Financial Results : Savola posts higher net profit at SAR 936.5m in I2 of 2014

Savola posts higher net profit at SAR 936.5m in I2 of 2014

30/06/2014 Argaam Exclusive

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Savola Group, Saudi Arabia's largest non-petrochemical industrial group, reported SAR  936.5m net profit at the end of the first half of 2014, a 37% increase compared to the same period last year, as shown in the following table:



Financials (M)

Item 6m 2013 6m 2014 Change‬
Revenues 13,913.19 13,577.42 (2.4 %)
Gross Income 2,654.23 2,344.32 (11.7 %)
Operating Income 1,081.05 699.85 (35.3 %)
Net Income 682.96 936.53 37.1 %
Average Shares 867.68 911.17 5.0 %
EPS (Riyals) 0.79 1.03 30.6 %


Current Quarter Comparison (M)

Compared With The
Item Q2 2013 Q2 2014 Change‬
Revenues 6,723.33 7,336.58 9.1 %
Gross Income 1,263.61 1,251.38 (1.0 %)
Operating Income 479.79 402.68 (16.1 %)
Net Income 387.76 513.27 32.4 %
Average Shares 867.68 911.17 5.0 %
EPS (Riyals) 0.45 0.56 26.1 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2005 1,551.24 38.7 % 240.86 20.2 % 61.30 22.1 %
Q2 2005 1,613.39 30.4 % 277.00 24.0 % 64.13 (8.2 %)
Q3 2005 1,844.23 49.4 % 353.95 66.3 % 58.34 40.8 %
Q4 2005 1,903.17 (5.4 %) 339.86 20.7 % 122.01 99.8 %
Q1 2006 1,922.71 23.9 % 318.93 32.4 % 86.47 41.1 %
Q2 2006 2,147.77 33.1 % 377.16 36.2 % 79.98 24.7 %
Q3 2006 2,560.31 38.8 % 454.49 28.4 % 136.45 133.9 %
Q4 2006 2,465.90 29.6 % 392.78 15.6 % 176.07 44.3 %
Q1 2007 2,247.62 16.9 % 378.12 18.6 % 103.94 20.2 %
Q2 2007 2,752.38 28.2 % 410.19 8.8 % 39.90 (50.1 %)
Q3 2007 2,779.50 8.6 % 463.44 2.0 % 142.74 4.6 %
Q4 2007 2,630.03 6.7 % 451.93 15.1 % 120.79 (31.4 %)
Q1 2008 2,996.43 33.3 % 481.74 27.4 % 95.58 (8.0 %)
Q2 2008 3,312.54 20.4 % 549.44 33.9 % 157.35 294.4 %
Q3 2008 3,919.41 41.0 % 511.13 10.3 % 117.37 (17.8 %)
Q4 2008 3,593.00 36.6 % 272.02 (39.8 %) (144.50) (219.6 %)
Q1 2009 3,635.04 21.3 % 616.32 27.9 % 149.77 56.7 %
Q2 2009 4,356.80 31.5 % 776.33 41.3 % 211.70 34.5 %
Q3 2009 5,103.67 30.2 % 947.50 85.4 % 374.01 218.7 %
Q4 2009 4,821.69 34.2 % 767.16 182.0 % 209.47 245.0 %
Q1 2010 4,778.78 31.5 % 804.53 30.5 % 177.30 18.4 %
Q2 2010 4,868.07 11.7 % 709.82 (8.6 %) 135.85 (35.8 %)
Q3 2010 5,657.53 10.9 % 906.14 (4.4 %) 297.28 (20.5 %)
Q4 2010 5,725.10 18.7 % 994.74 29.7 % 331.52 58.3 %
Q1 2011 5,641.74 18.1 % 866.33 7.7 % 209.35 18.1 %
Q2 2011 6,312.58 29.7 % 959.88 35.2 % 277.91 104.6 %
Q3 2011 6,816.63 20.5 % 981.97 8.4 % 307.72 3.5 %
Q4 2011 6,424.75 12.2 % 1,162.55 16.9 % 468.45 41.3 %
Q1 2012 6,588.97 16.8 % 995.71 14.9 % 315.15 50.5 %
Q2 2012 6,989.08 10.7 % 1,193.39 24.3 % 449.42 61.7 %
Q3 2012 6,869.78 0.8 % 1,161.19 18.3 % 432.29 40.5 %
Q4 2012 6,943.66 8.1 % 1,411.28 21.4 % 607.10 29.6 %
Q1 2013 7,189.86 9.1 % 1,390.62 39.7 % 601.26 90.8 %
Q2 2013 6,723.33 (3.8 %) 1,263.61 5.9 % 479.79 6.8 %
Q3 2013 6,320.13 (8.0 %) 1,167.37 0.5 % 399.06 (7.7 %)
Q4 2013 5,047.40 (27.3 %) 951.93 (32.5 %) 249.23 (58.9 %)
Q1 2014 6,240.84 (13.2 %) 1,092.94 (21.4 %) 297.17 (50.6 %)
Q2 2014 7,336.58 9.1 % 1,251.38 (1.0 %) 402.68 (16.1 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2005 106.06 60.3 % 0.14 - 106.06 0.14
Q2 2005 112.54 25.1 % 0.15 - 112.54 0.15
Q3 2005 791.42 660.7 % 1.04 - 791.42 1.04
Q4 2005 192.16 (20.7 %) 0.25 - 20.45 0.03
Q1 2006 135.80 28.0 % 0.16 - 135.80 0.16
Q2 2006 245.97 118.6 % 0.29 - 245.97 0.29
Q3 2006 533.78 (32.6 %) 0.63 - 533.78 0.63
Q4 2006 233.03 21.3 % 0.27 - 122.88 0.14
Q1 2007 137.46 1.2 % 0.16 - 137.46 0.16
Q2 2007 763.77 210.5 % 0.90 - 763.77 0.90
Q3 2007 151.39 (71.6 %) 0.18 - 151.39 0.18
Q4 2007 177.41 (23.9 %) 0.21 - 177.41 0.21
Q1 2008 250.48 82.2 % 0.29 - 250.48 0.29
Q2 2008 257.69 (66.3 %) 0.30 - 257.69 0.30
Q3 2008 158.04 4.4 % 0.19 - 158.04 0.19
Q4 2008 (463.85) (361.5 %) (0.54) - (463.85) (0.54)
Q1 2009 192.55 (23.1 %) 0.23 - 192.55 0.23
Q2 2009 212.50 (17.5 %) 0.25 - 212.50 0.25
Q3 2009 277.89 75.8 % 0.33 - 277.89 0.33
Q4 2009 268.62 157.9 % 0.31 318.12 (49.50) (0.06)
Q1 2010 394.04 104.6 % 0.46 198.06 195.98 0.23
Q2 2010 207.65 (2.3 %) 0.24 1.01 206.64 0.24
Q3 2010 282.99 1.8 % 0.33 1.90 281.10 0.33
Q4 2010 2.02 (99.2 %) 0.00 (117.84) 119.86 0.14
Q1 2011 165.16 (58.1 %) 0.19 - 165.16 0.19
Q2 2011 230.74 11.1 % 0.27 - 230.74 0.27
Q3 2011 307.89 8.8 % 0.36 - 307.89 0.36
Q4 2011 498.59 24607.3 % 0.58 152.78 345.81 0.41
Q1 2012 242.31 46.7 % 0.28 - 242.31 0.28
Q2 2012 341.32 47.9 % 0.40 - 341.32 0.40
Q3 2012 405.22 31.6 % 0.47 - 405.22 0.47
Q4 2012 413.36 (17.1 %) 0.48 46.65 366.71 0.43
Q1 2013 295.20 21.8 % 0.34 - 295.20 0.34
Q2 2013 387.76 13.6 % 0.45 - 387.76 0.45
Q3 2013 457.36 12.9 % 0.53 - 457.36 0.53
Q4 2013 564.16 36.5 % 0.65 200.93 363.23 0.42
Q1 2014 423.26 43.4 % 0.46 5.02 418.24 0.46
Q2 2014 513.27 32.4 % 0.56 35.95 477.33 0.52

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 15.88 % 7.13 % 7.55 %
Q2 2005 15.79 % 6.85 % 7.46 %
Q3 2005 16.43 % 6.71 % 16.60 %
Q4 2005 17.53 % 8.51 % 14.91 %
Q1 2006 17.71 % 8.45 % 14.56 %
Q2 2006 17.78 % 8.26 % 15.27 %
Q3 2006 17.46 % 8.58 % 10.97 %
Q4 2006 16.97 % 8.19 % 11.42 %
Q1 2007 17.01 % 8.21 % 11.04 %
Q2 2007 16.31 % 8.57 % 15.54 %
Q3 2007 16.05 % 8.40 % 11.47 %
Q4 2007 16.37 % 7.79 % 11.82 %
Q1 2008 16.20 % 7.36 % 12.04 %
Q2 2008 16.61 % 7.05 % 7.14 %
Q3 2008 15.51 % 6.35 % 6.56 %
Q4 2008 13.13 % 7.49 % 1.46 %
Q1 2009 13.48 % 7.68 % 1.00 %
Q2 2009 14.03 % 8.25 % 0.64 %
Q3 2009 15.65 % 9.45 % 1.31 %
Q4 2009 17.34 % 9.16 % 3.54 %
Q1 2010 17.29 % 8.89 % 3.34 %
Q2 2010 16.50 % 8.17 % 3.22 %
Q3 2010 15.84 % 7.64 % 3.15 %
Q4 2010 16.24 % 8.34 % 3.82 %
Q1 2011 15.88 % 8.17 % 3.53 %
Q2 2011 15.97 % 8.13 % 3.41 %
Q3 2011 15.52 % 7.78 % 3.36 %
Q4 2011 15.76 % 7.23 % 4.17 %
Q1 2012 15.68 % 7.39 % 4.31 %
Q2 2012 16.16 % 7.80 % 4.61 %
Q3 2012 16.79 % 8.26 % 4.97 %
Q4 2012 17.38 % 8.64 % 4.95 %
Q1 2013 18.42 % 9.48 % 5.03 %
Q2 2013 18.85 % 9.69 % 5.25 %
Q3 2013 19.25 % 9.79 % 5.55 %
Q4 2013 18.88 % 9.44 % 5.95 %
Q1 2014 18.40 % 8.63 % 6.69 %
Q2 2014 17.89 % 8.17 % 6.88 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 758.70 0.71 0.60 2.79
Q2 2005 758.70 0.74 0.63 2.79
Q3 2005 758.70 1.65 1.54 3.80
Q4 2005 758.70 1.58 1.36 3.93
Q1 2006 853.18 1.44 1.24 6.31
Q2 2006 853.18 1.60 1.40 6.39
Q3 2006 853.18 1.30 1.10 7.01
Q4 2006 853.18 1.35 1.22 7.13
Q1 2007 853.18 1.35 1.22 7.32
Q2 2007 853.18 1.96 1.83 7.70
Q3 2007 853.18 1.51 1.38 7.87
Q4 2007 853.18 1.44 1.44 8.39
Q1 2008 853.18 1.57 1.57 8.24
Q2 2008 853.18 0.98 0.98 8.55
Q3 2008 853.18 0.99 0.99 8.11
Q4 2008 853.18 0.24 0.24 7.49
Q1 2009 853.18 0.17 0.17 7.59
Q2 2009 853.18 0.12 0.12 7.69
Q3 2009 853.18 0.26 0.26 7.85
Q4 2009 853.18 1.12 0.74 8.16
Q1 2010 853.18 1.35 0.75 8.64
Q2 2010 853.18 1.35 0.74 8.34
Q3 2010 853.18 1.35 0.74 8.48
Q4 2010 853.18 1.04 0.94 8.23
Q1 2011 853.18 0.77 0.91 8.22
Q2 2011 853.18 0.80 0.93 8.37
Q3 2011 853.18 0.83 0.97 8.53
Q4 2011 853.18 1.41 1.23 9.05
Q1 2012 853.18 1.50 1.32 9.71
Q2 2012 853.18 1.63 1.45 9.32
Q3 2012 853.18 1.74 1.56 9.55
Q4 2012 853.18 1.64 1.59 9.71
Q1 2013 867.68 1.68 1.62 9.34
Q2 2013 867.68 1.73 1.68 9.50
Q3 2013 867.68 1.79 1.74 9.75
Q4 2013 867.68 1.96 1.73 10.59
Q1 2014 911.17 2.01 1.79 10.88
Q2 2014 911.17 2.15 1.88 10.85

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 51.76 61.58 13.27
Q2 2005 92.89 More than 100 24.81
Q3 2005 46.90 50.39 20.38
Q4 2005 56.56 65.99 22.78
Q1 2006 63.28 73.53 14.49
Q2 2006 45.59 52.15 11.43
Q3 2006 48.54 57.45 8.99
Q4 2006 20.30 22.45 3.83
Q1 2007 17.46 19.30 3.22
Q2 2007 11.51 12.33 2.92
Q3 2007 14.84 16.23 2.84
Q4 2007 19.36 19.36 3.33
Q1 2008 15.97 15.97 3.05
Q2 2008 28.81 28.81 3.30
Q3 2008 22.86 22.86 2.79
Q4 2008 79.54 79.54 2.52
Q1 2009 93.94 93.94 2.10
Q2 2009 More than 100 More than 100 2.25
Q3 2009 86.21 86.21 2.82
Q4 2009 21.11 31.71 2.89
Q1 2010 20.59 37.28 3.22
Q2 2010 20.27 36.89 3.27
Q3 2010 19.72 35.86 3.14
Q4 2010 24.00 26.48 3.03
Q1 2011 28.21 24.01 2.65
Q2 2011 26.57 22.70 2.53
Q3 2011 24.50 20.99 2.38
Q4 2011 15.88 18.19 2.47
Q1 2012 17.88 20.31 2.76
Q2 2012 16.60 18.65 2.90
Q3 2012 17.30 19.28 3.16
Q4 2012 18.97 19.63 3.21
Q1 2013 18.97 19.60 3.46
Q2 2013 21.26 21.94 3.94
Q3 2013 22.90 23.61 4.28
Q4 2013 24.48 27.76 4.32
Q1 2014 24.41 27.50 4.51
Q2 2014 23.45 26.76 4.64

Business Segments (Million)

Compared With The
Period Food sector Retail sector Investments Plastic Manufacturing & Whole sale sector Disposals
Q1 2005 - 545.17 1.46 - 1,004.61 -
Q2 2005 - 599.24 2.61 - 1,011.55 -
Q3 2005 - 625.13 (4.06) - 1,223.17 -
Q4 2005 - 719.34 15.59 - 1,168.24 -
Q1 2006 - 700.35 1.14 - 1,221.22 -
Q2 2006 - 770.00 (1.14) - 1,378.91 -
Q3 2006 - 869.50 - - 1,690.81 -
Q4 2006 - 821.28 - - 1,644.62 -
Q1 2007 - 843.56 3.19 - 1,400.87 -
Q2 2007 - 934.88 (0.79) - 1,818.30 -
Q3 2007 - 1,201.16 6.11 - 1,572.23 -
Q4 2007 - 1,245.18 (3.68) - 1,388.53 -
Q1 2008 - 1,216.75 - - 1,779.67 -
Q2 2008 - 1,315.45 20.17 - 1,976.92 -
Q3 2008 - 1,614.46 10.08 - 2,294.87 -
Q4 2008 - 1,972.98 (30.25) - 1,650.27 -
Q1 2009 - 1,835.58 - - 1,799.46 -
Q2 2009 - 1,895.71 - - 2,461.09 -
Q3 2009 - 2,108.28 - - 2,995.40 -
Q4 2009 - 2,080.53 - - 2,741.16 -
Q1 2010 - 1,871.14 - - 2,907.64 -
Q2 2010 - 1,902.50 - - 2,965.56 -
Q3 2010 - 2,245.91 - - 3,411.62 -
Q4 2010 12,026.53 2,163.12 154.59 883.98 (9284.82) (218.30)
Q1 2011 3,296.45 2,161.01 32.59 209.36 - (57.66)
Q2 2011 3,875.14 2,216.41 26.04 261.85 - (68.54)
Q3 2011 4,069.58 2,489.74 34.65 274.60 - (50.26)
Q4 2011 3,982.74 2,314.39 29.54 255.73 - (157.65)
Q1 2012 4,068.67 2,329.29 20.45 236.24 - (65.67)
Q2 2012 4,327.47 2,427.10 19.71 290.20 - (75.41)
Q3 2012 3,915.84 2,722.23 19.71 273.72 - (61.72)
Q4 2012 4,076.70 2,677.90 78.67 253.03 - (142.63)
Q1 2013 4,386.49 2,606.25 19.29 249.06 - (71.22)
Q2 2013 3,859.23 2,635.50 19.29 304.51 - (95.20)
Q3 2013 3,241.41 2,813.52 19.29 304.95 - (59.03)
Q4 2013 3,065.27 2,869.33 83.10 (858.51) - (111.80)
Q1 2014 3,463.82 2,818.18 16.37 - - (57.53)
Q2 2014 4,119.66 3,283.45 15.32 - - (81.85)


Financial Ratios
Current
Market Cap (M Riyal) 27,510.35
Enterprise Value (EV) (M) 28,742.45
Shares Outstanding ((M)) 1,133.98
EPS ( Riyal) (TTM) 0.79
Book Value (BV) ( Riyal) 12.99
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 35.27
P/E (TTM) 30.84
Price/book 1.87
Return on Average Assets (%) (TTM) 2.8
Return on Average Equity (%) (TTM) 7.7
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Share Price

Savola Group
24.26
(0.32) (1.30 %)

Savola Group (SAVOLA GROUP)

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