Financial Results : Almarai posts higher net profit at SAR 706.9m in I2 of 2014

Almarai posts higher net profit at SAR 706.9m in I2 of 2014

06/07/2014 Argaam Exclusive

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Al-Marai Company, a producer of poultry and dairy products, reported SAR 706.9m net profit at the end of the first half of 2014, an 8% increase compared to the same period last year, as shown in the following table:



Financials (M)

Item 6m 2013 6m 2014 Change‬
Revenues 5,284.91 6,005.44 13.6 %
Gross Income 1,862.28 2,068.12 11.1 %
Operating Income 784.81 829.31 5.7 %
Net Income 653.32 706.87 8.2 %
Average Shares 1,000.00 1,000.00 -
EPS (Riyals) 0.65 0.71 8.2 %


Current Quarter Comparison (M)

Compared With The
Item Q2 2013 Q2 2014 Change‬
Revenues 2,873.88 3,286.52 14.4 %
Gross Income 1,034.49 1,149.16 11.1 %
Operating Income 483.97 516.01 6.6 %
Net Income 398.23 433.29 8.8 %
Average Shares 1,000.00 1,000.00 -
EPS (Riyals) 0.40 0.43 8.8 %


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 %


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

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 %


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

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

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 -


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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