NADEC turns to losses of SAR 11 mln in H1 2021

04/08/2021 Argaam Exclusive

National Agricultural Development Co. (NADEC) reported net loss after Zakat and tax of SAR 11 million in H1 2021, from a net profit of SAR 149.8 million in the prior-year period.

 

The loss was attributed to lower revenue and sales of dairy and food processing sector, higher cost of sales and general and administrative expenses, in addition to realizing a grant income of SAR 111.8 million during the same period in 2020.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Revenues 1,167.21 1,089.70 (6.6 %)
Gross Income 414.11 341.79 (17.5 %)
Operating Income 69.11 36.18 (47.6 %)
Net Income 149.81 (10.98) (107.3 %)
Average Shares 212.89 212.89 -
EPS (Riyals) 0.70 (0.05) (107.3 %)

The company reported a net loss after Zakat and tax of SAR 17.4 million for Q2 2021, from a net profit after Zakat and tax of SAR 131.6 million in the same quarter last year.

 

On a sequential basis, the company also turned to losses in Q2 2021, compared to a profit of SAR 6.4 million in Q1 2021.



Current Quarter Comparison (M)

Compared With The
Item Q2 2020 Q2 2021 Change‬
Revenues 608.06 548.74 (9.8 %)
Gross Income 211.64 167.19 (21.0 %)
Operating Income 33.04 11.52 (65.1 %)
Net Income 131.63 (17.35) (113.2 %)
Average Shares 212.89 212.89 -
EPS (Riyals) 0.62 (0.08) (113.2 %)

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Share Price

National Agricultural Development Co.
26.50
0.00 0.00 %

National Agricultural Development Co. (NADEC)

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Financial Ratios
Current
Market Cap (M Riyal) 7,993.46
Enterprise Value (EV) (M) 6,719.96
Shares Outstanding ((M)) 301.64
EPS ( Riyal) (TTM) 1.49
Book Value (BV) ( Riyal) 13.00
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 18.83
P/E (TTM) 17.74
Price/book 2.04
Return on Average Assets (%) (TTM) 9.3
Return on Average Equity (%) (TTM) 16.7
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2012 368.00 6.4 % 139.45 13.1 % 22.32 (11.7 %)
Q2 2012 489.99 13.9 % 167.58 22.1 % 37.46 49.9 %
Q3 2012 456.77 12.6 % 180.18 18.9 % 42.35 14.6 %
Q4 2012 412.72 9.8 % 149.34 8.4 % 20.10 (39.4 %)
Q1 2013 424.48 15.3 % 161.86 16.1 % 26.28 17.8 %
Q2 2013 543.00 10.8 % 184.49 10.1 % 37.72 0.7 %
Q3 2013 512.17 12.1 % 189.43 5.1 % 41.47 (2.1 %)
Q4 2013 448.44 8.7 % 168.89 13.1 % 24.72 22.9 %
Q1 2014 484.04 14.0 % 181.66 12.2 % 34.41 30.9 %
Q2 2014 575.64 6.0 % 209.51 13.6 % 34.61 (8.3 %)
Q3 2014 504.62 (1.5 %) 202.12 6.7 % 48.70 17.4 %
Q4 2014 508.06 13.3 % 181.69 7.6 % 30.03 21.5 %
Q1 2015 534.41 10.4 % 201.91 11.2 % 36.82 7.0 %
Q2 2015 689.65 19.8 % 258.42 23.3 % 49.92 44.2 %
Q3 2015 566.66 12.3 % 241.42 19.4 % 56.31 15.6 %
Q4 2015 553.18 8.9 % 248.35 36.7 % 43.29 44.1 %
Q1 2016 509.36 (4.7 %) 202.88 0.5 % 39.53 7.4 %
Q2 2016 638.59 (7.4 %) 245.44 (5.0 %) 52.82 5.8 %
Q3 2016 550.24 (2.9 %) 203.74 (15.6 %) 52.15 (7.4 %)
Q4 2016 478.32 (13.5 %) 186.58 (24.9 %) 30.39 (29.8 %)
Q1 2017 481.94 (5.4 %) 183.29 (9.7 %) 23.14 (41.5 %)
Q2 2017 578.64 (9.4 %) 203.13 (17.2 %) 28.67 (45.7 %)
Q3 2017 510.76 (7.2 %) 179.16 (12.1 %) 26.24 (49.7 %)
Q4 2017 461.14 (3.6 %) 165.50 (11.3 %) 1.98 (93.5 %)
Q1 2018 474.09 (1.6 %) 162.54 (11.3 %) 19.36 (16.3 %)
Q2 2018 559.72 (3.3 %) 212.38 4.6 % 39.58 38.1 %
Q3 2018 574.71 12.5 % 221.26 23.5 % 58.99 124.8 %
Q4 2018 487.52 5.7 % 178.90 8.1 % 12.54 534.4 %
Q1 2019 530.47 11.9 % 203.27 25.1 % 42.88 121.5 %
Q2 2019 604.19 7.9 % 227.57 7.2 % 53.48 35.1 %
Q3 2019 578.45 0.7 % 218.31 (1.3 %) 62.51 6.0 %
Q4 2019 512.15 5.1 % 195.44 9.2 % 33.01 163.2 %
Q1 2020 559.15 5.4 % 202.47 (0.4 %) 36.07 (15.9 %)
Q2 2020 608.06 0.6 % 211.64 (7.0 %) 33.04 (38.2 %)
Q3 2020 587.23 1.5 % 182.87 (16.2 %) 10.01 (84.0 %)
Q4 2020 548.62 7.1 % 128.87 (34.1 %) (14.98) (145.4 %)
Q1 2021 540.96 (3.3 %) 174.60 (13.8 %) 24.66 (31.6 %)
Q2 2021 548.74 (9.8 %) 167.19 (21.0 %) 11.52 (65.1 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2012 21.48 4.6 % 0.10 4.75 16.73 0.08
Q2 2012 27.21 39.6 % 0.13 0.56 26.65 0.13
Q3 2012 32.67 8.7 % 0.15 1.09 31.59 0.15
Q4 2012 14.30 (32.5 %) 0.07 2.56 11.74 0.06
Q1 2013 22.35 4.0 % 0.10 2.20 20.14 0.09
Q2 2013 30.00 10.3 % 0.14 4.35 25.66 0.12
Q3 2013 33.02 1.1 % 0.16 2.63 30.38 0.14
Q4 2013 14.81 3.6 % 0.07 (1.45) 16.26 0.08
Q1 2014 24.77 10.9 % 0.12 - 24.77 0.12
Q2 2014 28.00 (6.7 %) 0.13 - 28.00 0.13
Q3 2014 34.41 4.2 % 0.16 - 34.41 0.16
Q4 2014 20.02 35.2 % 0.09 - 20.02 0.09
Q1 2015 26.16 5.6 % 0.12 - 26.16 0.12
Q2 2015 35.10 25.4 % 0.16 - 35.10 0.16
Q3 2015 45.69 32.8 % 0.21 - 45.69 0.21
Q4 2015 34.37 71.7 % 0.16 (3.97) 38.35 0.18
Q1 2016 23.75 (9.2 %) 0.11 (1.86) 25.60 0.12
Q2 2016 35.57 1.3 % 0.17 (3.45) 39.02 0.18
Q3 2016 28.65 (37.3 %) 0.13 (4.88) 33.53 0.16
Q4 2016 6.26 (81.8 %) 0.03 (10.85) 17.11 0.08
Q1 2017 4.34 (81.7 %) 0.02 - 4.34 0.02
Q2 2017 25.89 (27.2 %) 0.12 22.00 3.89 0.02
Q3 2017 17.33 (39.5 %) 0.08 7.69 9.63 0.05
Q4 2017 (7.61) (221.5 %) (0.04) - (7.61) (0.04)
Q1 2018 (5.02) (215.9 %) (0.02) - (5.02) (0.02)
Q2 2018 19.51 (24.6 %) 0.09 - 19.51 0.09
Q3 2018 35.13 102.8 % 0.17 - 35.13 0.17
Q4 2018 (47.88) (529.4 %) (0.22) (52.68) 4.79 0.02
Q1 2019 (3.67) 26.9 % (0.02) (20.77) 17.10 0.08
Q2 2019 7.07 (63.8 %) 0.03 (24.71) 31.77 0.15
Q3 2019 49.32 40.4 % 0.23 2.35 46.97 0.22
Q4 2019 (60.01) (25.3 %) (0.28) (79.80) 19.79 0.09
Q1 2020 18.19 595.3 % 0.09 - 18.19 0.09
Q2 2020 131.63 1763.1 % 0.62 111.61 20.01 0.09
Q3 2020 (44.89) (191.0 %) (0.21) (43.89) (1.01) 0.00
Q4 2020 (69.27) (15.4 %) (0.33) (57.25) (12.02) (0.06)
Q1 2021 6.37 (65.0 %) 0.03 - 6.37 0.03
Q2 2021 (17.35) (113.2 %) (0.08) - (17.35) (0.08)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2012 35.83 % 18.67 % 5.19 %
Q2 2012 36.37 % 18.81 % 5.59 %
Q3 2012 36.97 % 18.74 % 5.61 %
Q4 2012 36.85 % 17.78 % 5.02 %
Q1 2013 36.94 % 17.69 % 5.05 %
Q2 2013 36.79 % 17.39 % 4.85 %
Q3 2013 36.20 % 17.13 % 4.65 %
Q4 2013 36.55 % 17.30 % 4.79 %
Q1 2014 36.45 % 17.46 % 4.88 %
Q2 2014 37.10 % 17.35 % 4.92 %
Q3 2014 37.87 % 17.98 % 5.14 %
Q4 2014 37.40 % 18.12 % 5.17 %
Q1 2015 37.46 % 18.15 % 5.12 %
Q2 2015 37.74 % 18.33 % 5.17 %
Q3 2015 38.43 % 18.61 % 5.52 %
Q4 2015 40.54 % 19.28 % 6.20 %
Q1 2016 41.01 % 20.08 % 6.24 %
Q2 2016 41.37 % 21.22 % 6.55 %
Q3 2016 39.99 % 21.73 % 6.06 %
Q4 2016 38.53 % 22.08 % 5.30 %
Q1 2017 38.11 % 22.18 % 4.37 %
Q2 2017 37.18 % 21.65 % 2.82 %
Q3 2017 36.70 % 21.04 % 1.71 %
Q4 2017 35.97 % 20.18 % 0.50 %
Q1 2018 35.08 % 19.38 % 0.04 %
Q2 2018 35.88 % 19.59 % 0.82 %
Q3 2018 36.80 % 19.85 % 2.03 %
Q4 2018 36.98 % 19.22 % 2.60 %
Q1 2019 37.90 % 19.55 % 3.56 %
Q2 2019 37.83 % 19.83 % 4.04 %
Q3 2019 37.63 % 19.99 % 4.57 %
Q4 2019 37.96 % 21.11 % 5.20 %
Q1 2020 37.44 % 20.91 % 5.18 %
Q2 2020 36.67 % 20.23 % 4.65 %
Q3 2020 34.96 % 17.94 % 2.51 %
Q4 2020 31.52 % 15.49 % 1.09 %
Q1 2021 30.55 % 14.84 % 0.58 %
Q2 2021 29.36 % 13.99 % (1.08 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2012 212.89 0.43 0.38 4.88
Q2 2012 212.89 0.47 0.43 5.01
Q3 2012 212.89 0.48 0.45 5.02
Q4 2012 212.89 0.45 0.41 5.09
Q1 2013 212.89 0.45 0.42 5.19
Q2 2013 212.89 0.47 0.42 5.19
Q3 2013 212.89 0.47 0.41 5.34
Q4 2013 212.89 0.47 0.43 5.41
Q1 2014 212.89 0.48 0.46 5.53
Q2 2014 212.89 0.47 0.47 5.66
Q3 2014 212.89 0.48 0.49 5.82
Q4 2014 212.89 0.50 0.50 5.91
Q1 2015 212.89 0.51 0.51 5.87
Q2 2015 212.89 0.54 0.54 6.03
Q3 2015 212.89 0.60 0.60 6.25
Q4 2015 212.89 0.66 0.68 6.41
Q1 2016 212.89 0.65 0.68 6.48
Q2 2016 212.89 0.65 0.70 6.52
Q3 2016 212.89 0.57 0.64 6.66
Q4 2016 212.89 0.44 0.54 6.66
Q1 2017 212.89 0.35 0.44 6.68
Q2 2017 212.89 0.31 0.28 6.70
Q3 2017 212.89 0.25 0.16 6.78
Q4 2017 212.89 0.19 0.05 6.70
Q1 2018 212.89 0.14 0.00 6.67
Q2 2018 212.89 0.11 0.08 6.76
Q3 2018 212.89 0.20 0.20 6.93
Q4 2018 212.89 0.01 0.26 6.79
Q1 2019 212.89 0.01 0.36 6.78
Q2 2019 212.89 (0.04) 0.42 6.81
Q3 2019 212.89 0.02 0.47 7.04
Q4 2019 212.89 (0.03) 0.54 6.77
Q1 2020 212.89 0.07 0.55 6.85
Q2 2020 212.89 0.65 0.49 7.47
Q3 2020 212.89 0.21 0.27 7.26
Q4 2020 212.89 0.17 0.12 6.94
Q1 2021 212.89 0.11 0.06 6.97
Q2 2021 212.89 (0.59) (0.11) 6.89

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2012 30.50 34.33 2.71
Q2 2012 23.48 25.61 2.20
Q3 2012 26.19 28.32 2.51
Q4 2012 24.25 26.76 2.14
Q1 2013 23.86 25.56 2.08
Q2 2013 22.68 25.28 2.04
Q3 2013 24.64 27.93 2.16
Q4 2013 25.63 27.77 2.23
Q1 2014 33.06 34.94 2.88
Q2 2014 40.87 41.35 3.41
Q3 2014 44.06 43.45 3.63
Q4 2014 28.33 28.33 2.41
Q1 2015 35.79 35.79 3.11
Q2 2015 31.73 31.73 2.86
Q3 2015 25.57 25.57 2.44
Q4 2015 24.77 24.10 2.57
Q1 2016 16.88 16.20 1.70
Q2 2016 18.70 17.53 1.88
Q3 2016 17.66 15.83 1.52
Q4 2016 30.52 24.95 2.03
Q1 2017 45.43 36.17 2.39
Q2 2017 49.85 55.16 2.28
Q3 2017 66.87 More than 100 2.49
Q4 2017 97.21 More than 100 2.72
Q1 2018 More than 100 More than 100 3.30
Q2 2018 More than 100 More than 100 2.98
Q3 2018 90.13 90.13 2.57
Q4 2018 More than 100 64.96 2.44
Q1 2019 More than 100 42.34 2.25
Q2 2019 NEG 32.71 2.00
Q3 2019 More than 100 31.49 2.11
Q4 2019 NEG 28.65 2.30
Q1 2020 More than 100 22.52 1.80
Q2 2020 28.94 38.36 2.53
Q3 2020 More than 100 81.02 2.99
Q4 2020 More than 100 More than 100 2.90
Q1 2021 More than 100 More than 100 3.06
Q2 2021 NEG NEG 3.95

Business Segments (Million)

Compared With The
Period Diary and food production Sector Agricultural Activity Adjustments
Q1 2011 283.00 64.00 -
Q2 2011 320.00 124.00 -
Q3 2011 343.00 53.00 -
Q4 2011 304.00 67.00 -
Q1 2012 318.00 50.00 -
Q2 2012 374.00 121.00 -
Q3 2012 402.00 50.00 -
Q4 2012 352.00 60.00 -
Q1 2013 380.00 45.00 -
Q2 2013 419.00 124.00 -
Q3 2013 472.00 40.00 -
Q4 2013 396.00 52.00 -
Q1 2014 450.00 34.00 -
Q2 2014 494.00 82.00 -
Q3 2014 475.00 29.00 -
Q4 2014 457.00 51.00 -
Q1 2015 478.00 56.00 -
Q2 2015 563.00 134.00 -
Q3 2015 468.00 54.00 -
Q4 2015 514.00 62.00 -
Q1 2016 477.97 50.36 (18.98)
Q2 2016 557.12 153.10 (71.63)
Q3 2016 501.92 130.07 (81.74)
Q4 2016 440.00 115.34 (77.02)
Q1 2017 454.05 49.71 (21.83)
Q2 2017 522.99 155.92 (100.26)
Q3 2017 463.36 140.82 (93.43)
Q4 2017 419.96 116.16 (74.98)
Q1 2018 435.05 72.91 (33.88)
Q2 2018 485.11 149.04 (74.44)
Q3 2018 506.35 155.11 (86.76)
Q4 2018 460.47 65.34 (38.29)
Q1 2019 502.12 50.71 (22.36)
Q2 2019 559.68 59.21 (14.69)
Q3 2019 542.40 55.99 (19.94)
Q4 2019 495.71 33.58 (17.15)
Q1 2020 529.79 48.62 (19.26)
Q2 2020 572.05 49.27 (13.26)
Q3 2020 557.70 54.97 (25.44)
Q4 2020 502.70 68.38 (22.46)

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