Financial Results : Al-Marai’s 2014 net profit Up 11% to SAR 1674.3 mln

Al-Marai’s 2014 net profit Up 11% to SAR 1674.3 mln

18/01/2015 Argaam Exclusive

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Al-Marai Company, a producer of poultry and dairy products, reported 2014 net profit of SAR 1674.3 million, an 11 percent increase compared to the last year.

 

A net profit of SAR 428.0 million was reported for Q4-2014 compared to SAR 539.4 million in Q3.



Financials (M)

Item 2013 2014 Change‬
Revenues 11,219.18 12,605.57 12.4 %
Gross Income 3,962.73 4,592.63 15.9 %
Operating Income 1,796.61 1,997.63 11.2 %
Net Income 1,502.21 1,674.34 11.5 %
Average Shares 1,000.00 1,000.00 -
EPS (Riyals) 1.50 1.67 11.5 %

 

The Company attributed the increase of 2014’s net profit compared to the last year to: 
-    The growth of sales by 12.4%, from core business segments, where sales growth in Poultry, Dairy & Juice and Bakery sales rose by 29.1%, 12.1% and 6.1%, respectively. 
-    2014’s net profit increased for all business segments except Poultry whose loss increased by 17.3%. 
-    The increase of Selling & Distribution expenses as well as General& Administrative expenses and depreciation resulting from continuous infrastructure expansion across product categories, distribution, geographies and operations and past investments.
-     Net Finance Costs reduction in 2014 due to better cash management and hedge activates.
The increase of net profit in Q4-2014 compared to the same period last year was attributed to:
-     The growth of quarter sales by 10.7%, as a result of continuous sales growth in the Poultry, Dairy & Juice segments by 34.1% and 10.7% respectively, in spite of decrease in the Bakery segment sales by 3.8%. 
-    A relatively stable cost of sales for the quarter led to a growth in gross profit by 24.0%. 
-    Selling & Distribution as well as General & Administrative expenses and Depreciation increased due to the continuous infrastructure expansion across product categories, distribution, geographies and past investments. 
-    Q4 saw a reduction in Net Finance Costs.
-     Overall Net profit increase for all business segments except Poultry, which loss reduced by 43.0% to (SAR 72.0 million).
The decline of net profit in Q4-2014 compared to the previous period (Q3-2014) was attributed to:
-     Increase of Selling & Distribution expenses by 18.2% which led to decrease of operating profit by 18.9% while revenue growth was only 1.9% 
-    The different product mix in quarter 4 compared with quarter 3 due to the seasonality which included Ramadan and summer resulted in lower profit. Therefore; a comparison with the same period last year is more relevant because a quarter-to-quarter comparison is more aligned to similar market conditions and demand patterns.
 


Current Quarter Comparison (M)

Compared With The
Item Q4 2013 Q4 2014 Change‬
Revenues 3,008.18 3,330.76 10.7 %
Gross Income 995.50 1,133.79 13.9 %
Operating Income 458.17 523.58 14.3 %
Net Income 373.27 428.03 14.7 %
Average Shares 1,000.00 1,000.00 -
EPS (Riyals) 0.37 0.43 14.7 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2005 472.59 6.6 % 183.62 6.1 % 88.33 9.3 %
Q2 2005 522.18 12.7 % 211.39 11.1 % 112.27 7.3 %
Q3 2005 547.64 15.6 % 222.79 11.1 % 114.58 2.7 %
Q4 2005 603.71 19.7 % 228.98 17.6 % 116.72 17.2 %
Q1 2006 621.47 31.5 % 226.70 23.5 % 106.94 21.1 %
Q2 2006 700.66 34.2 % 272.62 29.0 % 138.62 23.5 %
Q3 2006 717.13 31.0 % 284.27 27.6 % 140.83 22.9 %
Q4 2006 717.68 18.9 % 291.10 27.1 % 148.34 27.1 %
Q1 2007 806.93 29.8 % 311.69 37.5 % 144.59 35.2 %
Q2 2007 905.74 29.3 % 371.16 36.1 % 191.13 37.9 %
Q3 2007 1,012.39 41.2 % 416.51 46.5 % 222.57 58.0 %
Q4 2007 1,044.77 45.6 % 393.98 35.3 % 222.45 50.0 %
Q1 2008 1,119.07 38.7 % 416.26 33.5 % 194.46 34.5 %
Q2 2008 1,247.52 37.7 % 514.53 38.6 % 273.22 42.9 %
Q3 2008 1,388.53 37.2 % 572.86 37.5 % 328.49 47.6 %
Q4 2008 1,274.78 22.0 % 495.31 25.7 % 264.80 19.0 %
Q1 2009 1,326.08 18.5 % 508.25 22.1 % 248.22 27.6 %
Q2 2009 1,447.12 16.0 % 591.31 14.9 % 335.39 22.8 %
Q3 2009 1,547.44 11.4 % 697.63 21.8 % 413.86 26.0 %
Q4 2009 1,548.17 21.4 % 568.61 14.8 % 281.45 6.3 %
Q1 2010 1,559.49 17.6 % 570.03 12.2 % 278.17 12.1 %
Q2 2010 1,738.87 20.2 % 701.13 18.6 % 387.66 15.6 %
Q3 2010 1,833.74 18.5 % 796.45 14.2 % 474.49 14.7 %
Q4 2010 1,798.82 16.2 % 668.31 17.5 % 320.39 13.8 %
Q1 2011 1,743.57 11.8 % 634.15 11.2 % 291.47 4.8 %
Q2 2011 2,012.85 15.8 % 776.81 10.8 % 405.76 4.7 %
Q3 2011 2,105.28 14.8 % 861.72 8.2 % 477.01 0.5 %
Q4 2011 2,089.29 16.1 % 723.84 8.3 % 343.38 7.2 %
Q1 2012 2,040.35 17.0 % 707.30 11.5 % 292.46 0.3 %
Q2 2012 2,524.14 25.4 % 921.72 18.7 % 434.58 7.1 %
Q3 2012 2,672.99 27.0 % 1,012.19 17.5 % 508.59 6.6 %
Q4 2012 2,645.52 26.6 % 869.87 20.2 % 437.30 27.4 %
Q1 2013 2,411.03 18.2 % 827.80 17.0 % 300.84 2.9 %
Q2 2013 2,873.88 13.9 % 1,034.49 12.2 % 483.97 11.4 %
Q3 2013 2,926.09 9.5 % 1,104.95 9.2 % 553.63 8.9 %
Q4 2013 3,008.18 13.7 % 995.50 14.4 % 458.17 4.8 %
Q1 2014 2,718.92 12.8 % 918.95 11.0 % 313.29 4.1 %
Q2 2014 3,286.52 14.4 % 1,149.16 11.1 % 516.01 6.6 %
Q3 2014 3,269.37 11.7 % 1,390.72 25.9 % 644.74 16.5 %
Q4 2014 3,330.76 10.7 % 1,133.79 13.9 % 523.58 14.3 %
2014 12,605.57 12.4 % 4,592.63 15.9 % 1,997.63 11.2 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2005 77.96 3.8 % 0.09 - 77.96 0.09
Q2 2005 100.33 0.5 % 0.12 - 100.33 0.12
Q3 2005 100.88 0.0 % 0.12 - 100.88 0.12
Q4 2005 106.93 13.1 % 0.12 - 106.93 0.12
Q1 2006 90.59 16.2 % 0.10 - 90.59 0.10
Q2 2006 121.79 21.4 % 0.14 - 121.79 0.14
Q3 2006 122.56 21.5 % 0.14 - 122.56 0.14
Q4 2006 129.79 21.4 % 0.15 - 129.79 0.15
Q1 2007 122.84 35.6 % 0.13 - 122.84 0.13
Q2 2007 165.28 35.7 % 0.17 - 165.28 0.17
Q3 2007 186.06 51.8 % 0.20 - 186.06 0.20
Q4 2007 193.09 48.8 % 0.20 - 193.09 0.20
Q1 2008 162.20 32.0 % 0.17 - 162.20 0.17
Q2 2008 235.23 42.3 % 0.25 - 235.23 0.25
Q3 2008 293.68 57.8 % 0.31 - 293.68 0.31
Q4 2008 219.16 13.5 % 0.23 - 219.16 0.23
Q1 2009 197.37 21.7 % 0.21 - 197.37 0.21
Q2 2009 287.10 22.0 % 0.30 - 287.10 0.30
Q3 2009 363.43 23.8 % 0.38 - 363.43 0.38
Q4 2009 248.82 13.5 % 0.26 - 248.82 0.26
Q1 2010 234.10 18.6 % 0.23 - 234.10 0.23
Q2 2010 343.06 19.5 % 0.34 - 343.06 0.34
Q3 2010 424.51 16.8 % 0.42 - 424.51 0.42
Q4 2010 283.76 14.0 % 0.28 - 283.76 0.28
Q1 2011 235.25 0.5 % 0.24 - 235.25 0.24
Q2 2011 349.26 1.8 % 0.35 - 349.26 0.35
Q3 2011 429.70 1.2 % 0.43 - 429.70 0.43
Q4 2011 125.31 (55.8 %) 0.13 (160.24) 285.55 0.29
Q1 2012 242.12 2.9 % 0.24 - 242.12 0.24
Q2 2012 379.52 8.7 % 0.38 - 379.52 0.38
Q3 2012 449.97 4.7 % 0.45 - 449.97 0.45
Q4 2012 369.03 194.5 % 0.37 - 369.03 0.37
Q1 2013 255.09 5.4 % 0.26 - 255.09 0.26
Q2 2013 398.23 4.9 % 0.40 - 398.23 0.40
Q3 2013 475.62 5.7 % 0.48 - 475.62 0.48
Q4 2013 373.27 1.2 % 0.37 - 373.27 0.37
Q1 2014 273.58 7.2 % 0.27 20.90 252.68 0.25
Q2 2014 433.29 8.8 % 0.43 - 433.29 0.43
Q3 2014 539.44 13.4 % 0.54 - 539.44 0.54
Q4 2014 428.03 14.7 % 0.43 - 428.03 0.43
2014 1,674.34 11.5 % 1.67 20.90 1,653.44 1.65

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 40.18 % 27.20 % 19.90 %
Q2 2005 40.06 % 27.06 % 19.33 %
Q3 2005 39.70 % 26.05 % 18.26 %
Q4 2005 39.46 % 26.04 % 17.99 %
Q1 2006 38.77 % 25.85 % 17.37 %
Q2 2006 38.45 % 25.74 % 16.99 %
Q3 2006 38.31 % 25.38 % 16.72 %
Q4 2006 38.98 % 25.70 % 16.86 %
Q1 2007 39.41 % 25.92 % 16.89 %
Q2 2007 39.98 % 27.32 % 17.17 %
Q3 2007 40.39 % 28.53 % 17.54 %
Q4 2007 39.61 % 29.08 % 17.70 %
Q1 2008 39.15 % 28.79 % 17.31 %
Q2 2008 39.36 % 28.40 % 17.55 %
Q3 2008 39.53 % 28.73 % 18.42 %
Q4 2008 39.74 % 25.34 % 18.10 %
Q1 2009 39.93 % 24.95 % 18.05 %
Q2 2009 39.87 % 26.48 % 18.34 %
Q3 2009 40.97 % 24.82 % 19.07 %
Q4 2009 40.31 % 26.70 % 18.69 %
Q1 2010 39.78 % 26.57 % 18.57 %
Q2 2010 39.68 % 25.16 % 18.60 %
Q3 2010 39.46 % 27.32 % 18.72 %
Q4 2010 39.47 % 27.21 % 18.55 %
Q1 2011 39.35 % 26.97 % 18.08 %
Q2 2011 38.92 % 26.49 % 17.50 %
Q3 2011 38.39 % 25.84 % 16.94 %
Q4 2011 37.69 % 25.62 % 16.35 %
Q1 2012 37.22 % 25.26 % 15.84 %
Q2 2012 36.70 % 26.67 % 15.26 %
Q3 2012 36.08 % 26.90 % 14.55 %
Q4 2012 35.53 % 27.71 % 14.58 %
Q1 2013 35.42 % 28.17 % 14.18 %
Q2 2013 35.31 % 27.64 % 13.89 %
Q3 2013 35.34 % 27.93 % 13.80 %
Q4 2013 35.32 % 27.87 % 13.39 %
Q1 2014 35.17 % 27.75 % 13.01 %
Q2 2014 34.91 % 27.35 % 12.86 %
Q3 2014 36.26 % 27.32 % 13.02 %
Q4 2014 36.43 % 27.38 % 13.12 %
2014 36.43 % 27.38 % 13.12 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 869.57 0.43 0.44 1.29
Q2 2005 869.57 0.43 0.44 1.40
Q3 2005 869.57 0.43 0.43 1.52
Q4 2005 869.57 0.44 0.44 1.64
Q1 2006 869.57 0.46 0.46 1.75
Q2 2006 869.57 0.48 0.48 1.89
Q3 2006 869.57 0.51 0.51 2.03
Q4 2006 869.57 0.53 0.53 2.18
Q1 2007 947.83 0.52 0.52 2.66
Q2 2007 947.83 0.57 0.57 2.83
Q3 2007 947.83 0.64 0.64 3.03
Q4 2007 947.83 0.70 0.70 3.22
Q1 2008 947.83 0.75 0.75 3.45
Q2 2008 947.83 0.82 0.82 3.91
Q3 2008 947.83 0.93 0.93 3.94
Q4 2008 947.83 0.96 0.96 3.82
Q1 2009 960.87 0.98 0.98 3.60
Q2 2009 960.87 1.04 1.04 4.04
Q3 2009 960.87 1.11 1.11 4.37
Q4 2009 960.87 1.14 1.14 5.38
Q1 2010 1,000.00 1.13 1.13 5.58
Q2 2010 1,000.00 1.19 1.19 5.37
Q3 2010 1,000.00 1.25 1.25 5.88
Q4 2010 1,000.00 1.29 1.29 6.13
Q1 2011 1,000.00 1.29 1.29 6.40
Q2 2011 1,000.00 1.29 1.29 6.19
Q3 2011 1,000.00 1.30 1.30 6.46
Q4 2011 1,000.00 1.14 1.30 6.72
Q1 2012 1,000.00 1.15 1.31 7.18
Q2 2012 1,000.00 1.18 1.34 6.87
Q3 2012 1,000.00 1.20 1.36 7.26
Q4 2012 1,000.00 1.44 1.44 7.55
Q1 2013 1,000.00 1.45 1.45 7.76
Q2 2013 1,000.00 1.47 1.47 7.66
Q3 2013 1,000.00 1.50 1.50 8.07
Q4 2013 1,000.00 1.50 1.50 8.44
Q1 2014 1,000.00 1.52 1.50 8.76
Q2 2014 1,000.00 1.56 1.53 8.53
Q3 2014 1,000.00 1.62 1.60 8.99
Q4 2014 1,000.00 1.67 1.65 9.19

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 35.32 35.32 9.99
Q4 2005 46.80 46.80 12.65
Q1 2006 38.97 38.97 10.23
Q2 2006 40.46 40.46 10.36
Q3 2006 29.87 29.87 7.48
Q4 2006 17.26 17.26 4.23
Q1 2007 17.26 17.26 3.40
Q2 2007 19.24 19.24 3.88
Q3 2007 16.33 16.33 3.44
Q4 2007 20.68 20.68 4.52
Q1 2008 22.84 22.84 4.94
Q2 2008 24.67 24.67 5.17
Q3 2008 19.43 19.43 4.60
Q4 2008 17.73 17.73 4.46
Q1 2009 18.63 18.63 5.16
Q2 2009 18.00 18.00 4.69
Q3 2009 18.36 18.36 4.73
Q4 2009 17.34 17.34 3.53
Q1 2010 19.60 19.60 3.98
Q2 2010 18.48 18.48 4.09
Q3 2010 18.64 18.64 3.97
Q4 2010 20.03 20.03 4.20
Q1 2011 17.11 17.11 3.44
Q2 2011 16.85 16.85 3.52
Q3 2011 15.27 15.27 3.07
Q4 2011 20.03 17.56 3.40
Q1 2012 23.02 20.20 3.68
Q2 2012 21.89 19.27 3.75
Q3 2012 23.45 20.68 3.87
Q4 2012 17.67 17.67 3.37
Q1 2013 18.55 18.55 3.48
Q2 2013 19.13 19.13 3.68
Q3 2013 21.99 21.99 4.08
Q4 2013 21.02 21.02 3.74
Q1 2014 25.51 25.87 4.43
Q2 2014 27.08 27.45 4.94
Q3 2014 29.93 30.32 5.39
Q4 2014 27.56 27.91 5.02

Business Segments (Million)

Compared With The
Period Dairy & Juice Poultry Project Bakeries Productions Others Arable and Horticulture
Q1 2007 719.26 - 87.68 - -
Q2 2007 814.17 - 91.57 - -
Q3 2007 917.02 - 95.37 - -
Q4 2007 950.59 - 94.19 - -
Q1 2008 1,015.44 - 103.62 - -
Q2 2008 1,111.43 - 136.09 - -
Q3 2008 1,247.44 - 141.09 - -
Q4 2008 1,140.78 - 134.00 - -
Q1 2009 1,191.73 - 134.35 - -
Q2 2009 1,286.67 - 160.45 - -
Q3 2009 1,394.68 - 152.76 - -
Q4 2009 1,304.66 44.50 170.55 - 28.46
Q1 2010 1,341.86 35.96 178.26 - 3.42
Q2 2010 1,455.52 42.24 216.58 - 24.54
Q3 2010 1,578.11 49.87 202.10 - 3.65
Q4 2010 1,510.39 48.07 224.28 - 16.09
Q1 2011 1,467.84 63.47 211.39 - 0.88
Q2 2011 1,658.98 81.66 249.07 - 23.14
Q3 2011 1,777.55 75.03 228.42 - 24.28
Q4 2011 1,688.44 99.05 277.49 - 24.31
Q1 2012 1,635.68 95.40 293.54 - 15.73
Q2 2012 2,031.54 119.06 324.96 - 48.58
Q3 2012 2,203.10 127.43 302.85 - 39.61
Q4 2012 2,102.29 162.46 369.30 0.08 11.39
Q1 2013 1,901.16 162.12 340.90 6.85 -
Q2 2013 2,209.27 202.71 369.48 92.41 -
Q3 2013 2,354.11 212.94 324.76 34.29 -
Q4 2013 2,371.27 214.56 409.97 12.37 -
Q1 2014 2,125.60 211.10 373.32 8.91 -
Q2 2014 2,547.67 250.35 399.27 89.24 -
Q3 2014 2,603.15 273.64 365.99 26.59 -
Q4 2014 2,625.49 287.67 394.33 23.27 -

Analysts Estimates (Million)

Item Q4 2014 (e) Q4 2014 (a) Change‬
Average 431.95 428.03 (0.9 %)

Estimates vs Actual (Million)

Item Q4 2014 (e) Q4 2014 (a) Change
OSOOL AND BAKHEET 429.90 428.03 (0.4) %
Alistithmar Capital 434.00 428.03 (1.4) %


Financial Ratios
Current
Market Cap (M Riyal) 52,700.00
Enterprise Value (EV) (M) 62,165.61
Shares Outstanding ((M)) 1,000.00
EPS ( Riyal) (TTM) 2.25
Book Value (BV) ( Riyal) 18.56
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 23.39
P/E (TTM) 23.39
Price/book 2.84
Return on Average Assets (%) (TTM) 6.3
Return on Average Equity (%) (TTM) 12.5
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Share Price

Almarai Co.
52.70
(0.20) (0.38 %)

Almarai Co. (ALMARAI)

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