Financial Results : Savola’s net profit dives 99% in 9M 2018

Savola’s net profit dives 99% in 9M 2018

06/11/2018 Argaam Exclusive

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Savola Group net profit fell to SAR 5.6 million in the first nine months of 2018, a decline of 99 percent year-on-year (YoY), compared to a net profit of SAR 1.1 billion a year ago, on lower gross profit, mainly due to lower sales of food and retail sectors.

 

The loss was attributed also to a gain on disposal of two percent ownership interest in Almarai Co., a net positive non-recurring impact of SAR 62 million from the sale of the rental rights of Panda Retail Company, lower share of profit from associates as well as higher net finance cost due to currency exchange losses. ​

 


Financials (M)

Item 9m 2017 9m 2018 Change‬
Revenues 18,035.94 16,467.59 (8.7 %)
Gross Income 3,233.96 2,907.36 (10.1 %)
Operating Income 118.16 (91.37) (177.3 %)
Net Income 1,063.13 5.61 (99.5 %)
Average Shares 911.17 911.17 -
EPS (Riyals) 1.17 0.01 (99.5 %)

The company reported a net loss after zakat and tax of SAR 50.7 million in Q3 2018, compared to a profit of SAR 829 million same period last year, driven by lower share of profit from associates and higher net finance cost due to currency exchange losses.

 

The food products maker incurred a loss in Q3 2018 compared to a net profit of SAR 147 million in previous quarter.



Current Quarter Comparison (M)

Compared With The
Item Q3 2017 Q3 2018 Change‬
Revenues 5,595.78 5,212.03 (6.9 %)
Gross Income 1,053.79 932.00 (11.6 %)
Operating Income 25.93 (36.92) (242.4 %)
Net Income 829.04 (50.73) (106.1 %)
Average Shares 911.17 911.17 -
EPS (Riyals) 0.91 (0.06) (106.1 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q4 2016 6,613.95 5.6 % 864.48 (32.2 %) (228.79) (220.6 %)
Q1 2017 5,786.91 (9.9 %) 1,040.13 (18.3 %) 18.06 (92.5 %)
Q2 2017 6,653.26 (6.8 %) 1,140.04 (14.5 %) 74.96 (65.5 %)
Q3 2017 5,595.78 (9.1 %) 1,053.79 (10.9 %) 25.93 (77.2 %)
Q4 2017 5,794.53 (12.4 %) 1,160.16 34.2 % 154.73 167.6 %
Q1 2018 5,107.98 (11.7 %) 908.50 (12.7 %) (54.78) (403.3 %)
Q2 2018 6,147.58 (7.6 %) 1,066.86 (6.4 %) 0.33 (99.6 %)
Q3 2018 5,212.03 (6.9 %) 932.00 (11.6 %) (36.92) (242.4 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2014 701.43 53.4 % 0.77 205.74 495.69 0.54
Q4 2014 434.36 (23.0 %) 0.48 (54.13) 488.48 0.54
Q1 2015 470.51 11.2 % 0.52 227.39 243.12 0.27
Q2 2015 434.37 (15.4 %) 0.48 (0.67) 435.03 0.48
Q3 2015 371.56 (47.0 %) 0.41 5.72 365.84 0.40
Q4 2015 515.32 18.6 % 0.57 199.19 316.13 0.35
Q1 2016 119.38 (74.6 %) 0.13 (107.31) 226.69 0.25
Q2 2016 253.52 (41.6 %) 0.28 (42.26) 295.78 0.32
Q3 2016 179.51 (51.7 %) 0.20 (3.13) 182.64 0.20
Q4 2016 (915.70) (277.7 %) (1.00) (597.46) (318.23) (0.35)
Q1 2017 4.78 (96.0 %) 0.01 15.61 (10.83) (0.01)
Q2 2017 229.31 (9.5 %) 0.25 68.14 161.17 0.18
Q3 2017 829.04 361.8 % 0.91 693.94 135.10 0.15
Q4 2017 (37.51) 95.9 % (0.04) (222.02) 184.51 0.20
Q1 2018 (84.32) (1864.7 %) (0.09) 3.27 (87.58) (0.10)
Q2 2018 140.65 (38.7 %) 0.15 - 140.65 0.15
Q3 2018 (50.73) (106.1 %) (0.06) - (50.73) (0.06)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q4 2016 17.67 % 4.04 % 1.47 %
Q1 2017 17.20 % 3.34 % 0.58 %
Q2 2017 16.77 % 2.54 % 0.06 %
Q3 2017 16.63 % 2.63 % (0.13 %)
Q4 2017 18.44 % 4.53 % 1.97 %
Q1 2018 18.41 % 4.31 % 1.70 %
Q2 2018 18.50 % 4.33 % 1.65 %
Q3 2018 18.27 % 3.89 % 0.84 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2014 911.17 2.42 1.93 11.34
Q4 2014 911.17 2.27 2.06 10.94
Q1 2015 911.17 2.33 1.87 11.09
Q2 2015 911.17 2.24 1.82 11.50
Q3 2015 911.17 1.88 1.68 11.28
Q4 2015 911.17 1.97 1.49 11.58
Q1 2016 911.17 1.58 1.47 10.80
Q2 2016 911.17 1.38 1.32 10.88
Q3 2016 911.17 1.17 1.12 10.84
Q4 2016 911.17 (0.40) 0.42 9.02
Q1 2017 911.17 (0.52) 0.16 9.02
Q2 2017 911.17 (0.55) 0.02 9.24
Q3 2017 911.17 0.16 (0.04) 10.09
Q4 2017 911.17 1.13 0.52 9.69
Q1 2018 911.17 1.03 0.43 9.43
Q2 2018 911.17 0.93 0.41 9.02
Q3 2018 911.17 (0.04) 0.21 8.38

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2014 25.12 31.52 5.35
Q4 2014 25.26 27.85 5.25
Q1 2015 21.45 26.67 4.50
Q2 2015 22.32 27.39 4.35
Q3 2015 22.54 25.16 3.75
Q4 2015 18.65 24.57 3.17
Q1 2016 19.27 20.66 2.82
Q2 2016 19.25 20.13 2.45
Q3 2016 19.86 20.76 2.15
Q4 2016 NEG 68.97 3.25
Q1 2017 NEG More than 100 3.34
Q2 2017 NEG More than 100 3.98
Q3 2017 More than 100 NEG 3.30
Q4 2017 25.61 55.89 2.97
Q1 2018 31.40 74.80 3.42
Q2 2018 29.22 66.48 3.02
Q3 2018 NEG More than 100 2.63

Business Segments (Million)

Compared With The
Period Food sector Retail sector Food services Frozen food Investments Plastic Manufacturing & Whole sale sector Disposals
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)
Q4 2016 3,142.01 3,252.58 280.23 - 96.36 - - (157.23)
Q1 2017 2,954.09 2,674.10 275.01 - 11.54 - - (127.83)
Q2 2017 3,145.94 3,331.50 272.10 - 11.61 - - (107.89)
Q3 2017 2,698.83 2,653.43 311.72 - 11.61 - - (79.82)
Q4 2017 2,585.35 2,984.00 298.96 - 10.58 - - (84.36)
Q1 2018 2,571.71 2,377.14 286.30 - 11.41 - - (138.57)
Q2 2018 2,692.86 3,230.09 293.13 - 11.40 - - (79.90)
Q3 2018 2,309.97 2,643.85 322.65 - 11.29 - - (75.71)

Analysts Estimates (Million)

Item Q3 2018 (e) Q3 2018 (a) Change‬
Average 255.00 (50.73) (119.9 %)

Estimates vs Actual (Million)

Item Q3 2018 (e) Q3 2018 (a) Change
Al Rajhi Capital 314.00 (50.73) (116.2) %
SNB Capital 196.00 (50.73) (125.9) %


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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