90.49


Financial Ratios
Current
Market Cap (M Riyal) 1,851.00
Enterprise Value (EV) (M) 2,091.77
Shares Outstanding ((M)) 30.00
EPS ( Riyal) (TTM) 2.79
Book Value (BV) ( Riyal) 24.94
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 24.81
P/E (TTM) 22.14
Price/book 2.47
Return on Average Assets (%) (TTM) 7.3
Return on Average Equity (%) (TTM) 11.6
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Share Price

Al-Jouf Agricultural Development Co.
61.70
(0.20) (0.32 %)

Al-Jouf Agricultural Development Co. (ALJOUF)

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