Financial Results : SADAFCO’s net profit drops 15% in FY17

SADAFCO’s net profit drops 15% in FY17

23/04/2018 Argaam Exclusive

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Saudia Dairy and Foodstuff Co. (SADAFCO) reported a net profit of SAR 260.2 million for the fiscal year 2017 ending Mar. 2018, a fall of 14.5 percent year-on-year (YoY), due to a 5.3 percent decrease in sales amid the current market conditions.

 

A decrease in the company's consumer base and disposable income, along with irrational pricing by competitors also weighed negatively on the annual figures.



Financials (M)

Item 2016 2017 Change‬
Revenues 1,786.86 1,692.68 (5.3 %)
Gross Income 690.27 633.68 (8.2 %)
Operating Income 312.76 275.41 (11.9 %)
Net Income 303.68 260.88 (14.1 %)
Average Shares 32.50 32.50 -
EPS (Riyals) 9.34 8.03 (14.1 %)

Net profit for the fourth quarter fell 32.5 percent YoY to SAR 49.9 million, on the back of a decrease in the client base along with higher zakat provision.



Current Quarter Comparison (M)

Compared With The
Item Q4 2016 Q4 2017 Change‬
Revenues 430.00 378.61 (11.9 %)
Gross Income 167.25 137.73 (17.7 %)
Operating Income 73.57 55.89 (24.0 %)
Net Income 73.84 50.13 (32.1 %)
Average Shares 32.50 32.50 -
EPS (Riyals) 2.27 1.54 (32.1 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2008 224.46 3.7 % 73.87 4.2 % 13.26 122.2 %
Q2 2008 246.46 7.4 % 65.00 (3.4 %) 13.07 211.5 %
Q3 2008 223.02 4.5 % 60.06 (10.9 %) 19.64 24.6 %
Q4 2008 228.34 2.9 % 63.66 (5.5 %) 17.22 (38.2 %)
Q1 2009 254.19 13.2 % 74.44 0.8 % 20.20 52.3 %
Q2 2009 266.59 8.2 % 110.10 69.4 % 34.55 164.3 %
Q3 2009 254.59 14.2 % 94.62 57.6 % 32.76 66.8 %
Q4 2009 247.15 8.2 % 86.17 35.4 % 39.37 128.6 %
Q1 2010 262.46 3.3 % 94.38 26.8 % 23.36 15.7 %
Q2 2010 277.20 4.0 % 92.91 (15.6 %) 35.62 3.1 %
Q3 2010 300.54 18.0 % 89.74 (5.2 %) 35.73 9.1 %
Q4 2010 294.21 19.0 % 91.09 5.7 % 31.02 (21.2 %)
Q1 2011 329.86 25.7 % 105.79 12.1 % 29.20 25.0 %
Q2 2011 352.97 27.3 % 107.99 16.2 % 42.74 20.0 %
Q3 2011 342.41 13.9 % 102.65 14.4 % 42.41 18.7 %
Q4 2011 310.44 5.5 % 98.90 8.6 % 39.50 27.3 %
Q1 2012 410.58 24.5 % 126.84 19.9 % 35.35 21.1 %
Q2 2012 386.82 9.6 % 121.53 12.5 % 49.03 14.7 %
Q3 2012 383.20 11.9 % 115.76 12.8 % 39.08 (7.9 %)
Q4 2012 368.43 18.7 % 110.90 12.1 % 52.13 32.0 %
Q1 2013 427.85 4.2 % 128.47 1.3 % 37.16 5.1 %
Q2 2013 379.65 (1.9 %) 125.10 2.9 % 51.65 5.3 %
Q3 2013 358.83 (6.4 %) 117.99 1.9 % 41.30 5.7 %
Q4 2013 386.49 4.9 % 121.59 9.6 % 53.84 3.3 %
Q1 2014 463.61 8.4 % 137.24 6.8 % 38.28 3.0 %
Q2 2014 431.30 13.6 % 129.56 3.6 % 51.69 0.1 %
Q3 2014 447.79 24.8 % 126.94 7.6 % 31.68 (23.3 %)
Q4 2014 464.18 20.1 % 158.54 30.4 % 33.95 (36.9 %)
Q1 2015 520.68 12.3 % 179.73 31.0 % 62.22 62.6 %
Q2 2015 481.93 11.7 % 166.21 28.3 % 58.10 12.4 %
Q3 2015 496.12 10.8 % 171.89 35.4 % 72.07 127.5 %
Q4 2015 484.04 4.3 % 190.80 20.3 % 83.28 145.3 %
Q1 2016 475.74 (8.6 %) 192.24 7.0 % 85.43 37.3 %
Q2 2016 445.03 (7.7 %) 171.79 3.4 % 82.49 42.0 %
Q3 2016 436.09 (12.1 %) 158.98 (7.5 %) 71.13 (1.3 %)
Q4 2016 430.00 (11.2 %) 167.25 (12.3 %) 73.57 (11.7 %)
Q1 2017 452.83 (4.8 %) 175.18 (8.9 %) 80.98 (5.2 %)
Q2 2017 441.31 (0.8 %) 171.32 (0.3 %) 75.95 (7.9 %)
Q3 2017 419.93 (3.7 %) 149.44 (6.0 %) 62.60 (12.0 %)
Q4 2017 378.61 (11.9 %) 137.73 (17.7 %) 55.89 (24.0 %)
2017 1,692.68 (5.3 %) 633.68 (8.2 %) 275.41 (11.9 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2008 13.58 3.7 % 0.42 (0.18) 13.76 0.42
Q2 2008 13.61 87.6 % 0.42 (0.30) 13.92 0.43
Q3 2008 (2.05) (113.9 %) (0.06) 0.07 (2.12) (0.07)
Q4 2008 3.16 (88.2 %) 0.10 (1.07) 4.24 0.13
Q1 2009 18.53 36.4 % 0.57 (0.53) 19.06 0.59
Q2 2009 30.70 125.5 % 0.94 0.26 30.44 0.94
Q3 2009 35.85 1845.2 % 1.10 6.38 29.47 0.91
Q4 2009 118.16 3634.4 % 3.64 88.08 30.08 0.93
Q1 2010 21.60 16.6 % 0.66 - 21.60 0.66
Q2 2010 33.98 10.7 % 1.05 - 33.98 1.05
Q3 2010 41.44 15.6 % 1.28 - 41.44 1.28
Q4 2010 32.52 (72.5 %) 1.00 (1.56) 35.01 1.08
Q1 2011 27.29 26.4 % 0.84 - 27.29 0.84
Q2 2011 39.93 17.5 % 1.23 - 39.93 1.23
Q3 2011 42.59 2.8 % 1.31 - 42.59 1.31
Q4 2011 42.08 29.4 % 1.29 - 42.08 1.29
Q1 2012 31.77 16.4 % 0.98 - 31.77 0.98
Q2 2012 46.06 15.4 % 1.42 - 46.06 1.42
Q3 2012 35.54 (16.6 %) 1.09 - 35.54 1.09
Q4 2012 50.89 21.0 % 1.57 - 50.89 1.57
Q1 2013 32.89 3.5 % 1.01 - 32.89 1.01
Q2 2013 46.45 0.8 % 1.43 - 46.45 1.43
Q3 2013 38.69 8.9 % 1.19 - 38.69 1.19
Q4 2013 51.79 1.8 % 1.59 - 51.79 1.59
Q1 2014 34.03 3.5 % 1.05 - 34.03 1.05
Q2 2014 47.63 2.6 % 1.47 - 47.63 1.47
Q3 2014 30.10 (22.2 %) 0.93 - 30.10 0.93
Q4 2014 29.19 (43.6 %) 0.90 - 29.19 0.90
Q1 2015 58.29 71.3 % 1.79 - 58.29 1.79
Q2 2015 53.91 13.2 % 1.66 - 53.91 1.66
Q3 2015 68.13 126.4 % 2.10 - 68.13 2.10
Q4 2015 79.88 173.7 % 2.46 - 79.88 2.46
Q1 2016 81.15 39.2 % 2.50 - 81.15 2.50
Q2 2016 80.85 50.0 % 2.49 - 80.85 2.49
Q3 2016 67.84 (0.4 %) 2.09 - 67.84 2.09
Q4 2016 73.84 (7.6 %) 2.27 - 73.84 2.27
Q1 2017 77.07 (5.0 %) 2.37 - 77.07 2.37
Q2 2017 75.16 (7.0 %) 2.31 - 75.16 2.31
Q3 2017 58.52 (13.7 %) 1.80 - 58.52 1.80
Q4 2017 50.13 (32.1 %) 1.54 - 50.13 1.54
2017 260.88 (14.1 %) 8.03 - 260.88 8.03

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2008 31.03 % 11.75 % 7.18 %
Q2 2008 30.20 % 12.38 % 7.78 %
Q3 2008 29.07 % 12.48 % 5.76 %
Q4 2008 28.47 % 11.03 % 3.23 %
Q1 2009 27.64 % 11.34 % 3.69 %
Q2 2009 31.71 % 13.20 % 5.31 %
Q3 2009 34.16 % 14.09 % 8.29 %
Q4 2009 35.73 % 15.94 % 10.66 %
Q1 2010 37.38 % 16.00 % 10.82 %
Q2 2010 35.35 % 16.34 % 11.05 %
Q3 2010 33.40 % 15.92 % 11.69 %
Q4 2010 32.45 % 14.57 % 11.64 %
Q1 2011 31.58 % 14.32 % 11.46 %
Q2 2011 30.89 % 13.80 % 11.25 %
Q3 2011 30.89 % 13.97 % 10.98 %
Q4 2011 31.09 % 14.58 % 11.37 %
Q1 2012 30.81 % 14.31 % 11.04 %
Q2 2012 31.02 % 14.48 % 11.20 %
Q3 2012 31.05 % 13.93 % 10.42 %
Q4 2012 30.67 % 14.30 % 10.60 %
Q1 2013 30.43 % 14.29 % 10.56 %
Q2 2013 30.80 % 14.72 % 10.63 %
Q3 2013 31.44 % 15.25 % 11.01 %
Q4 2013 31.76 % 15.51 % 10.94 %
Q1 2014 31.60 % 15.58 % 10.76 %
Q2 2014 30.87 % 15.26 % 10.50 %
Q3 2014 29.80 % 14.13 % 9.46 %
Q4 2014 30.57 % 12.56 % 7.80 %
Q1 2015 31.91 % 13.56 % 8.86 %
Q2 2015 32.98 % 13.61 % 8.96 %
Q3 2015 34.46 % 15.75 % 10.67 %
Q4 2015 35.74 % 18.05 % 13.12 %
Q1 2016 37.21 % 19.66 % 14.61 %
Q2 2016 38.23 % 21.33 % 16.31 %
Q3 2016 38.78 % 21.64 % 16.82 %
Q4 2016 38.63 % 21.05 % 17.00 %
Q1 2017 38.16 % 20.91 % 16.98 %
Q2 2017 38.22 % 20.43 % 16.70 %
Q3 2017 38.03 % 19.99 % 16.32 %
Q4 2017 37.44 % 20.13 % 15.41 %
2017 37.44 % 20.13 % 15.41 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2008 32.50 1.92 1.96 16.52
Q2 2008 32.50 2.12 2.17 15.01
Q3 2008 32.50 1.60 1.62 15.52
Q4 2008 32.50 0.87 0.92 15.46
Q1 2009 32.50 1.02 1.08 16.20
Q2 2009 32.50 1.55 1.59 17.48
Q3 2009 32.50 2.72 2.56 18.20
Q4 2009 32.50 6.25 3.35 20.51
Q1 2010 32.50 6.35 3.43 19.56
Q2 2010 32.50 6.45 3.54 20.66
Q3 2010 32.50 6.62 3.91 21.77
Q4 2010 32.50 3.99 4.06 22.46
Q1 2011 32.50 4.16 4.24 20.29
Q2 2011 32.50 4.34 4.42 21.53
Q3 2011 32.50 4.38 4.46 22.85
Q4 2011 32.50 4.67 4.67 24.10
Q1 2012 32.50 4.81 4.81 22.02
Q2 2012 32.50 5.00 5.00 23.45
Q3 2012 32.50 4.78 4.78 24.53
Q4 2012 32.50 5.05 5.05 26.12
Q1 2013 32.50 5.09 5.09 24.11
Q2 2013 32.50 5.10 5.10 25.52
Q3 2013 32.50 5.20 5.20 26.67
Q4 2013 32.50 5.23 5.23 28.35
Q1 2014 32.50 5.26 5.26 25.91
Q2 2014 32.50 5.30 5.30 27.37
Q3 2014 32.50 5.03 5.03 28.26
Q4 2014 32.50 4.34 4.34 29.17
Q1 2015 32.50 5.08 5.08 27.46
Q2 2015 32.50 5.28 5.28 29.12
Q3 2015 32.50 6.45 6.45 31.15
Q4 2015 32.50 8.01 8.01 33.61
Q1 2016 32.50 8.71 8.71 31.88
Q2 2016 32.50 9.54 9.54 34.42
Q3 2016 32.50 9.53 9.53 36.56
Q4 2016 32.50 9.34 9.34 38.80
Q1 2017 32.50 9.22 9.22 37.17
Q2 2017 32.50 9.04 9.04 39.49
Q3 2017 32.50 8.76 8.76 39.29
Q4 2017 32.50 8.03 8.03 40.65

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2008 17.17 16.80 2.00
Q2 2008 18.42 17.97 2.60
Q3 2008 16.81 16.59 1.73
Q4 2008 19.98 18.98 1.13
Q1 2009 23.56 22.32 1.49
Q2 2009 22.02 21.48 1.95
Q3 2009 13.59 14.42 2.03
Q4 2009 6.75 12.58 2.06
Q1 2010 7.12 13.17 2.31
Q2 2010 6.36 11.57 1.98
Q3 2010 5.63 9.54 1.71
Q4 2010 10.61 10.41 1.88
Q1 2011 10.33 10.15 2.12
Q2 2011 10.31 10.13 2.08
Q3 2011 9.36 9.20 1.79
Q4 2011 9.89 9.89 1.92
Q1 2012 12.16 12.16 2.66
Q2 2012 11.30 11.30 2.41
Q3 2012 12.23 12.23 2.39
Q4 2012 12.81 12.81 2.48
Q1 2013 12.82 12.82 2.71
Q2 2013 17.01 17.01 3.40
Q3 2013 17.84 17.84 3.48
Q4 2013 16.51 16.51 3.04
Q1 2014 18.15 18.15 3.69
Q2 2014 19.06 19.06 3.69
Q3 2014 24.65 24.65 4.39
Q4 2014 27.42 27.42 4.08
Q1 2015 23.74 23.74 4.39
Q2 2015 27.09 27.09 4.91
Q3 2015 21.02 21.02 4.35
Q4 2015 13.99 13.99 3.33
Q1 2016 14.23 14.23 3.89
Q2 2016 15.61 15.61 4.33
Q3 2016 12.91 12.91 3.37
Q4 2016 13.33 13.33 3.21
Q1 2017 14.35 14.35 3.56
Q2 2017 13.73 13.73 3.14
Q3 2017 13.64 13.64 3.04
Q4 2017 16.31 16.31 3.22

Business Segments (Million)

Compared With The
Period Drinks Non-drinks
Q1 2016 311.95 163.79
Q2 2016 306.89 138.14
Q3 2016 297.45 138.64
Q4 2016 298.79 131.17
Q1 2017 285.15 167.68
Q2 2017 304.61 136.70
Q3 2017 268.91 151.02
Q4 2017 270.84 107.78

Analysts Estimates (Million)

Item Q4 2017 (e) Q4 2017 (a) Change‬
Average 57.30 50.13 (12.5 %)

Estimates vs Actual (Million)

Item Q4 2017 (e) Q4 2017 (a) Change
Arbah Capital 57.30 50.13 (12.5) %


Financial Ratios
Current
Market Cap (M Riyal) 11,186.50
Enterprise Value (EV) (M) 10,591.35
Shares Outstanding ((M)) 32.50
EPS ( Riyal) (TTM) 15.25
Book Value (BV) ( Riyal) 52.86
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 22.77
P/E (TTM) 22.57
Price/book 6.51
Return on Average Assets (%) (TTM) 18.7
Return on Average Equity (%) (TTM) 28.2
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Share Price

Saudia Dairy and Foodstuff Co.
344.20
(4.80) (1.38 %)

Saudia Dairy and Foodstuff Co. (SADAFCO)

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