Financial Results : Al Othaim’s net profit down 31% in 9M 2018

Al Othaim’s net profit down 31% in 9M 2018

05/11/2018 Argaam Exclusive

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Abdullah Al Othaim Markets Co. reported a net profit of SAR 195.7 million in the first nine months of 2018, a 30.6 percent year-on-year (YoY) drop, as the corresponding period last year included SAR 106.8 million in nonrecurring profit.



Financials (M)

Item 9m 2017 9m 2018 Change‬
Revenues 5,259.95 5,565.42 5.8 %
Gross Income 994.62 1,056.33 6.2 %
Operating Income 114.43 115.80 1.2 %
Net Income 281.98 195.68 (30.6 %)
Average Shares 900.00 900.00 -
EPS (Riyals) 0.31 0.22 (30.6 %)

Profit for third quarter was SAR 54.3 million, plummeting by 63.9 percent YoY, as Q3 2017 included one-off gains at SAR 100.08 million.

 

When compared to the previous quarter, profit for the period fell 26.7 percent on lower sales and decreased real estate revenue.



Current Quarter Comparison (M)

Compared With The
Item Q3 2017 Q3 2018 Change‬
Revenues 1,627.85 1,744.69 7.2 %
Gross Income 318.56 339.78 6.7 %
Operating Income 27.23 25.89 (4.9 %)
Net Income 150.62 54.31 (63.9 %)
Average Shares 900.00 900.00 -
EPS (Riyals) 0.17 0.06 (63.9 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2009 717.56 6.8 % 23.96 (34.7 %) (2.18) (118.5 %)
Q2 2009 723.85 1.1 % 27.48 14.7 % (0.94) 82.9 %
Q3 2009 861.61 10.3 % 35.33 47.5 % 6.91 260.6 %
Q4 2009 762.12 13.5 % 51.00 51.9 % 15.91 473.0 %
Q1 2010 779.56 8.6 % 37.59 56.9 % 10.58 585.6 %
Q2 2010 821.67 13.5 % 38.46 39.9 % 6.23 764.9 %
Q3 2010 941.39 9.3 % 42.72 20.9 % 5.70 (17.5 %)
Q4 2010 879.81 15.4 % 63.20 23.9 % 26.26 65.0 %
Q1 2011 934.19 19.8 % 45.06 19.9 % 10.86 2.6 %
Q2 2011 987.16 20.1 % 43.82 13.9 % 5.40 (13.3 %)
Q3 2011 1,096.14 16.4 % 42.42 (0.7 %) (7.41) (229.9 %)
Q4 2011 925.31 5.2 % 43.73 (30.8 %) 0.66 (97.5 %)
Q1 2012 976.27 4.5 % 35.50 (21.2 %) (4.40) (140.6 %)
Q2 2012 1,020.85 3.4 % 286.50 553.8 % 53.35 888.1 %
Q3 2012 1,122.32 2.4 % 184.90 335.9 % 25.55 444.8 %
Q4 2012 985.76 6.5 % 178.02 307.1 % 42.40 6333.7 %
Q1 2013 1,066.43 9.2 % 164.06 362.2 % 28.81 754.3 %
Q2 2013 1,161.19 13.7 % 176.39 (38.4 %) 19.51 (63.4 %)
Q3 2013 1,193.14 6.3 % 199.41 7.8 % 22.07 (13.6 %)
Q4 2013 1,159.21 17.6 % 231.29 29.9 % 50.21 18.4 %
Q1 2014 1,222.98 14.7 % 204.66 24.7 % 29.16 1.2 %
Q2 2014 1,511.39 30.2 % 219.39 24.4 % 37.34 91.4 %
Q3 2014 1,208.79 1.3 % 195.07 (2.2 %) 20.67 (6.3 %)
Q4 2014 1,308.74 12.9 % 252.01 9.0 % 62.57 24.6 %
Q1 2015 1,408.03 15.1 % 212.36 3.8 % 28.31 (2.9 %)
Q2 2015 1,725.54 14.2 % 247.99 13.0 % 35.03 (6.2 %)
Q3 2015 1,348.87 11.6 % 221.39 13.5 % 17.48 (15.5 %)
Q4 2015 1,553.36 18.7 % 316.73 25.7 % 66.74 6.7 %
Q1 2016 1,606.16 14.1 % 265.48 25.0 % 34.64 22.4 %
Q2 2016 1,976.23 14.5 % 312.31 25.9 % 28.75 (17.9 %)
Q3 2016 1,569.57 16.4 % 271.63 22.7 % 14.30 (18.2 %)
Q4 2016 1,907.19 22.8 % 362.34 14.4 % 88.29 32.3 %
Q1 2017 1,696.23 5.6 % 319.69 20.4 % 47.29 36.5 %
Q2 2017 1,935.88 (2.0 %) 356.38 14.1 % 40.26 40.0 %
Q3 2017 1,627.85 3.7 % 318.56 17.3 % 27.23 90.4 %
Q4 2017 1,971.19 3.4 % 444.98 22.8 % 130.85 48.2 %
Q1 2018 1,798.26 6.0 % 341.54 6.8 % 45.33 (4.1 %)
Q2 2018 2,022.47 4.5 % 375.18 5.3 % 44.73 11.1 %
Q3 2018 1,744.69 7.2 % 339.78 6.7 % 25.89 (4.9 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2009 16.36 (30.4 %) 0.02 - 16.36 0.02
Q2 2009 19.51 35.0 % 0.02 - 19.51 0.02
Q3 2009 25.20 77.6 % 0.03 - 25.20 0.03
Q4 2009 16.46 62.5 % 0.02 (18.82) 35.28 0.04
Q1 2010 31.74 94.1 % 0.04 - 31.74 0.04
Q2 2010 31.32 60.6 % 0.03 - 31.32 0.03
Q3 2010 45.87 82.0 % 0.05 - 45.87 0.05
Q4 2010 53.00 222.0 % 0.06 - 53.00 0.06
Q1 2011 36.50 15.0 % 0.04 (5.31) 41.81 0.05
Q2 2011 41.10 31.2 % 0.05 (0.58) 41.69 0.05
Q3 2011 35.99 (21.5 %) 0.04 - 35.99 0.04
Q4 2011 36.48 (31.2 %) 0.04 - 30.59 0.03
Q1 2012 33.86 (7.3 %) 0.04 - 33.86 0.04
Q2 2012 36.76 (10.6 %) 0.04 - 36.76 0.04
Q3 2012 40.68 13.0 % 0.05 - 40.68 0.05
Q4 2012 60.47 65.8 % 0.07 - 60.47 0.07
Q1 2013 40.81 20.5 % 0.05 - 40.81 0.05
Q2 2013 39.73 8.1 % 0.04 - 39.73 0.04
Q3 2013 41.94 3.1 % 0.05 - 41.94 0.05
Q4 2013 70.03 15.8 % 0.08 - 70.03 0.08
Q1 2014 46.47 13.9 % 0.05 - 46.47 0.05
Q2 2014 51.79 30.3 % 0.06 - 51.79 0.06
Q3 2014 42.29 0.8 % 0.05 - 42.29 0.05
Q4 2014 74.23 6.0 % 0.08 - 74.23 0.08
Q1 2015 48.89 5.2 % 0.05 - 48.89 0.05
Q2 2015 55.66 7.5 % 0.06 - 55.66 0.06
Q3 2015 37.09 (12.3 %) 0.04 - 37.09 0.04
Q4 2015 89.23 20.2 % 0.10 - 89.23 0.10
Q1 2016 46.62 (4.6 %) 0.05 (8.60) 55.22 0.06
Q2 2016 49.76 (10.6 %) 0.06 - 49.76 0.06
Q3 2016 36.19 (2.4 %) 0.04 - 36.19 0.04
Q4 2016 95.50 7.0 % 0.11 (4.42) 99.92 0.11
Q1 2017 60.15 29.0 % 0.07 - 60.15 0.07
Q2 2017 71.21 43.1 % 0.08 - 71.21 0.08
Q3 2017 150.62 316.2 % 0.17 100.08 50.54 0.06
Q4 2017 167.52 75.4 % 0.19 11.87 155.66 0.17
Q1 2018 67.26 11.8 % 0.07 - 67.26 0.07
Q2 2018 74.11 4.1 % 0.08 - 74.11 0.08
Q3 2018 54.31 (63.9 %) 0.06 - 54.31 0.06

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2009 3.65 % 0.81 % 1.91 %
Q2 2009 3.77 % 1.02 % 2.08 %
Q3 2009 4.05 % 1.43 % 2.39 %
Q4 2009 4.49 % 2.09 % 3.14 %
Q1 2010 4.84 % 2.51 % 3.57 %
Q2 2010 5.04 % 2.68 % 3.83 %
Q3 2010 5.14 % 2.62 % 4.36 %
Q4 2010 5.32 % 2.88 % 4.73 %
Q1 2011 5.30 % 2.93 % 4.81 %
Q2 2011 5.20 % 2.96 % 4.87 %
Q3 2011 4.99 % 2.67 % 4.43 %
Q4 2011 4.44 % 2.15 % 3.81 %
Q1 2012 4.15 % 1.79 % 3.57 %
Q2 2012 10.16 % 3.03 % 3.41 %
Q3 2012 13.61 % 3.88 % 3.51 %
Q4 2012 16.68 % 4.90 % 4.18 %
Q1 2013 19.39 % 5.62 % 4.26 %
Q2 2013 16.22 % 4.71 % 4.19 %
Q3 2013 16.29 % 4.60 % 4.15 %
Q4 2013 16.84 % 4.65 % 4.20 %
Q1 2014 17.14 % 4.57 % 4.18 %
Q2 2014 16.80 % 4.65 % 4.13 %
Q3 2014 16.67 % 4.66 % 4.13 %
Q4 2014 16.59 % 4.81 % 4.09 %
Q1 2015 16.16 % 4.69 % 3.99 %
Q2 2015 16.06 % 4.53 % 3.91 %
Q3 2015 16.12 % 4.45 % 3.73 %
Q4 2015 16.54 % 4.58 % 3.83 %
Q1 2016 16.87 % 4.62 % 3.81 %
Q2 2016 17.21 % 4.44 % 3.57 %
Q3 2016 17.39 % 4.33 % 3.44 %
Q4 2016 17.17 % 4.40 % 3.42 %
Q1 2017 17.71 % 4.66 % 3.44 %
Q2 2017 18.43 % 4.91 % 3.76 %
Q3 2017 18.93 % 5.13 % 3.93 %
Q4 2017 19.91 % 5.69 % 4.67 %
Q1 2018 19.93 % 5.61 % 4.70 %
Q2 2018 19.95 % 5.70 % 4.68 %
Q3 2018 19.92 % 5.61 % 4.66 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2009 900.00 0.06 0.06 0.35
Q2 2009 900.00 0.07 0.07 0.33
Q3 2009 900.00 0.08 0.08 0.36
Q4 2009 900.00 0.09 0.11 0.38
Q1 2010 900.00 0.10 0.12 0.35
Q2 2010 900.00 0.12 0.14 0.39
Q3 2010 900.00 0.14 0.16 0.44
Q4 2010 900.00 0.18 0.18 0.50
Q1 2011 900.00 0.19 0.19 0.46
Q2 2011 900.00 0.20 0.20 0.51
Q3 2011 900.00 0.19 0.19 0.55
Q4 2011 900.00 0.17 0.17 0.59
Q1 2012 900.00 0.16 0.16 0.63
Q2 2012 900.00 0.16 0.15 0.67
Q3 2012 900.00 0.16 0.16 0.71
Q4 2012 900.00 0.19 0.19 0.76
Q1 2013 900.00 0.20 0.20 0.80
Q2 2013 900.00 0.20 0.20 0.77
Q3 2013 900.00 0.20 0.20 0.82
Q4 2013 900.00 0.21 0.21 0.90
Q1 2014 900.00 0.22 0.22 0.95
Q2 2014 900.00 0.23 0.23 0.93
Q3 2014 900.00 0.23 0.23 0.98
Q4 2014 900.00 0.24 0.24 1.06
Q1 2015 900.00 0.24 0.24 1.11
Q2 2015 900.00 0.25 0.25 1.09
Q3 2015 900.00 0.24 0.24 1.13
Q4 2015 900.00 0.26 0.26 1.23
Q1 2016 900.00 0.25 0.26 1.17
Q2 2016 900.00 0.25 0.26 1.23
Q3 2016 900.00 0.25 0.26 1.27
Q4 2016 900.00 0.25 0.27 1.37
Q1 2017 900.00 0.27 0.27 1.44
Q2 2017 900.00 0.29 0.30 1.41
Q3 2017 900.00 0.42 0.31 1.58
Q4 2017 900.00 0.50 0.38 1.66
Q1 2018 900.00 0.51 0.38 1.74
Q2 2018 900.00 0.51 0.39 1.67
Q3 2018 900.00 0.40 0.39 1.73

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 15.48 15.48 2.70
Q2 2009 22.06 22.06 4.41
Q3 2009 14.96 14.96 3.26
Q4 2009 14.73 11.86 3.33
Q1 2010 14.47 12.04 4.22
Q2 2010 16.44 13.94 4.92
Q3 2010 12.47 10.85 3.95
Q4 2010 10.84 10.84 3.91
Q1 2011 12.46 12.07 4.97
Q2 2011 12.40 12.00 4.77
Q3 2011 13.04 12.59 4.39
Q4 2011 14.99 14.99 4.23
Q1 2012 13.89 14.41 3.62
Q2 2012 13.45 14.02 3.20
Q3 2012 13.48 14.04 3.10
Q4 2012 10.78 10.78 2.72
Q1 2013 10.48 10.48 2.60
Q2 2013 13.87 13.87 3.63
Q3 2013 16.11 16.11 4.01
Q4 2013 14.58 14.58 3.48
Q1 2014 20.10 20.10 4.67
Q2 2014 22.80 22.80 5.73
Q3 2014 24.55 24.55 5.88
Q4 2014 22.06 22.06 4.97
Q1 2015 21.92 21.92 4.75
Q2 2015 21.91 21.91 4.93
Q3 2015 19.12 19.12 4.06
Q4 2015 17.34 17.34 3.62
Q1 2016 16.93 16.32 3.67
Q2 2016 20.21 19.45 4.07
Q3 2016 15.47 14.89 3.01
Q4 2016 19.50 18.44 3.61
Q1 2017 20.49 20.12 3.83
Q2 2017 19.67 19.34 4.06
Q3 2017 14.62 19.58 3.88
Q4 2017 12.31 16.40 3.70
Q1 2018 15.18 20.11 4.44
Q2 2018 14.73 19.47 4.51
Q3 2018 17.30 17.88 4.04

Business Segments (Million)

Compared With The
Period Retail and wholesale Head office and leasing and others Others
Q1 2011 934.19 32.34 -
Q2 2011 987.16 38.21 -
Q3 2011 1,096.14 40.08 -
Q4 2011 925.31 37.48 -
Q1 2012 976.27 36.44 -
Q2 2012 1,020.85 3.02 -
Q3 2012 1,122.32 20.32 -
Q4 2012 985.76 21.90 -
Q1 2013 1,066.43 21.50 -
Q2 2013 1,161.19 23.94 -
Q3 2013 1,193.14 23.78 -
Q4 2013 1,159.21 23.98 -
Q1 2014 1,222.98 24.03 -
Q2 2014 1,511.39 22.85 -
Q3 2014 1,208.79 26.42 -
Q4 2014 1,308.74 22.64 -
Q1 2015 1,408.03 26.15 -
Q2 2015 1,725.54 27.56 -
Q3 2015 1,348.57 26.93 -
Q4 2015 1,553.66 30.55 -
Q1 2016 1,640.02 28.03 -
Q2 2016 2,020.19 28.36 -
Q3 2016 1,583.28 28.54 -
Q4 2016 1,928.23 38.64 -
Q1 2017 1,875.71 - -
Q2 2017 2,165.24 - -
Q3 2017 1,750.81 9.20 -
Q4 2017 2,189.82 - -
Q1 2018 1,772.52 - 25.74
Q2 2018 1,987.55 - 34.92
Q3 2018 1,701.84 - 42.85

Analysts Estimates (Million)

Item Q3 2018 (e) Q3 2018 (a) Change‬
Average 55.00 54.31 (1.3 %)

Estimates vs Actual (Million)

Item Q3 2018 (e) Q3 2018 (a) Change
SNB Capital 54.00 54.31 0.6 %
Sico 55.00 54.31 (1.3) %
Al Rajhi Capital 56.00 54.31 (3.0) %


Financial Ratios
Current
Market Cap (M Riyal) 9,900.00
Enterprise Value (EV) (M) 9,962.51
Shares Outstanding ((M)) 900.00
EPS ( Riyal) (TTM) 0.45
Book Value (BV) ( Riyal) 1.15
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 25.80
P/E (TTM) 24.42
Price/book 9.53
Return on Average Assets (%) (TTM) 6.6
Return on Average Equity (%) (TTM) 36.1
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Share Price

Abdullah Al Othaim Markets Co.
11.00
(0.04) (0.36 %)

Abdullah Al Othaim Markets Co. (A.OTHAIM MARKET)

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