Financial Results : Almarai’s net profit drops 8% in FY18

Almarai’s net profit drops 8% in FY18

20/01/2019 Argaam Exclusive

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Almarai Company (Almarai), one of the largest dairy companies in the Gulf region, reported a net profit of SAR 2 billion for fiscal year 2018, down by 8 percent year-on-year (YoY) due to lower revenues, higher other expenses and higher charges of finance.

 

The decline in net profit was also attributed to a drop in the earnings of the bakery and dairy units by 34.3 percent YoY and 15.4 percent, respectively.



Financials (M)

Item 2017 2018 Change‬
Revenues 13,935.53 13,557.84 (2.7 %)
Gross Income 5,583.64 5,327.07 (4.6 %)
Operating Income 2,843.25 2,771.63 (2.5 %)
Net Income 2,182.29 2,011.98 (7.8 %)
Average Shares 1,000.00 1,000.00 -
EPS (Riyals) 2.18 2.01 (7.8 %)

The Q4 net profit fell 28 percent YoY to SAR 369.6 million on higher general and administrative expenses, higher other expenses, and higher charges of finance.

 

Compared to the previous quarter, Q4 net profit was down 41.7 percent due to weaker demand especially for the dairy and juice products due to seasonality factors.



Current Quarter Comparison (M)

Compared With The
Item Q4 2017 Q4 2018 Change‬
Revenues 3,418.73 3,381.18 (1.1 %)
Gross Income 1,335.27 1,262.94 (5.4 %)
Operating Income 709.16 629.06 (11.3 %)
Net Income 512.89 370.77 (27.7 %)
Average Shares 1,000.00 1,000.00 -
EPS (Riyals) 0.51 0.37 (27.7 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q1 2015 3,037.31 11.7 % 1,110.34 20.8 % 378.09 20.7 %
Q2 2015 3,649.52 11.0 % 1,388.04 20.8 % 638.75 23.8 %
Q3 2015 3,523.58 7.8 % 1,446.52 4.0 % 672.71 4.3 %
Q4 2015 3,584.20 7.6 % 1,338.37 18.0 % 572.51 9.3 %
Q1 2016 3,373.79 11.1 % 1,127.55 1.5 % 383.35 1.4 %
Q2 2016 3,925.89 7.6 % 1,520.89 9.6 % 771.01 20.7 %
Q3 2016 3,530.34 0.2 % 1,485.41 2.7 % 745.39 10.8 %
Q4 2016 3,508.56 (2.1 %) 1,388.64 3.8 % 709.42 23.9 %
Q1 2017 3,383.53 0.3 % 1,177.43 4.4 % 466.89 21.8 %
Q2 2017 3,760.36 (4.2 %) 1,554.93 2.2 % 833.09 8.1 %
Q3 2017 3,372.92 (4.5 %) 1,516.00 2.1 % 834.11 11.9 %
Q4 2017 3,418.73 (2.6 %) 1,335.27 (3.8 %) 709.16 0.0 %
Q1 2018 3,232.21 (4.5 %) 1,254.43 6.5 % 563.11 20.6 %
Q2 2018 3,672.33 (2.3 %) 1,448.45 (6.8 %) 791.74 (5.0 %)
Q3 2018 3,317.36 (1.6 %) 1,399.20 (7.7 %) 780.43 (6.4 %)
Q4 2018 3,381.18 (1.1 %) 1,262.94 (5.4 %) 629.06 (11.3 %)
2018 13,557.84 (2.7 %) 5,327.07 (4.6 %) 2,771.63 (2.5 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q1 2015 306.48 12.0 % 0.31 - 306.48 0.31
Q2 2015 530.42 22.4 % 0.53 (79.17) 609.58 0.61
Q3 2015 595.12 10.3 % 0.60 - 595.12 0.60
Q4 2015 483.68 13.0 % 0.48 (19.85) 503.53 0.50
Q1 2016 288.66 (5.8 %) 0.29 - 288.66 0.29
Q2 2016 658.38 24.1 % 0.66 - 658.38 0.66
Q3 2016 664.26 11.6 % 0.66 25.11 639.15 0.64
Q4 2016 536.49 10.9 % 0.54 (28.30) 564.79 0.56
Q1 2017 328.27 13.7 % 0.33 - 328.27 0.33
Q2 2017 674.11 2.4 % 0.67 - 674.11 0.67
Q3 2017 667.01 0.4 % 0.67 - 667.01 0.67
Q4 2017 512.89 (4.4 %) 0.51 - 512.89 0.51
Q1 2018 344.87 5.1 % 0.34 - 344.87 0.34
Q2 2018 661.39 (1.9 %) 0.66 - 661.39 0.66
Q3 2018 634.96 (4.8 %) 0.63 - 634.96 0.63
Q4 2018 370.77 (27.7 %) 0.37 (100.70) 471.47 0.47
2018 2,011.98 (7.8 %) 2.01 (100.70) 2,112.68 2.11

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2015 37.02 % 27.31 % 13.21 %
Q2 2015 37.80 % 27.58 % 14.18 %
Q3 2015 37.51 % 27.73 % 14.32 %
Q4 2015 38.30 % 27.91 % 14.61 %
Q1 2016 37.51 % 27.63 % 14.13 %
Q2 2016 37.71 % 28.38 % 14.20 %
Q3 2016 37.96 % 29.09 % 14.50 %
Q4 2016 38.51 % 30.87 % 15.00 %
Q1 2017 38.84 % 31.68 % 15.27 %
Q2 2017 39.53 % 32.67 % 15.56 %
Q3 2017 40.19 % 34.21 % 15.93 %
Q4 2017 40.07 % 34.18 % 15.66 %
Q1 2018 41.07 % 35.75 % 15.95 %
Q2 2018 40.55 % 36.32 % 15.96 %
Q3 2018 39.86 % 36.36 % 15.79 %
Q4 2018 39.44 % 36.05 % 15.53 %
2018 39.29 % 36.23 % 15.58 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2015 1,000.00 1.71 1.71 9.37
Q2 2015 1,000.00 1.80 1.88 9.62
Q3 2015 1,000.00 1.86 1.94 9.99
Q4 2015 1,000.00 1.92 2.01 10.36
Q1 2016 1,000.00 1.90 2.00 10.51
Q2 2016 1,000.00 2.03 2.05 10.42
Q3 2016 1,000.00 2.09 2.09 11.08
Q4 2016 1,000.00 2.15 2.15 11.36
Q1 2017 1,000.00 2.19 2.19 11.01
Q2 2017 1,000.00 2.20 2.21 11.66
Q3 2017 1,000.00 2.21 2.23 12.26
Q4 2017 1,000.00 2.18 2.18 12.78
Q1 2018 1,000.00 2.20 2.20 13.11
Q2 2018 1,000.00 2.19 2.19 12.87
Q3 2018 1,000.00 2.15 2.15 13.39
Q4 2018 1,000.00 2.01 2.11 13.88

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2015 30.66 30.66 5.59
Q2 2015 29.98 28.72 5.62
Q3 2015 27.25 26.13 5.07
Q4 2015 24.57 23.36 4.54
Q1 2016 22.12 21.02 3.99
Q2 2016 21.60 21.39 4.20
Q3 2016 20.28 20.33 3.83
Q4 2016 25.51 25.47 4.82
Q1 2017 25.80 25.76 5.13
Q2 2017 35.02 34.97 6.62
Q3 2017 25.87 25.54 4.65
Q4 2017 24.63 24.63 4.20
Q1 2018 25.19 25.19 4.22
Q2 2018 27.63 27.63 4.69
Q3 2018 23.17 23.17 3.73
Q4 2018 23.86 22.72 3.46

Business Segments (Million)

Compared With The
Period Dairy & Juice Poultry Project Bakeries Productions Others Arable and Horticulture
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 -
Q1 2015 2,353.44 308.98 355.53 19.36 -
Q2 2015 2,869.02 313.95 396.35 70.21 -
Q3 2015 2,756.98 314.83 399.51 52.27 -
Q4 2015 2,761.46 324.49 474.46 23.79 -
Q1 2016 2,577.33 320.83 452.27 23.36 -
Q2 2016 3,054.66 365.77 458.22 47.25 -
Q3 2016 2,722.80 277.65 467.02 62.87 -
Q4 2016 2,606.53 367.26 503.28 31.48 -
Q1 2017 2,494.13 356.37 468.91 64.13 -
Q2 2017 2,920.95 387.41 434.61 17.39 -
Q3 2017 2,570.11 328.31 436.67 37.83 -
Q4 2017 2,525.29 391.54 466.90 35.00 -
Q1 2018 2,356.95 420.64 405.47 49.15 -
Q2 2018 2,752.49 434.66 377.44 62.50 -
Q3 2018 2,405.25 453.37 411.60 47.14 -
Q4 2018 2,404.97 491.69 446.89 37.63 -

Analysts Estimates (Million)

Item Q4 2018 (e) Q4 2018 (a) Change‬
Average 523.03 370.77 (29.1 %)

Estimates vs Actual (Million)

Item Q4 2018 (e) Q4 2018 (a) Change
SNB Capital 489.00 370.77 (24.2) %
Riyad Capital 525.00 370.77 (29.4) %
OSOOL AND BAKHEET 528.40 370.77 (29.8) %
AlJazira Capital 530.80 370.77 (30.1) %
Sico 531.00 370.77 (30.2) %
Al Rajhi Capital 534.00 370.77 (30.6) %


Financial Ratios
Current
Market Cap (M Riyal) 58,300.00
Enterprise Value (EV) (M) 67,765.61
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) 25.88
P/E (TTM) 25.88
Price/book 3.14
Return on Average Assets (%) (TTM) 6.3
Return on Average Equity (%) (TTM) 12.5
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Share Price

Almarai Co.
58.30
(2.60) (4.27 %)

Almarai Co. (ALMARAI)

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