Financial Results : NADEC Q1 2024 profit soars to SAR 101.3M

NADEC Q1 2024 profit soars to SAR 101.3M

05/05/2024 Argaam Exclusive

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National Agricultural Development Co. (NADEC) reported a nearly three-fold increase in Q1 2024 net profit to SAR 101.3 million, from SAR 37.7 million in the prior-year period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 749.41 857.58 14.4 %
Gross Income 278.15 322.71 16.0 %
Operating Income 65.84 109.54 66.4 %
Net Income 37.69 101.33 168.9 %
Average Shares 212.89 301.64 41.7 %
EPS (Riyals) 0.18 0.34 89.8 %

The profit surge was spurred by revenue, which increased by 14.43% year-on-year (YoY), mainly on account of an increase in sales of dairy and food processing segment by 6.02% YoY. Sales from new protein segment increased by SAR 48.82 million to represent 6.5% of total revenue in similar quarter last year.

 

The ratio of cost of sales to revenue decreased 0.51% YoY, mainly on account of the increase in the sales and decrease in animal feed prices.

 

The company also reported impairment losses of SAR 22 million recognized in similar quarter last year for subsidy receivable but no such impairment losses in current quarter.

 

It also booked an impairment provision of SAR 10.50 million made for the assets, which are held for disposal during the similar quarter last year, but no impairment of assets realized in the current quarter.

 

Additionally, NADEC reported finance income of SAR 21.22 million earned on bank deposits made from unused rights issue proceeds in the current quarter and no such income available in similar quarter last year.

 

Finance cost decreased in the current quarter by 44.75% YoY on lower average loan balance.

 

During the current quarter, the company recognized its share of profit from joint venture amounting to SAR 8.94 million, but no such income was recognized in the similar quarter last year.

 

On the other hand, selling and marketing expenses increased by 14.84% YoY, general and administrative expenses by SAR 18.70 million, and Zakat expense by SAR 14.35 million.

 

Compared to Q4 2023, the company’s net profit fell 18.3% from SAR 123.98 million.

 

Total shareholders’ equity, no minority interest, grew to SAR 3.69 billion as of March 31, 2024, from SAR 1.33 billion a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q3 2021 610.76 4.0 % 180.66 (1.2 %) 24.74 147.2 %
Q4 2021 571.86 4.2 % 108.40 (15.9 %) (67.24) (348.9 %)
Q1 2022 613.53 13.4 % 191.19 9.5 % 34.98 41.8 %
Q2 2022 707.75 29.0 % 191.37 14.5 % 37.43 224.9 %
Q3 2022 702.67 15.0 % 220.39 22.0 % 48.97 97.9 %
Q4 2022 670.30 17.2 % 205.39 89.5 % 38.17 156.8 %
Q1 2023 749.41 22.1 % 278.15 45.5 % 65.84 88.2 %
Q2 2023 785.86 11.0 % 295.88 54.6 % 86.88 132.1 %
Q3 2023 861.10 22.5 % 323.61 46.8 % 97.63 99.4 %
Q4 2023 800.60 19.4 % 286.11 39.3 % 87.73 129.8 %
Q1 2024 857.58 14.4 % 322.71 16.0 % 109.54 66.4 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
Q3 2021 3.21 107.2 % 0.02 - 3.21 0.02
Q4 2021 (277.26) (300.3 %) (1.30) (148.59) (128.66) (0.60)
Q1 2022 15.12 137.6 % 0.07 - 15.12 0.07
Q2 2022 27.49 258.5 % 0.13 - 27.49 0.13
Q3 2022 27.75 763.6 % 0.13 - 27.75 0.13
Q4 2022 25.12 109.1 % 0.12 - 25.12 0.12
Q1 2023 37.69 149.2 % 0.18 - 37.69 0.18
Q2 2023 65.13 136.9 % 0.31 - 65.13 0.31
Q3 2023 75.27 171.2 % 0.35 - 75.27 0.35
Q4 2023 123.98 393.6 % 0.41 26.00 97.98 0.32
Q1 2024 101.33 168.9 % 0.34 - 101.33 0.34

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q3 2021 28.96 % 14.30 % (0.88 %)
Q4 2021 27.76 % 11.60 % (6.00 %)
Q1 2022 27.61 % 11.42 % (5.44 %)
Q2 2022 26.82 % 11.44 % (3.31 %)
Q3 2022 27.40 % 11.63 % (2.25 %)
Q4 2022 30.00 % 14.77 % 3.54 %
Q1 2023 31.63 % 14.93 % 4.17 %
Q2 2023 34.38 % 16.11 % 5.35 %
Q3 2023 35.97 % 16.93 % 6.63 %
Q4 2023 37.03 % 17.91 % 8.64 %
Q1 2024 37.16 % 18.79 % 10.28 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2021 212.89 (0.36) (0.09) 6.91
Q4 2021 212.89 (1.34) (0.64) 5.62
Q1 2022 212.89 (1.30) (0.60) 5.69
Q2 2022 212.89 (1.09) (0.39) 5.82
Q3 2022 212.89 (0.97) (0.27) 5.95
Q4 2022 212.89 0.45 0.45 6.08
Q1 2023 212.89 0.55 0.55 6.26
Q2 2023 212.89 0.73 0.73 6.57
Q3 2023 212.89 0.95 0.95 6.92
Q4 2023 301.64 1.00 0.92 11.91
Q1 2024 301.64 1.21 1.13 12.25

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2021 NEG NEG 3.58
Q4 2021 NEG NEG 3.66
Q1 2022 NEG NEG 3.60
Q2 2022 NEG NEG 3.65
Q3 2022 NEG NEG 2.93
Q4 2022 30.80 30.80 2.27
Q1 2023 33.73 33.73 2.99
Q2 2023 38.21 38.21 4.26
Q3 2023 33.67 33.67 4.64
Q4 2023 27.81 30.43 2.34
Q1 2024 23.92 25.75 2.37

Business Segments (Million)

Compared With The
Period Diary and food production Sector Agricultural Activity Protein. Adjustments
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)
Q3 2021 587.74 46.93 - (23.91)
Q4 2021 540.45 44.65 - (13.24)
Q1 2022 596.91 33.17 - (16.55)
Q2 2022 660.80 62.49 - (15.54)
Q3 2022 687.01 24.59 - (8.93)
Q4 2022 655.77 23.08 - (8.55)
Q1 2023 749.16 11.43 - (11.18)
Q2 2023 736.85 63.62 - (14.62)
Q3 2023 836.54 34.97 - (10.41)
Q4 2023 757.54 57.80 - (14.75)
Q1 2024 804.74 16.93 48.88 (12.97)

Analysts Estimates (Million)

Item Q1 2024 (e) Q1 2024 (a) Change‬
Average 96.50 101.33 5.00 %

Estimates vs Actual (Million)

Item Q1 2024 (e) Q1 2024 (a) Change
Al Rajhi Capital 120.00 101.33 (15.6) %
United Securities Company 73.00 101.33 38.8 %


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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Share Price

National Agricultural Development Co.
26.50
0.00 0.00 %

National Agricultural Development Co. (NADEC)

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