Savola’s net profit down 60% in 9M 2016

20/10/2016 Argaam Exclusive

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Savola Group, Saudi Arabia’s largest food producer, posted a net profit of SAR 513 million for the first nine months of 2016, a 60 percent year-on-year drop attributed to higher financial charges, operating expenses, and higher zakat and income tax, despite an increase of income share form its associates.

 

Foreign currency losses from United Sugar Company of Egypt also weighed on earnings this time around, the company said in a statement.



Financials (M)

Item 9m 2015 9m 2016 Change‬
Revenues 18,863.77 19,716.85 4.5 %
Gross Income 3,751.27 3,788.49 1.0 %
Operating Income 799.58 573.29 (28.3 %)
Net Income 1,276.43 552.41 (56.7 %)
Average Shares 533.98 533.98 -
EPS (Riyals) 2.39 1.03 (56.7 %)

Q3 profit plunged 53 percent YoY to SAR 173.4 million mainly due to lower gross profit and higher operating expenses. When compared to the previous quarter, Q3 income was 30 percent lower due to a seasonal dip in revenue and gross profit.



Current Quarter Comparison (M)

Compared With The
Item Q3 2015 Q3 2016 Change‬
Revenues 5,603.56 6,154.31 9.8 %
Gross Income 1,238.87 1,182.55 (4.5 %)
Operating Income 245.60 113.77 (53.7 %)
Net Income 371.56 179.51 (51.7 %)
Average Shares 533.98 533.98 -
EPS (Riyals) 0.70 0.34 (51.7 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q3 2014 6,150.04 (2.7 %) 1,150.73 (1.4 %) 362.59 (9.1 %)
Q4 2014 6,860.38 35.9 % 1,368.67 43.8 % 414.67 66.4 %
Q1 2015 6,223.71 (0.3 %) 1,159.16 6.1 % 227.93 (23.3 %)
Q2 2015 7,036.49 (4.1 %) 1,353.24 8.1 % 326.05 (19.0 %)
Q3 2015 5,603.56 (8.9 %) 1,238.87 7.7 % 245.60 (32.3 %)
Q4 2015 6,261.83 (8.7 %) 1,274.13 (6.9 %) 189.68 (54.3 %)
Q1 2016 6,421.75 3.2 % 1,273.15 9.8 % 242.12 6.2 %
Q2 2016 7,140.78 1.5 % 1,332.79 (1.5 %) 217.40 (33.3 %)
Q3 2016 6,154.31 9.8 % 1,182.55 (4.5 %) 113.77 (53.7 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2007 137.46 1.2 % 0.27 - 137.46 0.27
Q2 2007 763.77 210.5 % 1.53 - 763.77 1.53
Q3 2007 151.39 (71.6 %) 0.30 - 151.39 0.30
Q4 2007 177.41 (23.9 %) 0.35 - 177.41 0.35
Q1 2008 250.48 82.2 % 0.50 - 250.48 0.50
Q2 2008 257.69 (66.3 %) 0.52 - 257.69 0.52
Q3 2008 158.04 4.4 % 0.32 - 158.04 0.32
Q4 2008 (463.85) (361.5 %) (0.93) - (463.85) (0.93)
Q1 2009 192.55 (23.1 %) 0.39 - 192.55 0.39
Q2 2009 212.50 (17.5 %) 0.43 - 212.50 0.43
Q3 2009 277.89 75.8 % 0.56 - 277.89 0.56
Q4 2009 268.62 157.9 % 0.54 318.12 (49.50) (0.10)
Q1 2010 394.04 104.6 % 0.79 198.06 195.98 0.39
Q2 2010 207.65 (2.3 %) 0.42 1.01 206.64 0.41
Q3 2010 282.99 1.8 % 0.57 1.90 281.10 0.56
Q4 2010 2.02 (99.2 %) 0.00 (117.84) 119.86 0.24
Q1 2011 165.16 (58.1 %) 0.33 - 165.16 0.33
Q2 2011 230.74 11.1 % 0.46 - 230.74 0.46
Q3 2011 307.89 8.8 % 0.62 - 307.89 0.62
Q4 2011 498.59 24607.3 % 1.00 152.78 345.81 0.69
Q1 2012 242.31 46.7 % 0.48 - 242.31 0.48
Q2 2012 341.32 47.9 % 0.68 - 341.32 0.68
Q3 2012 405.22 31.6 % 0.81 - 405.22 0.81
Q4 2012 413.36 (17.1 %) 0.83 46.65 366.71 0.73
Q1 2013 295.20 21.8 % 0.58 - 295.20 0.58
Q2 2013 387.76 13.6 % 0.76 - 387.76 0.76
Q3 2013 457.36 12.9 % 0.90 - 457.36 0.90
Q4 2013 564.16 36.5 % 1.11 200.93 363.23 0.71
Q1 2014 423.26 43.4 % 0.79 5.02 418.24 0.78
Q2 2014 513.27 32.4 % 0.96 35.95 477.33 0.89
Q3 2014 701.43 53.4 % 1.31 205.74 495.69 0.93
Q4 2014 434.36 (23.0 %) 0.81 (54.13) 488.48 0.91
Q1 2015 470.51 11.2 % 0.88 227.39 243.12 0.46
Q2 2015 434.37 (15.4 %) 0.81 (0.67) 435.03 0.81
Q3 2015 371.56 (47.0 %) 0.70 5.72 365.84 0.69
Q4 2015 515.32 18.6 % 0.97 199.19 316.13 0.59
Q1 2016 119.38 (74.6 %) 0.22 (107.31) 226.69 0.42
Q2 2016 253.52 (41.6 %) 0.47 (42.26) 295.78 0.55
Q3 2016 179.51 (51.7 %) 0.34 (3.13) 182.64 0.34

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2014 17.95 % 8.18 % 7.08 %
Q4 2014 18.29 % 7.92 % 7.07 %
Q1 2015 18.55 % 7.64 % 6.42 %
Q2 2015 19.15 % 7.48 % 6.33 %
Q3 2015 19.90 % 7.24 % 5.96 %
Q4 2015 20.00 % 6.42 % 5.41 %
Q1 2016 20.29 % 6.53 % 5.31 %
Q2 2016 20.13 % 6.32 % 4.74 %
Q3 2016 19.49 % 5.49 % 3.93 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2007 500.00 2.30 2.08 12.49
Q2 2007 500.00 3.34 3.12 13.14
Q3 2007 500.00 2.57 2.35 13.43
Q4 2007 500.00 2.46 2.46 14.31
Q1 2008 500.00 2.69 2.69 14.06
Q2 2008 500.00 1.67 1.67 14.59
Q3 2008 500.00 1.69 1.69 13.84
Q4 2008 500.00 0.40 0.40 12.78
Q1 2009 500.00 0.29 0.29 12.95
Q2 2009 500.00 0.20 0.20 13.13
Q3 2009 500.00 0.44 0.44 13.39
Q4 2009 500.00 1.90 1.27 13.92
Q1 2010 500.00 2.31 1.27 14.74
Q2 2010 500.00 2.30 1.26 14.23
Q3 2010 500.00 2.31 1.27 14.47
Q4 2010 500.00 1.77 1.61 14.04
Q1 2011 500.00 1.32 1.55 14.02
Q2 2011 500.00 1.36 1.59 14.29
Q3 2011 500.00 1.41 1.65 14.56
Q4 2011 500.00 2.40 2.10 15.44
Q1 2012 500.00 2.56 2.25 16.57
Q2 2012 500.00 2.78 2.47 15.91
Q3 2012 500.00 2.97 2.67 16.29
Q4 2012 500.00 2.80 2.71 16.57
Q1 2013 508.50 2.86 2.77 15.94
Q2 2013 508.50 2.95 2.86 16.21
Q3 2013 508.50 3.06 2.96 16.64
Q4 2013 508.50 3.35 2.96 18.07
Q1 2014 533.98 3.43 3.05 18.56
Q2 2014 533.98 3.67 3.21 18.52
Q3 2014 533.98 4.12 3.29 19.36
Q4 2014 533.98 3.88 3.52 18.66
Q1 2015 533.98 3.97 3.19 18.92
Q2 2015 533.98 3.82 3.11 19.62
Q3 2015 533.98 3.20 2.87 19.24
Q4 2015 533.98 3.36 2.55 19.76
Q1 2016 533.98 2.70 2.52 18.43
Q2 2016 533.98 2.36 2.26 18.57
Q3 2016 533.98 2.00 1.91 18.50

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 14.02 15.50 2.58
Q2 2007 9.25 9.90 2.35
Q3 2007 11.92 13.03 2.28
Q4 2007 15.55 15.55 2.67
Q1 2008 12.82 12.82 2.45
Q2 2008 23.13 23.13 2.65
Q3 2008 18.36 18.36 2.24
Q4 2008 63.86 63.86 2.02
Q1 2009 75.42 75.42 1.68
Q2 2009 More than 100 More than 100 1.81
Q3 2009 69.22 69.22 2.26
Q4 2009 16.95 25.46 2.32
Q1 2010 16.53 29.93 2.59
Q2 2010 16.28 29.62 2.63
Q3 2010 15.83 28.79 2.52
Q4 2010 19.27 21.26 2.43
Q1 2011 22.65 19.28 2.12
Q2 2011 21.33 18.23 2.03
Q3 2011 19.67 16.86 1.91
Q4 2011 12.75 14.60 1.98
Q1 2012 14.36 16.30 2.22
Q2 2012 13.33 14.98 2.33
Q3 2012 13.89 15.48 2.54
Q4 2012 15.23 15.76 2.58
Q1 2013 15.23 15.73 2.78
Q2 2013 17.07 17.62 3.16
Q3 2013 18.39 18.96 3.43
Q4 2013 19.66 22.29 3.47
Q1 2014 19.60 22.08 3.62
Q2 2014 18.83 21.48 3.73
Q3 2014 20.17 25.31 4.30
Q4 2014 20.28 22.36 4.22
Q1 2015 17.22 21.41 3.61
Q2 2015 17.92 21.99 3.49
Q3 2015 18.10 20.20 3.01
Q4 2015 14.97 19.72 2.54
Q1 2016 15.48 16.59 2.27
Q2 2016 15.45 16.16 1.96
Q3 2016 15.94 16.67 1.72

Business Segments (Million)

Compared With The
Period Food sector Retail sector Food services Investments Plastic Manufacturing & Whole sale sector Disposals
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)
Q3 2014 3,336.91 2,868.20 - 15.33 - - (70.40)
Q4 2014 3,671.56 3,234.54 - 80.15 - - (125.88)
Q1 2015 3,086.66 3,192.49 - 14.69 - - (70.13)
Q2 2015 3,369.06 3,781.59 - 14.69 - - (128.85)
Q3 2015 2,553.93 3,091.95 - 14.69 - - (57.01)
Q4 2015 2,802.55 3,466.70 - 100.78 - - (108.20)
Q1 2016 2,924.81 3,271.22 283.55 13.75 - - (71.58)
Q2 2016 3,102.65 3,873.85 277.73 13.75 - - (127.20)
Q3 2016 2,717.25 3,174.73 315.17 13.75 - - (66.58)

Analysts Estimates (Million)

Item Q3 2016 (e) Q3 2016 (a) Change‬
Average 206.67 179.51 (13.1 %)

Estimates vs Actual (Million)

Item Q3 2016 (e) Q3 2016 (a) Change
Albilad Capital 185.00 179.51 (3.0) %
Al Rajhi Capital 207.00 179.51 (13.3) %
SNB Capital 228.00 179.51 (21.3) %


Financial Ratios
Current
Market Cap (M Riyal) 23,815.53
Enterprise Value (EV) (M) 31,809.31
Shares Outstanding ((M)) 533.98
EPS ( Riyal) (TTM) 1.61
Book Value (BV) ( Riyal) 16.15
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 31.91
P/E (TTM) 27.74
Price/book 2.76
Return on Average Assets (%) (TTM) 2.9
Return on Average Equity (%) (TTM) 10.2
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Share Price

Savola Group
44.60
1.35 3.12 %

Savola Group (SAVOLA GROUP)

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