Financial Results : Almarai Q1 2022 net profit rises 9% to SAR 420.5 mln

Almarai Q1 2022 net profit rises 9% to SAR 420.5 mln

10/04/2022 Argaam Exclusive

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Saudi dairy producer Almarai Co.’s consolidated net profit after Zakat and tax rose 9% to SAR 420.5 million in the first quarter of 2022 from SAR 385.9 million in the same period a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 3,645.01 4,503.46 23.6 %
Gross Income 1,235.11 1,331.92 7.8 %
Operating Income 533.57 569.54 6.7 %
Net Income 385.95 420.46 8.9 %
Average Shares 1,000.00 1,000.00 -
EPS (Riyals) 0.39 0.42 8.9 %

The company attributed the profit rise to revenue growth of 23.6% year-on-year (YoY), which was driven mainly by bakery, fresh dairy and dairy foods category.

 

Gross profit increased by 7.8% YoY, and other expenses decreased by SAR 8.8 million.

 

Meanwhile, selling and distribution expenses rose, along with general and administration expenses.

 

Impairment of financial assets increased by SAR 10 million YoY, while funding costs were in line with last year, the company said.

 

Compared to the previous quarter, net profit jumped 46.8% from SAR 286.53 million, due to seasonal adjustment in consumption patterns and phasing of Ramadan.

Shareholders’ equity, after minority interest, increased to SAR 16.324 billion as of March. 31, 2022 from SAR 16.071 billion a year earlier.

 

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q1 2019 3,308.89 2.4 % 1,163.91 (7.2 %) 504.61 (10.4 %)
Q2 2019 3,767.42 2.6 % 1,466.22 1.2 % 780.48 (1.4 %)
Q3 2019 3,573.26 7.7 % 1,443.77 3.2 % 770.15 (1.3 %)
Q4 2019 3,703.94 9.5 % 1,293.51 2.4 % 533.32 (15.2 %)
Q1 2020 3,592.44 8.6 % 1,253.19 7.7 % 513.26 1.7 %
Q2 2020 4,081.84 8.3 % 1,535.19 4.7 % 790.40 1.3 %
Q3 2020 3,863.08 8.1 % 1,514.70 4.9 % 789.70 2.5 %
Q4 2020 3,819.59 3.1 % 1,232.43 (4.7 %) 507.41 (4.9 %)
Q1 2021 3,645.01 1.5 % 1,235.11 (1.4 %) 533.57 4.0 %
Q2 2021 4,005.57 (1.9 %) 1,355.74 (11.7 %) 621.55 (21.4 %)
Q3 2021 3,941.73 2.0 % 1,275.71 (15.8 %) 537.89 (31.9 %)
Q4 2021 4,257.41 11.5 % 1,192.71 (3.2 %) 407.41 (19.7 %)
Q1 2022 4,503.46 23.6 % 1,331.92 7.8 % 569.54 6.7 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q1 2019 336.03 (2.6 %) 0.34 - 336.03 0.34
Q2 2019 582.53 (11.9 %) 0.58 - 582.53 0.58
Q3 2019 581.25 (8.5 %) 0.58 - 581.25 0.58
Q4 2019 311.95 (15.9 %) 0.31 - 311.95 0.31
Q1 2020 383.01 14.0 % 0.38 - 383.01 0.38
Q2 2020 643.93 10.5 % 0.64 - 643.93 0.64
Q3 2020 621.52 6.9 % 0.62 - 621.52 0.62
Q4 2020 335.90 7.7 % 0.34 20.85 315.06 0.32
Q1 2021 385.95 0.8 % 0.39 - 385.95 0.39
Q2 2021 481.98 (25.2 %) 0.48 - 481.98 0.48
Q3 2021 409.09 (34.2 %) 0.41 - 409.09 0.41
Q4 2021 286.53 (14.7 %) 0.29 - 286.53 0.29
Q1 2022 420.46 8.9 % 0.42 - 420.46 0.42

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2019 38.56 % 35.36 % 15.38 %
Q2 2019 38.42 % 34.75 % 14.70 %
Q3 2019 38.04 % 33.87 % 14.05 %
Q4 2019 37.39 % 33.18 % 12.62 %
Q1 2020 37.28 % 32.63 % 12.70 %
Q2 2020 36.96 % 32.11 % 12.84 %
Q3 2020 36.72 % 31.84 % 12.86 %
Q4 2020 36.05 % 30.84 % 12.79 %
Q1 2021 35.81 % 31.08 % 12.76 %
Q2 2021 34.81 % 30.08 % 11.77 %
Q3 2021 33.08 % 28.17 % 10.33 %
Q4 2021 31.92 % 26.91 % 9.86 %
Q1 2022 30.86 % 25.81 % 9.56 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2019 1,000.00 2.00 2.10 14.24
Q2 2019 1,000.00 1.92 2.02 14.00
Q3 2019 1,000.00 1.87 1.97 14.58
Q4 2019 1,000.00 1.81 1.81 14.65
Q1 2020 1,000.00 1.86 1.86 14.72
Q2 2020 1,000.00 1.92 1.92 14.60
Q3 2020 1,000.00 1.96 1.96 15.33
Q4 2020 1,000.00 1.98 1.96 15.69
Q1 2021 1,000.00 1.99 1.97 16.07
Q2 2021 1,000.00 1.83 1.80 15.46
Q3 2021 1,000.00 1.61 1.59 15.86
Q4 2021 1,000.00 1.56 1.56 16.12
Q1 2022 1,000.00 1.60 1.60 16.32

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2019 27.46 26.14 3.86
Q2 2019 27.80 26.42 3.82
Q3 2019 26.60 25.24 3.41
Q4 2019 27.32 27.32 3.38
Q1 2020 25.29 25.29 3.19
Q2 2020 26.98 26.98 3.55
Q3 2020 26.98 26.98 3.45
Q4 2020 27.67 27.96 3.50
Q1 2021 26.17 26.44 3.24
Q2 2021 34.73 35.13 4.10
Q3 2021 35.96 36.43 3.66
Q4 2021 31.18 31.18 3.02
Q1 2022 32.04 32.04 3.14

Business Segments (Million)

Compared With The
Period Dairy & Juice Poultry Project Bakeries Productions Others Arable and Horticulture
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 -
Q1 2019 2,333.97 499.50 421.07 54.35 -
Q2 2019 2,782.58 527.14 394.60 60.88 -
Q3 2019 2,552.86 488.96 454.50 76.94 -
Q4 2019 2,540.58 608.99 479.13 75.24 -
Q1 2020 2,520.12 558.39 432.81 81.12 -
Q2 2020 2,966.24 614.62 424.22 76.77 -
Q3 2020 2,770.35 524.75 419.21 148.77 -
Q4 2020 2,666.97 595.02 435.72 121.87 -
Q1 2021 2,581.48 551.84 391.09 120.61 -
Q2 2021 2,895.63 566.18 400.92 142.84 -
Q3 2021 2,720.65 541.62 467.39 212.07 -
Q4 2021 2,943.57 641.81 529.47 142.55 -
Q1 2022 3,116.25 659.47 571.28 156.47 -

Analysts Estimates (Million)

Item Q1 2022 (e) Q1 2022 (a) Change‬
Average 333.83 420.46 25.95 %

Estimates vs Actual (Million)

Item Q1 2022 (e) Q1 2022 (a) Change
Arqaam Capital 421.00 420.46 (0.1) %
Sico 380.00 420.46 10.6 %
U-Capital 365.60 420.46 15.0 %
Hermes 346.00 420.46 21.5 %
SNB Capital 323.00 420.46 30.2 %
AlJazira Capital 288.00 420.46 46.0 %
Riyad Capital 276.00 420.46 52.3 %
Al Rajhi Capital 271.00 420.46 55.2 %

Current
Market Cap (M Riyal) 57,800.00
Enterprise Value (EV) (M) 67,265.61
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) 25.65
P/E (TTM) 25.65
Price/book 3.11
Return on Average Assets (%) (TTM) 6.3
Return on Average Equity (%) (TTM) 12.5

Share Price

57.80
(0.20) (0.34 %)

Almarai Co. (ALMARAI)


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