Financial Results : Development Works Food's H1 profit up 10% on higher revenue

Development Works Food's H1 profit up 10% on higher revenue

14/08/2018 Argaam Exclusive

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Development Works Food Co. reported a net profit of SAR 4.03 million in the first half of 2018, a 9.73 percent year-on-year (YoY) increase, which was attributed to higher revenue.



Financials (M)

Item 6m 2017 6m 2018 Change‬
Revenues 33.93 53.86 58.7 %
Gross Income 6.79 7.83 15.3 %
Operating Income 3.88 4.22 8.9 %
Net Income 3.67 4.03 9.7 %
Average Shares 3.00 3.00 -
EPS (Riyals) 1.22 1.34 9.7 %

In Q2, net profit increased by 2.35 percent YoY to SAR 2.69 million on a 52.3 percent jump YoY in revenue.

 

On a sequential basis, Q2 net profit almost doubled, as revenue leapt by 37.29 percent.



Current Half Annual Comparison (M)

Compared With The
Item H1 2017 H1 2018 Change‬
Revenues 20.46 31.16 52.3 %
Gross Income 4.54 4.56 0.4 %
Operating Income 2.79 2.86 2.5 %
Net Income 2.63 2.69 2.4 %
Average Shares 3.00 3.00 -
EPS (Riyals) 0.88 0.90 2.4 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2009 - - - - - -
H2 2009 - - - - - -
H1 2010 - - - - - -
H2 2010 - - - - - -
H1 2011 - - - - - -
H2 2011 - - - - - -
H1 2012 - - - - - -
H2 2012 - - - - - -
H1 2013 - - - - - -
H2 2013 - - - - - -
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 10.18 - 5.22 - 1.65 -
H2 2016 5.19 - (6.82) - (6.82) -
H1 2017 20.46 101.1 % 4.54 (13.0 %) 2.79 68.7 %
H2 2017 28.43 447.7 % 4.20 161.6 % 1.68 124.6 %
H1 2018 31.16 52.3 % 4.56 0.4 % 2.86 2.5 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
H1 2009 - - - - - -
H2 2009 - - - - - -
H1 2010 - - - - - -
H2 2010 - - - - - -
H1 2011 - - - - - -
H2 2011 - - - - - -
H1 2012 - - - - - -
H2 2012 - - - - - -
H1 2013 - - - - - -
H2 2013 - - - - - -
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 1.60 - 0.53 - 1.60 0.53
H2 2016 (6.86) - (2.29) - (6.86) (2.29)
H1 2017 2.63 64.4 % 0.88 - 2.63 0.88
H2 2017 1.97 128.7 % 0.66 - 1.97 0.66
H1 2018 2.69 2.4 % 0.90 - 2.69 0.90

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2009 - - -
H2 2009 - - -
H1 2010 - - -
H2 2010 - - -
H1 2011 - - -
H2 2011 - - -
H1 2012 - - -
H2 2012 - - -
H1 2013 - - -
H2 2013 - - -
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 22.79 % (2.71 %) (7.62 %)
H1 2017 19.92 % 1.37 % (2.82 %)
H2 2017 22.90 % 13.73 % 9.57 %
H1 2018 15.43 % 12.63 % 8.06 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
H1 2009 - - - -
H2 2009 - - - -
H1 2010 - - - -
H2 2010 - - - -
H1 2011 - - - -
H2 2011 - - - -
H1 2012 - - - -
H2 2012 - - - -
H1 2013 - - - -
H2 2013 - - - -
H1 2014 - - - -
H2 2014 - - - -
H1 2015 - - - -
H2 2015 - - - -
H1 2016 3.00 - - 5.11
H2 2016 3.00 (0.89) (0.89) 4.84
H1 2017 3.00 (0.48) (0.48) 5.90
H2 2017 3.00 2.63 2.63 7.16
H1 2018 3.00 2.75 2.75 8.51

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
H1 2009 - - -
H2 2009 - - -
H1 2010 - - -
H2 2010 - - -
H1 2011 - - -
H2 2011 - - -
H1 2012 - - -
H2 2012 - - -
H1 2013 - - -
H2 2013 - - -
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 NEG NEG 5.47
H2 2017 11.05 11.05 4.06
H1 2018 10.92 10.92 3.53


Financial Ratios
Current
Market Cap (M Riyal) 399.00
Enterprise Value (EV) (M) 408.40
Shares Outstanding ((M)) 3.00
Book Value (BV) ( Riyal) 8.32
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
Price/book 15.99
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