Financial Results : Jarir posts 7% profit rise in Q1 on higher sales

Jarir posts 7% profit rise in Q1 on higher sales

21/04/2019 Argaam Exclusive

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Jarir Marketing Co. reported a net profit after zakat and tax of SAR 233.7 million for the first quarter of 2019, rising 6.7 percent year-on-year (YoY), due to higher sales and increased number of showrooms.

When compared to the previous quarter, net profit dropped by 19.5 percent, on lower sales.



Current Quarter Comparison (M)

Compared With The
Item Q1 2018 Q1 2019 Change‬
Revenues 1,599.42 1,886.64 18.0 %
Gross Income 242.67 302.14 24.5 %
Operating Income 210.02 248.14 18.2 %
Net Income 219.10 233.69 6.7 %
Average Shares 1,200.00 1,200.00 -
EPS (Riyals) 0.18 0.19 6.7 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2010 795.47 20.2 % 142.97 13.0 % 117.54 10.3 %
Q2 2010 671.97 17.3 % 98.82 (3.6 %) 74.74 (5.9 %)
Q3 2010 735.32 23.4 % 126.84 5.2 % 102.63 9.0 %
Q4 2010 811.80 12.1 % 132.95 (2.9 %) 100.77 (3.3 %)
Q1 2011 945.63 18.9 % 162.68 13.8 % 135.53 15.3 %
Q2 2011 968.26 44.1 % 127.80 29.3 % 97.22 30.1 %
Q3 2011 1,208.91 64.4 % 183.99 45.1 % 150.90 47.0 %
Q4 2011 1,024.52 26.2 % 159.15 19.7 % 122.89 21.9 %
Q1 2012 1,196.21 26.5 % 190.19 16.9 % 160.77 18.6 %
Q2 2012 1,065.83 10.1 % 137.29 7.4 % 106.17 9.2 %
Q3 2012 1,189.84 (1.6 %) 193.39 5.1 % 160.05 6.1 %
Q4 2012 1,182.34 15.4 % 173.24 8.9 % 135.00 9.9 %
Q1 2013 1,329.98 11.2 % 210.75 10.8 % 179.70 11.8 %
Q2 2013 1,258.28 18.1 % 163.93 19.4 % 127.32 19.9 %
Q3 2013 1,334.15 12.1 % 218.87 13.2 % 184.54 15.3 %
Q4 2013 1,320.26 11.7 % 200.80 15.9 % 156.49 15.9 %
Q1 2014 1,398.85 5.2 % 235.05 11.5 % 199.92 11.3 %
Q2 2014 1,289.43 2.5 % 173.66 5.9 % 133.31 4.7 %
Q3 2014 1,426.25 6.9 % 237.37 8.5 % 201.05 9.0 %
Q4 2014 1,584.20 20.0 % 240.39 19.7 % 192.53 23.0 %
Q1 2015 1,909.51 36.5 % 283.51 20.6 % 243.11 21.6 %
Q2 2015 1,405.76 9.0 % 191.37 10.2 % 151.70 13.8 %
Q3 2015 1,536.06 7.7 % 253.41 6.8 % 215.98 7.4 %
Q4 2015 1,524.05 (3.8 %) 243.74 1.4 % 197.91 2.8 %
Q1 2016 1,417.43 (25.8 %) 214.77 (24.2 %) 166.73 (31.4 %)
Q2 2016 1,390.74 (1.1 %) 162.76 (15.0 %) 116.18 (23.4 %)
Q3 2016 1,520.93 (1.0 %) 252.93 (0.2 %) 215.03 (0.4 %)
Q4 2016 1,793.46 17.7 % 244.80 0.4 % 210.11 6.2 %
Q1 2017 1,704.95 20.3 % 247.38 15.2 % 212.94 27.7 %
Q2 2017 1,584.80 14.0 % 192.72 18.4 % 133.22 14.7 %
Q3 2017 1,651.79 8.6 % 290.72 14.9 % 242.42 12.7 %
Q4 2017 2,000.39 11.5 % 306.42 25.2 % 246.19 17.2 %
Q1 2018 1,599.42 (6.2 %) 242.67 (1.9 %) 210.02 (1.4 %)
Q2 2018 1,693.32 6.8 % 212.53 10.3 % 156.44 17.4 %
Q3 2018 1,932.08 17.0 % 338.56 16.5 % 285.09 17.6 %
Q4 2018 2,136.90 6.8 % 320.07 4.5 % 261.97 6.4 %
Q1 2019 1,886.64 18.0 % 302.14 24.5 % 248.14 18.2 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2010 118.49 10.3 % 0.10 - 118.49 0.10
Q2 2010 75.77 4.6 % 0.06 - 75.77 0.06
Q3 2010 102.87 13.5 % 0.09 - 102.87 0.09
Q4 2010 103.62 0.1 % 0.09 - 103.62 0.09
Q1 2011 136.77 15.4 % 0.11 - 136.77 0.11
Q2 2011 98.52 30.0 % 0.08 - 98.52 0.08
Q3 2011 152.88 48.6 % 0.13 - 152.88 0.13
Q4 2011 124.82 20.5 % 0.10 - 124.82 0.10
Q1 2012 164.23 20.1 % 0.14 - 164.23 0.14
Q2 2012 106.98 8.6 % 0.09 - 106.98 0.09
Q3 2012 160.71 5.1 % 0.13 - 160.71 0.13
Q4 2012 137.91 10.5 % 0.11 - 137.91 0.11
Q1 2013 180.84 10.1 % 0.15 - 180.84 0.15
Q2 2013 126.22 18.0 % 0.11 - 126.22 0.11
Q3 2013 186.19 15.9 % 0.16 - 186.19 0.16
Q4 2013 160.03 16.0 % 0.13 - 160.03 0.13
Q1 2014 201.33 11.3 % 0.17 - 201.33 0.17
Q2 2014 135.23 7.1 % 0.11 - 135.23 0.11
Q3 2014 203.00 9.0 % 0.17 - 203.00 0.17
Q4 2014 205.81 28.6 % 0.17 - 205.81 0.17
Q1 2015 247.02 22.7 % 0.21 - 247.02 0.21
Q2 2015 154.86 14.5 % 0.13 - 154.86 0.13
Q3 2015 218.50 7.6 % 0.18 - 218.50 0.18
Q4 2015 208.09 1.1 % 0.17 - 208.09 0.17
Q1 2016 174.96 (29.2 %) 0.15 - 174.96 0.15
Q2 2016 126.48 (18.3 %) 0.11 - 126.48 0.11
Q3 2016 217.92 (0.3 %) 0.18 (4.00) 221.92 0.18
Q4 2016 215.32 3.5 % 0.18 - 215.32 0.18
Q1 2017 221.44 26.6 % 0.18 - 221.44 0.18
Q2 2017 147.76 16.8 % 0.12 7.40 140.36 0.12
Q3 2017 246.53 13.1 % 0.21 - 246.53 0.21
Q4 2017 251.93 17.0 % 0.21 - 251.93 0.21
Q1 2018 219.10 (1.1 %) 0.18 - 219.10 0.18
Q2 2018 162.59 10.0 % 0.14 - 162.59 0.14
Q3 2018 288.00 16.8 % 0.24 - 288.00 0.24
Q4 2018 290.31 15.2 % 0.24 - 290.31 0.24
Q1 2019 233.69 6.7 % 0.19 - 233.69 0.19

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2010 18.70 % 15.42 % 14.32 %
Q2 2010 17.91 % 14.74 % 13.93 %
Q3 2010 17.27 % 14.34 % 13.68 %
Q4 2010 16.64 % 13.78 % 13.29 %
Q1 2011 16.47 % 13.70 % 13.24 %
Q2 2011 15.90 % 13.17 % 12.76 %
Q3 2011 15.44 % 12.82 % 12.50 %
Q4 2011 15.28 % 12.72 % 12.37 %
Q1 2012 15.03 % 12.57 % 12.29 %
Q2 2012 14.92 % 12.52 % 12.21 %
Q3 2012 15.19 % 12.79 % 12.44 %
Q4 2012 14.98 % 12.59 % 12.30 %
Q1 2013 14.99 % 12.66 % 12.30 %
Q2 2013 14.94 % 12.59 % 12.21 %
Q3 2013 15.02 % 12.69 % 12.36 %
Q4 2013 15.15 % 12.70 % 12.46 %
Q1 2014 15.41 % 12.97 % 12.68 %
Q2 2014 15.51 % 13.03 % 12.78 %
Q3 2014 15.58 % 13.14 % 12.87 %
Q4 2014 15.56 % 13.18 % 13.08 %
Q1 2015 15.06 % 12.79 % 12.74 %
Q2 2015 15.06 % 12.84 % 12.82 %
Q3 2015 15.05 % 12.90 % 12.84 %
Q4 2015 15.25 % 13.19 % 12.99 %
Q1 2016 15.35 % 13.10 % 12.86 %
Q2 2016 14.91 % 12.59 % 12.41 %
Q3 2016 14.94 % 12.65 % 12.50 %
Q4 2016 14.30 % 12.26 % 12.07 %
Q1 2017 14.16 % 12.40 % 12.25 %
Q2 2017 14.20 % 12.33 % 12.10 %
Q3 2017 14.49 % 12.50 % 12.23 %
Q4 2017 14.94 % 12.73 % 12.39 %
Q1 2018 15.10 % 12.90 % 12.55 %
Q2 2018 15.15 % 13.07 % 12.67 %
Q3 2018 15.23 % 13.18 % 12.76 %
Q4 2018 15.13 % 13.18 % 13.04 %
Q1 2019 15.34 % 13.45 % 12.74 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2010 1,200.00 0.32 0.32 0.62
Q2 2010 1,200.00 0.32 0.32 0.61
Q3 2010 1,200.00 0.33 0.33 0.64
Q4 2010 1,200.00 0.33 0.33 0.66
Q1 2011 1,200.00 0.35 0.35 0.71
Q2 2011 1,200.00 0.37 0.37 0.70
Q3 2011 1,200.00 0.41 0.41 0.76
Q4 2011 1,200.00 0.43 0.43 0.76
Q1 2012 1,200.00 0.45 0.45 0.81
Q2 2012 1,200.00 0.46 0.46 0.79
Q3 2012 1,200.00 0.46 0.46 0.86
Q4 2012 1,200.00 0.47 0.47 0.86
Q1 2013 1,200.00 0.49 0.49 0.91
Q2 2013 1,200.00 0.50 0.50 0.90
Q3 2013 1,200.00 0.53 0.53 0.97
Q4 2013 1,200.00 0.54 0.54 0.98
Q1 2014 1,200.00 0.56 0.56 1.04
Q2 2014 1,200.00 0.57 0.57 1.02
Q3 2014 1,200.00 0.58 0.58 1.10
Q4 2014 1,200.00 0.62 0.62 1.13
Q1 2015 1,200.00 0.66 0.66 1.20
Q2 2015 1,200.00 0.68 0.68 1.16
Q3 2015 1,200.00 0.69 0.69 1.23
Q4 2015 1,200.00 0.69 0.69 1.25
Q1 2016 1,200.00 0.63 0.63 1.23
Q2 2016 1,200.00 0.61 0.61 1.23
Q3 2016 1,200.00 0.61 0.61 1.29
Q4 2016 1,200.00 0.61 0.62 1.25
Q1 2017 1,200.00 0.65 0.65 1.27
Q2 2017 1,200.00 0.67 0.67 1.23
Q3 2017 1,200.00 0.69 0.69 1.33
Q4 2017 1,200.00 0.72 0.72 1.36
Q1 2018 1,200.00 0.72 0.71 1.35
Q2 2018 1,200.00 0.73 0.73 1.30
Q3 2018 1,200.00 0.77 0.77 1.41
Q4 2018 1,200.00 0.80 0.80 1.42
Q1 2019 1,200.00 0.81 0.81 1.32

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2010 15.09 15.09 7.75
Q2 2010 16.07 16.07 8.51
Q3 2010 15.88 15.88 8.22
Q4 2010 15.07 15.07 7.57
Q1 2011 13.70 13.70 6.72
Q2 2011 15.96 15.96 8.34
Q3 2011 13.95 13.95 7.48
Q4 2011 16.29 16.29 9.22
Q1 2012 17.10 17.10 9.48
Q2 2012 16.51 16.51 9.54
Q3 2012 16.57 16.57 8.99
Q4 2012 16.35 16.35 9.08
Q1 2013 16.73 16.73 8.95
Q2 2013 19.12 19.12 10.74
Q3 2013 21.98 21.98 11.93
Q4 2013 21.91 21.91 12.20
Q1 2014 27.52 27.52 14.86
Q2 2014 25.93 25.93 14.50
Q3 2014 25.92 25.92 13.78
Q4 2014 22.43 22.43 12.30
Q1 2015 25.01 25.01 13.73
Q2 2015 24.53 24.53 14.28
Q3 2015 19.60 19.60 10.94
Q4 2015 17.37 17.37 9.57
Q1 2016 13.47 13.47 6.90
Q2 2016 14.55 14.55 7.19
Q3 2016 11.47 11.41 5.38
Q4 2016 14.14 14.07 6.91
Q1 2017 15.56 15.48 7.95
Q2 2017 16.44 16.51 8.93
Q3 2017 16.68 16.83 8.70
Q4 2017 15.22 15.35 8.12
Q1 2018 18.40 18.56 9.86
Q2 2018 18.18 18.18 10.24
Q3 2018 17.87 17.87 9.76
Q4 2018 19.00 19.00 10.73
Q1 2019 19.48 19.48 11.98

Business Segments (Million)

Compared With The
Period Retail sector Wholesale sector E-Commerce Other sectors
Q1 2010 678.00 117.00 - -
Q2 2010 627.00 45.00 - -
Q3 2010 623.00 113.00 - -
Q4 2010 753.00 59.00 - -
Q1 2011 827.00 119.00 - -
Q2 2011 917.00 51.00 - -
Q3 2011 1,067.00 142.00 - -
Q4 2011 960.00 64.00 - -
Q1 2012 1,070.00 126.00 - -
Q2 2012 1,009.00 57.00 - -
Q3 2012 1,034.00 156.00 - -
Q4 2012 1,092.00 90.00 - -
Q1 2013 1,224.00 106.00 - -
Q2 2013 1,203.00 55.00 - -
Q3 2013 1,173.00 161.00 - -
Q4 2013 1,229.00 92.00 - -
Q1 2014 1,275.00 124.00 - -
Q2 2014 1,230.00 59.00 - -
Q3 2014 1,252.00 175.00 - -
Q4 2014 1,486.00 98.00 - -
Q1 2015 1,783.00 127.00 - -
Q2 2015 1,345.00 60.00 - -
Q3 2015 1,367.00 169.00 - -
Q4 2015 1,397.00 127.00 - -
Q1 2016 1,293.00 85.00 - 39.00
Q2 2016 1,303.00 50.00 - 38.00
Q3 2016 1,326.00 150.00 - 45.00
Q4 2016 1,673.00 71.00 - 50.00
Q1 2017 1,530.00 133.00 - 42.00
Q2 2017 1,497.00 43.00 - 45.00
Q3 2017 1,446.00 154.00 - 52.00
Q4 2017 1,772.00 121.00 - 107.00
Q1 2018 1,487.00 61.00 - 51.00
Q2 2018 1,596.00 35.00 - 63.00
Q3 2018 1,667.00 158.00 - 107.00
Q4 2018 1,873.00 118.00 - 146.00
Q1 2019 1,723.00 66.00 - 98.00

Analysts Estimates (Million)

Item Q1 2019 (e) Q1 2019 (a) Change‬
Average 235.40 233.69 (0.7 %)

Estimates vs Actual (Million)

Item Q1 2019 (e) Q1 2019 (a) Change
Sico 240.00 233.69 (2.6) %
AlJazira Capital 225.40 233.69 3.7 %
Riyad Capital 225.00 233.69 3.9 %
SNB Capital 249.00 233.69 (6.1) %
OSOOL AND BAKHEET 219.00 233.69 6.7 %
Al Rajhi Capital 254.00 233.69 (8.0) %


Financial Ratios
Current
Market Cap (M Riyal) 15,168.00
Enterprise Value (EV) (M) 14,857.26
Shares Outstanding ((M)) 1,200.00
EPS ( Riyal) (TTM) 0.81
Book Value (BV) ( Riyal) 1.48
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 15.61
P/E (TTM) 15.61
Price/book 8.53
Return on Average Assets (%) (TTM) 23.5
Return on Average Equity (%) (TTM) 54.3
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Share Price

Jarir Marketing Co.
12.64
(0.14) (1.10 %)

Jarir Marketing Co. (JARIR)

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