Financial Results : Al-Jouf Agriculture's 2014 net profit up 5% to SAR 107.1 mln

Al-Jouf Agriculture's 2014 net profit up 5% to SAR 107.1 mln

18/01/2015 Argaam Exclusive

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Al-Jouf Agriculture Development Co., a producer of olive oil and agriculture products, reported 2014 net profit of SAR 107 million, a five percent increase compared to the last year.

 

A net profit of SAR 37.0 million was reported for Q4-2014 compared to SAR 37.1 million for Q3.



Financials (M)

Item 2013 2014 Change‬
Revenues 340.99 350.31 2.7 %
Gross Income 152.54 151.86 (0.4 %)
Operating Income 95.65 103.96 8.7 %
Net Income 102.07 107.01 4.8 %
Average Shares 30.00 30.00 -
EPS (Riyals) 3.40 3.57 4.8 %

 

The Company attributed the increase of 2014’s net profit compared to the last year, to the increase of sales by 2.73% and the decline of selling & marketing expenses by 23.47% despite the decline of other revenue by 35.53% due to the decrease of capital gains.

 

The increase of Q4-2014’s net profit compared to the same period last year was attributed to the decline of selling & marketing expenses by 59.5% despite the decline of sales by 0.2%, increase of G&A expenses by 6.89% and the decline of other revenue by 79.8% due to the decrease of capital gains.

 

It also attributed the decline of Q4’s net profit compared to the previous period (Q3-2014) to the decrease of sales by 11.2%, the decline of other revenue by 19.33% and the increase of G&A expenses by 239% due to booking the year’s expenses despite the decline of selling & marketing expenses by 50.48%.

 



Current Quarter Comparison (M)

Compared With The
Item Q4 2013 Q4 2014 Change‬
Revenues 110.47 110.23 (0.2 %)
Gross Income 54.31 51.53 (5.1 %)
Operating Income 32.97 37.13 12.6 %
Net Income 36.51 37.03 1.4 %
Average Shares 30.00 30.00 -
EPS (Riyals) 1.22 1.23 1.4 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2005 11.46 (32.9 %) 2.76 (35.1 %) (0.11) (109.0 %)
Q2 2005 52.60 62.8 % 16.47 50.2 % 10.21 125.3 %
Q3 2005 45.49 (19.8 %) 14.38 (35.0 %) 4.36 (70.0 %)
Q4 2005 35.40 26.2 % 16.63 83.4 % 5.12 1362.3 %
Q1 2006 8.73 (23.8 %) 2.60 (5.8 %) 0.36 417.0 %
Q2 2006 17.52 (66.7 %) 8.59 (47.8 %) 3.50 (65.7 %)
Q3 2006 41.32 (9.2 %) 16.89 17.4 % 7.02 61.2 %
Q4 2006 106.58 201.0 % 57.27 244.4 % 44.31 765.8 %
Q1 2007 18.04 106.6 % 8.82 239.0 % 6.31 1677.5 %
Q2 2007 17.62 0.6 % 9.98 16.2 % 3.98 13.9 %
Q3 2007 50.60 22.5 % 22.43 32.8 % 13.60 93.7 %
Q4 2007 102.82 (3.5 %) 53.23 (7.1 %) 38.68 (12.7 %)
Q1 2008 22.50 24.7 % 11.14 26.3 % 8.12 28.7 %
Q2 2008 41.78 137.1 % 22.65 126.9 % 13.08 228.2 %
Q3 2008 67.19 32.8 % 28.58 27.4 % 15.08 10.9 %
Q4 2008 81.31 (20.9 %) 37.22 (30.1 %) 22.46 (41.9 %)
Q1 2009 51.98 131.1 % 19.95 79.1 % 15.68 93.1 %
Q2 2009 39.33 (5.9 %) 18.77 (17.1 %) 9.99 (23.6 %)
Q3 2009 79.83 18.8 % 33.91 18.6 % 19.43 28.8 %
Q4 2009 94.74 16.5 % 31.33 (15.8 %) 20.71 (7.8 %)
Q1 2010 33.82 (34.9 %) 12.87 (35.5 %) 6.48 (58.7 %)
Q2 2010 35.70 (9.2 %) 17.50 (6.8 %) 10.93 9.3 %
Q3 2010 84.42 5.7 % 36.70 8.2 % 23.98 23.5 %
Q4 2010 92.95 (1.9 %) 35.53 13.4 % 25.68 24.0 %
Q1 2011 15.44 (54.3 %) 7.27 (43.5 %) 2.76 (57.4 %)
Q2 2011 50.37 41.1 % 23.51 34.4 % 15.52 42.1 %
Q3 2011 100.53 19.1 % 45.22 23.2 % 30.40 26.8 %
Q4 2011 126.15 35.7 % 50.38 41.8 % 35.22 37.2 %
Q1 2012 36.23 134.7 % 10.30 41.8 % 3.00 8.7 %
Q2 2012 55.63 10.4 % 27.24 15.9 % 18.91 21.8 %
Q3 2012 135.97 35.3 % 57.59 27.3 % 40.33 32.6 %
Q4 2012 116.71 (7.5 %) 54.71 8.6 % 39.21 11.3 %
Q1 2013 38.00 4.9 % 14.30 38.8 % 3.97 32.4 %
Q2 2013 71.34 28.2 % 33.41 22.7 % 22.85 20.9 %
Q3 2013 121.19 (10.9 %) 50.51 (12.3 %) 35.85 (11.1 %)
Q4 2013 110.47 (5.3 %) 54.31 (0.7 %) 32.97 (15.9 %)
Q1 2014 46.84 23.2 % 15.94 11.5 % 5.49 38.3 %
Q2 2014 69.11 (3.1 %) 33.15 (0.8 %) 23.21 1.6 %
Q3 2014 124.13 2.4 % 51.25 1.5 % 38.16 6.4 %
Q4 2014 110.23 (0.2 %) 51.53 (5.1 %) 37.13 12.6 %
2014 350.31 2.7 % 151.86 (0.4 %) 103.96 8.7 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2005 0.53 (45.1 %) 0.02 - 0.53 0.02
Q2 2005 10.92 137.2 % 0.36 - 10.92 0.36
Q3 2005 3.65 (59.4 %) 0.12 - 3.65 0.12
Q4 2005 (2.73) 33.8 % (0.09) - (2.73) (0.09)
Q1 2006 9.70 1715.7 % 0.32 9.39 0.31 0.01
Q2 2006 1.61 (85.2 %) 0.05 (1.86) 3.47 0.12
Q3 2006 7.04 93.1 % 0.23 1.48 5.56 0.19
Q4 2006 21.53 890.0 % 0.72 (6.31) 41.50 1.38
Q1 2007 6.08 (37.3 %) 0.20 - 6.08 0.20
Q2 2007 4.26 164.6 % 0.14 - 4.26 0.14
Q3 2007 12.94 83.7 % 0.43 - 12.94 0.43
Q4 2007 26.37 22.5 % 0.88 - 26.37 0.88
Q1 2008 7.70 26.5 % 0.26 - 7.70 0.26
Q2 2008 12.42 191.3 % 0.41 - 12.42 0.41
Q3 2008 13.60 5.1 % 0.45 - 13.60 0.45
Q4 2008 20.71 (21.5 %) 0.69 - 20.71 0.69
Q1 2009 13.80 79.4 % 0.46 - 13.80 0.46
Q2 2009 11.40 (8.2 %) 0.38 - 11.40 0.38
Q3 2009 16.84 23.8 % 0.56 - 16.84 0.56
Q4 2009 20.91 1.0 % 0.70 (0.50) 21.41 0.71
Q1 2010 7.15 (48.2 %) 0.24 - 7.15 0.24
Q2 2010 12.00 5.2 % 0.40 - 12.00 0.40
Q3 2010 23.58 40.1 % 0.79 (1.75) 25.33 0.84
Q4 2010 23.53 12.5 % 0.78 (2.06) 25.59 0.85
Q1 2011 6.05 (15.4 %) 0.20 - 6.05 0.20
Q2 2011 15.13 26.1 % 0.50 - 15.13 0.50
Q3 2011 29.31 24.3 % 0.98 - 29.31 0.98
Q4 2011 34.13 45.1 % 1.14 - 34.13 1.14
Q1 2012 7.09 17.3 % 0.24 - 7.09 0.24
Q2 2012 20.24 33.8 % 0.67 (2.17) 22.40 0.75
Q3 2012 34.81 18.8 % 1.16 (2.81) 37.62 1.25
Q4 2012 39.54 15.8 % 1.32 5.21 34.33 1.14
Q1 2013 8.13 14.6 % 0.27 - 8.13 0.27
Q2 2013 23.07 14.0 % 0.77 - 23.07 0.77
Q3 2013 34.36 (1.3 %) 1.15 - 34.36 1.15
Q4 2013 36.51 (7.7 %) 1.22 7.73 28.78 0.96
Q1 2014 5.19 (36.1 %) 0.17 - 5.19 0.17
Q2 2014 27.75 20.3 % 0.93 - 27.75 0.93
Q3 2014 37.15 8.1 % 1.24 - 37.15 1.24
Q4 2014 37.03 1.4 % 1.23 - 37.03 1.23
2014 107.01 4.8 % 3.57 - 107.01 3.57

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 34.96 % 40.53 % 7.79 %
Q2 2005 33.89 % 43.09 % 10.97 %
Q3 2005 31.01 % 43.53 % 7.98 %
Q4 2005 34.66 % 28.33 % 8.53 %
Q1 2006 35.21 % 29.68 % 8.54 %
Q2 2006 39.40 % 34.16 % 4.39 %
Q3 2006 43.42 % 38.71 % 6.43 %
Q4 2006 49.01 % 50.92 % 29.20 %
Q1 2007 49.91 % 51.84 % 30.87 %
Q2 2007 50.64 % 52.35 % 31.28 %
Q3 2007 51.08 % 54.10 % 33.60 %
Q4 2007 49.96 % 51.49 % 26.26 %
Q1 2008 50.00 % 52.42 % 26.49 %
Q2 2008 50.27 % 51.32 % 27.30 %
Q3 2008 49.34 % 47.88 % 25.65 %
Q4 2008 46.81 % 45.41 % 25.58 %
Q1 2009 44.75 % 43.26 % 24.99 %
Q2 2009 43.58 % 42.68 % 24.82 %
Q3 2009 43.51 % 42.91 % 24.86 %
Q4 2009 39.10 % 37.95 % 23.86 %
Q1 2010 39.11 % 36.14 % 22.93 %
Q2 2010 39.17 % 36.55 % 23.51 %
Q3 2010 39.57 % 37.58 % 26.50 %
Q4 2010 41.55 % 41.04 % 28.38 %
Q1 2011 42.45 % 43.02 % 30.18 %
Q2 2011 42.36 % 42.63 % 29.65 %
Q3 2011 43.01 % 42.74 % 29.34 %
Q4 2011 43.21 % 41.35 % 28.93 %
Q1 2012 41.31 % 38.57 % 27.34 %
Q2 2012 41.80 % 38.93 % 29.18 %
Q3 2012 41.11 % 37.90 % 28.60 %
Q4 2012 43.49 % 40.21 % 29.44 %
Q1 2013 44.42 % 42.39 % 29.59 %
Q2 2013 44.20 % 43.07 % 28.49 %
Q3 2013 44.04 % 44.99 % 28.77 %
Q4 2013 44.73 % 45.52 % 27.67 %
Q1 2014 44.07 % 44.73 % 26.13 %
Q2 2014 44.28 % 45.76 % 27.64 %
Q3 2014 44.12 % 46.76 % 28.21 %
Q4 2014 43.35 % 48.71 % 30.58 %
2014 43.35 % 48.70 % 30.55 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 30.00 0.33 0.33 10.03
Q2 2005 30.00 0.54 0.54 10.39
Q3 2005 30.00 0.37 0.37 10.51
Q4 2005 30.00 0.41 0.41 10.59
Q1 2006 30.00 0.72 0.40 10.77
Q2 2006 30.00 0.41 0.16 10.80
Q3 2006 30.00 0.52 0.22 11.06
Q4 2006 30.00 1.33 1.69 12.68
Q1 2007 30.00 1.21 1.89 12.88
Q2 2007 30.00 1.30 1.91 13.03
Q3 2007 30.00 1.49 2.16 13.46
Q4 2007 30.00 1.66 1.66 14.34
Q1 2008 30.00 1.71 1.71 14.59
Q2 2008 30.00 1.98 1.98 14.60
Q3 2008 30.00 2.00 2.00 15.05
Q4 2008 30.00 1.81 1.81 15.74
Q1 2009 30.00 2.02 2.02 16.20
Q2 2009 30.00 1.98 1.98 16.58
Q3 2009 30.00 2.09 2.09 17.14
Q4 2009 30.00 2.10 2.12 17.82
Q1 2010 30.00 1.88 1.89 16.65
Q2 2010 30.00 1.90 1.91 17.05
Q3 2010 30.00 2.12 2.20 17.83
Q4 2010 30.00 2.21 2.34 18.60
Q1 2011 30.00 2.17 2.30 17.37
Q2 2011 30.00 2.28 2.40 17.87
Q3 2011 30.00 2.47 2.54 18.85
Q4 2011 30.00 2.82 2.82 19.99
Q1 2012 30.00 2.86 2.86 20.22
Q2 2012 30.00 3.03 3.10 19.17
Q3 2012 30.00 3.21 3.37 20.33
Q4 2012 30.00 3.39 3.38 21.65
Q1 2013 30.00 3.42 3.42 20.19
Q2 2013 30.00 3.52 3.44 20.96
Q3 2013 30.00 3.50 3.33 22.11
Q4 2013 30.00 3.40 3.14 23.32
Q1 2014 30.00 3.30 3.05 22.66
Q2 2014 30.00 3.46 3.20 23.53
Q3 2014 30.00 3.55 3.30 24.77
Q4 2014 30.00 3.57 3.57 24.37

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 46.17 46.17 1.54
Q2 2005 44.48 44.48 2.33
Q3 2005 92.55 92.55 3.22
Q4 2005 More than 100 More than 100 5.01
Q1 2006 43.84 77.74 2.92
Q2 2006 More than 100 More than 100 4.38
Q3 2006 More than 100 More than 100 5.53
Q4 2006 17.55 13.76 1.84
Q1 2007 23.16 14.83 2.17
Q2 2007 17.48 11.85 1.74
Q3 2007 18.07 12.50 2.01
Q4 2007 17.32 17.32 2.00
Q1 2008 12.97 12.97 1.52
Q2 2008 11.27 11.27 1.53
Q3 2008 7.92 7.92 1.05
Q4 2008 7.66 7.66 0.88
Q1 2009 7.27 7.27 0.91
Q2 2009 9.48 9.48 1.13
Q3 2009 9.66 9.66 1.18
Q4 2009 11.47 11.38 1.35
Q1 2010 12.19 12.08 1.37
Q2 2010 10.02 9.93 1.11
Q3 2010 9.62 9.29 1.14
Q4 2010 11.56 10.93 1.37
Q1 2011 10.17 9.60 1.27
Q2 2011 9.67 9.15 1.23
Q3 2011 9.76 9.50 1.28
Q4 2011 10.84 10.84 1.53
Q1 2012 12.52 12.52 1.77
Q2 2012 10.30 10.06 1.63
Q3 2012 11.19 10.64 1.77
Q4 2012 10.70 10.72 1.67
Q1 2013 10.08 10.10 1.71
Q2 2013 11.25 11.51 1.89
Q3 2013 12.96 13.64 2.05
Q4 2013 12.22 13.22 1.78
Q1 2014 12.98 14.08 1.89
Q2 2014 13.58 14.67 2.00
Q3 2014 15.08 16.26 2.16
Q4 2014 11.43 11.43 1.68

Current
Market Cap (M Riyal) 1,752.00
Enterprise Value (EV) (M) 1,973.56
Shares Outstanding ((M)) 30.00
EPS ( Riyal) (TTM) 2.79
Book Value (BV) ( Riyal) 24.94
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 23.49
P/E (TTM) 20.95
Price/book 2.34
Return on Average Assets (%) (TTM) 7.3
Return on Average Equity (%) (TTM) 11.6

Share Price

Al-Jouf Agricultural Development Co. (ALJOUF)


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