Financial Results : Savola’s net profit drops 22% YOY in nine-months 2015

Savola’s net profit drops 22% YOY in nine-months 2015

19/10/2015 Argaam Exclusive

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Savola Group, Saudi Arabia’s largest food products company, reported a net profit of SAR 1.28 billion for the first nine months of 2015, a 22 percent year-on-year (YOY) drop on lower income from the group’s investments in other companies.



Financials (M)

Item 9m 2014 9m 2015 Change‬
Revenues 19,727.46 18,863.77 (4.4 %)
Gross Income 3,495.05 3,751.27 7.3 %
Operating Income 1,062.43 799.58 (24.7 %)
Net Income 1,637.96 1,276.43 (22.1 %)
Average Shares 911.17 911.17 -
EPS (Riyals) 1.80 1.40 (22.1 %)

 

The company reported a net income of SAR 371.6 million in Q3 this year.

 


Current Quarter Comparison (M)

Compared With The
Item Q3 2014 Q3 2015 Change‬
Revenues 6,150.04 5,603.56 (8.9 %)
Gross Income 1,150.73 1,238.87 7.7 %
Operating Income 362.59 245.60 (32.3 %)
Net Income 701.43 371.56 (47.0 %)
Average Shares 911.17 911.17 -
EPS (Riyals) 0.77 0.41 (47.0 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2006 1,922.71 23.9 % 318.93 32.4 % 86.47 41.1 %
Q2 2006 2,147.77 33.1 % 377.16 36.2 % 79.98 24.7 %
Q3 2006 2,560.31 38.8 % 454.49 28.4 % 136.45 133.9 %
Q4 2006 2,465.90 29.6 % 392.78 15.6 % 176.07 44.3 %
Q1 2007 2,247.62 16.9 % 378.12 18.6 % 103.94 20.2 %
Q2 2007 2,752.38 28.2 % 410.19 8.8 % 39.90 (50.1 %)
Q3 2007 2,779.50 8.6 % 463.44 2.0 % 142.74 4.6 %
Q4 2007 2,630.03 6.7 % 451.93 15.1 % 120.79 (31.4 %)
Q1 2008 2,996.43 33.3 % 481.74 27.4 % 95.58 (8.0 %)
Q2 2008 3,312.54 20.4 % 549.44 33.9 % 157.35 294.4 %
Q3 2008 3,919.41 41.0 % 511.13 10.3 % 117.37 (17.8 %)
Q4 2008 3,593.00 36.6 % 272.02 (39.8 %) (144.50) (219.6 %)
Q1 2009 3,635.04 21.3 % 616.32 27.9 % 149.77 56.7 %
Q2 2009 4,356.80 31.5 % 776.33 41.3 % 211.70 34.5 %
Q3 2009 5,103.67 30.2 % 947.50 85.4 % 374.01 218.7 %
Q4 2009 4,821.69 34.2 % 767.16 182.0 % 209.47 245.0 %
Q1 2010 4,778.78 31.5 % 804.53 30.5 % 177.30 18.4 %
Q2 2010 4,868.07 11.7 % 709.82 (8.6 %) 135.85 (35.8 %)
Q3 2010 5,657.53 10.9 % 906.14 (4.4 %) 297.28 (20.5 %)
Q4 2010 5,725.10 18.7 % 994.74 29.7 % 331.52 58.3 %
Q1 2011 5,641.74 18.1 % 866.33 7.7 % 209.35 18.1 %
Q2 2011 6,312.58 29.7 % 959.88 35.2 % 277.91 104.6 %
Q3 2011 6,816.63 20.5 % 981.97 8.4 % 307.72 3.5 %
Q4 2011 6,424.75 12.2 % 1,162.55 16.9 % 468.45 41.3 %
Q1 2012 6,588.97 16.8 % 995.71 14.9 % 315.15 50.5 %
Q2 2012 6,989.08 10.7 % 1,193.39 24.3 % 449.42 61.7 %
Q3 2012 6,869.78 0.8 % 1,161.19 18.3 % 432.29 40.5 %
Q4 2012 6,943.66 8.1 % 1,411.28 21.4 % 607.10 29.6 %
Q1 2013 7,189.86 9.1 % 1,390.62 39.7 % 601.26 90.8 %
Q2 2013 6,723.33 (3.8 %) 1,263.61 5.9 % 479.79 6.8 %
Q3 2013 6,320.13 (8.0 %) 1,167.37 0.5 % 399.06 (7.7 %)
Q4 2013 5,047.40 (27.3 %) 951.93 (32.5 %) 249.23 (58.9 %)
Q1 2014 6,240.84 (13.2 %) 1,092.94 (21.4 %) 297.17 (50.6 %)
Q2 2014 7,336.58 9.1 % 1,251.38 (1.0 %) 402.68 (16.1 %)
Q3 2014 6,150.04 (2.7 %) 1,150.73 (1.4 %) 362.59 (9.1 %)
Q4 2014 6,860.38 35.9 % 1,368.67 43.8 % 414.67 66.4 %
Q1 2015 6,223.71 (0.3 %) 1,159.16 6.1 % 227.93 (23.3 %)
Q2 2015 7,036.49 (4.1 %) 1,353.24 8.1 % 326.05 (19.0 %)
Q3 2015 5,603.56 (8.9 %) 1,238.87 7.7 % 245.60 (32.3 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2006 135.80 28.0 % 0.16 - 135.80 0.16
Q2 2006 245.97 118.6 % 0.29 - 245.97 0.29
Q3 2006 533.78 (32.6 %) 0.63 - 533.78 0.63
Q4 2006 233.03 21.3 % 0.27 - 122.88 0.14
Q1 2007 137.46 1.2 % 0.16 - 137.46 0.16
Q2 2007 763.77 210.5 % 0.90 - 763.77 0.90
Q3 2007 151.39 (71.6 %) 0.18 - 151.39 0.18
Q4 2007 177.41 (23.9 %) 0.21 - 177.41 0.21
Q1 2008 250.48 82.2 % 0.29 - 250.48 0.29
Q2 2008 257.69 (66.3 %) 0.30 - 257.69 0.30
Q3 2008 158.04 4.4 % 0.19 - 158.04 0.19
Q4 2008 (463.85) (361.5 %) (0.54) - (463.85) (0.54)
Q1 2009 192.55 (23.1 %) 0.23 - 192.55 0.23
Q2 2009 212.50 (17.5 %) 0.25 - 212.50 0.25
Q3 2009 277.89 75.8 % 0.33 - 277.89 0.33
Q4 2009 268.62 157.9 % 0.31 318.12 (49.50) (0.06)
Q1 2010 394.04 104.6 % 0.46 198.06 195.98 0.23
Q2 2010 207.65 (2.3 %) 0.24 1.01 206.64 0.24
Q3 2010 282.99 1.8 % 0.33 1.90 281.10 0.33
Q4 2010 2.02 (99.2 %) 0.00 (117.84) 119.86 0.14
Q1 2011 165.16 (58.1 %) 0.19 - 165.16 0.19
Q2 2011 230.74 11.1 % 0.27 - 230.74 0.27
Q3 2011 307.89 8.8 % 0.36 - 307.89 0.36
Q4 2011 498.59 24607.3 % 0.58 152.78 345.81 0.41
Q1 2012 242.31 46.7 % 0.28 - 242.31 0.28
Q2 2012 341.32 47.9 % 0.40 - 341.32 0.40
Q3 2012 405.22 31.6 % 0.47 - 405.22 0.47
Q4 2012 413.36 (17.1 %) 0.48 46.65 366.71 0.43
Q1 2013 295.20 21.8 % 0.34 - 295.20 0.34
Q2 2013 387.76 13.6 % 0.45 - 387.76 0.45
Q3 2013 457.36 12.9 % 0.53 - 457.36 0.53
Q4 2013 564.16 36.5 % 0.65 200.93 363.23 0.42
Q1 2014 423.26 43.4 % 0.46 5.02 418.24 0.46
Q2 2014 513.27 32.4 % 0.56 35.95 477.33 0.52
Q3 2014 701.43 53.4 % 0.77 205.74 495.69 0.54
Q4 2014 434.36 (23.0 %) 0.48 (54.13) 488.48 0.54
Q1 2015 470.51 11.2 % 0.52 227.39 243.12 0.27
Q2 2015 434.37 (15.4 %) 0.48 (0.67) 435.03 0.48
Q3 2015 371.56 (47.0 %) 0.41 5.72 365.84 0.40

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2006 17.71 % 8.45 % 14.56 %
Q2 2006 17.78 % 8.26 % 15.27 %
Q3 2006 17.46 % 8.58 % 10.97 %
Q4 2006 16.97 % 8.19 % 11.42 %
Q1 2007 17.01 % 8.21 % 11.04 %
Q2 2007 16.31 % 8.57 % 15.54 %
Q3 2007 16.05 % 8.40 % 11.47 %
Q4 2007 16.37 % 7.79 % 11.82 %
Q1 2008 16.20 % 7.36 % 12.04 %
Q2 2008 16.61 % 7.05 % 7.14 %
Q3 2008 15.51 % 6.35 % 6.56 %
Q4 2008 13.13 % 7.49 % 1.46 %
Q1 2009 13.48 % 7.68 % 1.00 %
Q2 2009 14.03 % 8.25 % 0.64 %
Q3 2009 15.65 % 9.45 % 1.31 %
Q4 2009 17.34 % 9.16 % 3.54 %
Q1 2010 17.29 % 8.89 % 3.34 %
Q2 2010 16.50 % 8.17 % 3.22 %
Q3 2010 15.84 % 7.64 % 3.15 %
Q4 2010 16.24 % 8.34 % 3.82 %
Q1 2011 15.88 % 8.17 % 3.53 %
Q2 2011 15.97 % 8.13 % 3.41 %
Q3 2011 15.52 % 7.78 % 3.36 %
Q4 2011 15.76 % 7.23 % 4.17 %
Q1 2012 15.68 % 7.39 % 4.31 %
Q2 2012 16.16 % 7.80 % 4.61 %
Q3 2012 16.79 % 8.26 % 4.97 %
Q4 2012 17.38 % 8.64 % 4.95 %
Q1 2013 18.42 % 9.48 % 5.03 %
Q2 2013 18.85 % 9.69 % 5.25 %
Q3 2013 19.25 % 9.79 % 5.55 %
Q4 2013 18.88 % 9.44 % 5.95 %
Q1 2014 18.40 % 8.63 % 6.69 %
Q2 2014 17.89 % 8.17 % 6.88 %
Q3 2014 17.95 % 8.18 % 7.08 %
Q4 2014 18.29 % 7.92 % 7.07 %
Q1 2015 18.55 % 7.64 % 6.42 %
Q2 2015 19.15 % 7.48 % 6.33 %
Q3 2015 19.90 % 7.24 % 5.96 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2006 853.18 1.44 1.24 6.31
Q2 2006 853.18 1.60 1.40 6.39
Q3 2006 853.18 1.30 1.10 7.01
Q4 2006 853.18 1.35 1.22 7.13
Q1 2007 853.18 1.35 1.22 7.32
Q2 2007 853.18 1.96 1.83 7.70
Q3 2007 853.18 1.51 1.38 7.87
Q4 2007 853.18 1.44 1.44 8.39
Q1 2008 853.18 1.57 1.57 8.24
Q2 2008 853.18 0.98 0.98 8.55
Q3 2008 853.18 0.99 0.99 8.11
Q4 2008 853.18 0.24 0.24 7.49
Q1 2009 853.18 0.17 0.17 7.59
Q2 2009 853.18 0.12 0.12 7.69
Q3 2009 853.18 0.26 0.26 7.85
Q4 2009 853.18 1.12 0.74 8.16
Q1 2010 853.18 1.35 0.75 8.64
Q2 2010 853.18 1.35 0.74 8.34
Q3 2010 853.18 1.35 0.74 8.48
Q4 2010 853.18 1.04 0.94 8.23
Q1 2011 853.18 0.77 0.91 8.22
Q2 2011 853.18 0.80 0.93 8.37
Q3 2011 853.18 0.83 0.97 8.53
Q4 2011 853.18 1.41 1.23 9.05
Q1 2012 853.18 1.50 1.32 9.71
Q2 2012 853.18 1.63 1.45 9.32
Q3 2012 853.18 1.74 1.56 9.55
Q4 2012 853.18 1.64 1.59 9.71
Q1 2013 867.68 1.68 1.62 9.34
Q2 2013 867.68 1.73 1.68 9.50
Q3 2013 867.68 1.79 1.74 9.75
Q4 2013 867.68 1.96 1.73 10.59
Q1 2014 911.17 2.01 1.79 10.88
Q2 2014 911.17 2.15 1.88 10.85
Q3 2014 911.17 2.42 1.93 11.34
Q4 2014 911.17 2.27 2.06 10.94
Q1 2015 911.17 2.33 1.87 11.09
Q2 2015 911.17 2.24 1.82 11.50
Q3 2015 911.17 1.88 1.68 11.28

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2006 63.28 73.53 14.49
Q2 2006 45.59 52.15 11.43
Q3 2006 48.54 57.45 8.99
Q4 2006 20.30 22.45 3.83
Q1 2007 17.46 19.30 3.22
Q2 2007 11.51 12.33 2.92
Q3 2007 14.84 16.23 2.84
Q4 2007 19.36 19.36 3.33
Q1 2008 15.97 15.97 3.05
Q2 2008 28.81 28.81 3.30
Q3 2008 22.86 22.86 2.79
Q4 2008 79.54 79.54 2.52
Q1 2009 93.94 93.94 2.10
Q2 2009 More than 100 More than 100 2.25
Q3 2009 86.21 86.21 2.82
Q4 2009 21.11 31.71 2.89
Q1 2010 20.59 37.28 3.22
Q2 2010 20.27 36.89 3.27
Q3 2010 19.72 35.86 3.14
Q4 2010 24.00 26.48 3.03
Q1 2011 28.21 24.01 2.65
Q2 2011 26.57 22.70 2.53
Q3 2011 24.50 20.99 2.38
Q4 2011 15.88 18.19 2.47
Q1 2012 17.88 20.31 2.76
Q2 2012 16.60 18.65 2.90
Q3 2012 17.30 19.28 3.16
Q4 2012 18.97 19.63 3.21
Q1 2013 18.97 19.60 3.46
Q2 2013 21.26 21.94 3.94
Q3 2013 22.90 23.61 4.28
Q4 2013 24.48 27.76 4.32
Q1 2014 24.41 27.50 4.51
Q2 2014 23.45 26.76 4.64
Q3 2014 25.12 31.52 5.35
Q4 2014 25.26 27.85 5.25
Q1 2015 21.45 26.67 4.50
Q2 2015 22.32 27.39 4.35
Q3 2015 22.54 25.16 3.75

Business Segments (Million)

Compared With The
Period Food sector Retail sector Investments Plastic Manufacturing & Whole sale sector Disposals
Q1 2006 - 700.35 1.14 - 1,221.22 -
Q2 2006 - 770.00 (1.14) - 1,378.91 -
Q3 2006 - 869.50 - - 1,690.81 -
Q4 2006 - 821.28 - - 1,644.62 -
Q1 2007 - 843.56 3.19 - 1,400.87 -
Q2 2007 - 934.88 (0.79) - 1,818.30 -
Q3 2007 - 1,201.16 6.11 - 1,572.23 -
Q4 2007 - 1,245.18 (3.68) - 1,388.53 -
Q1 2008 - 1,216.75 - - 1,779.67 -
Q2 2008 - 1,315.45 20.17 - 1,976.92 -
Q3 2008 - 1,614.46 10.08 - 2,294.87 -
Q4 2008 - 1,972.98 (30.25) - 1,650.27 -
Q1 2009 - 1,835.58 - - 1,799.46 -
Q2 2009 - 1,895.71 - - 2,461.09 -
Q3 2009 - 2,108.28 - - 2,995.40 -
Q4 2009 - 2,080.53 - - 2,741.16 -
Q1 2010 - 1,871.14 - - 2,907.64 -
Q2 2010 - 1,902.50 - - 2,965.56 -
Q3 2010 - 2,245.91 - - 3,411.62 -
Q4 2010 12,026.53 2,163.12 154.59 883.98 (9284.82) (218.30)
Q1 2011 3,296.45 2,161.01 32.59 209.36 - (57.66)
Q2 2011 3,875.14 2,216.41 26.04 261.85 - (68.54)
Q3 2011 4,069.58 2,489.74 34.65 274.60 - (50.26)
Q4 2011 3,982.74 2,314.39 29.54 255.73 - (157.65)
Q1 2012 4,068.67 2,329.29 20.45 236.24 - (65.67)
Q2 2012 4,327.47 2,427.10 19.71 290.20 - (75.41)
Q3 2012 3,915.84 2,722.23 19.71 273.72 - (61.72)
Q4 2012 4,076.70 2,677.90 78.67 253.03 - (142.63)
Q1 2013 4,386.49 2,606.25 19.29 249.06 - (71.22)
Q2 2013 3,859.23 2,635.50 19.29 304.51 - (95.20)
Q3 2013 3,241.41 2,813.52 19.29 304.95 - (59.03)
Q4 2013 3,065.27 2,869.33 83.10 (858.51) - (111.80)
Q1 2014 3,463.82 2,818.18 16.37 - - (57.53)
Q2 2014 4,119.66 3,283.45 15.32 - - (81.85)
Q3 2014 3,336.91 2,868.20 15.33 - - (70.40)
Q4 2014 3,671.56 3,234.54 80.15 - - (125.88)
Q1 2015 3,086.66 3,192.49 14.69 - - (70.13)
Q2 2015 3,369.06 3,781.59 14.69 - - (128.85)
Q3 2015 2,553.93 3,091.95 14.69 - - (57.01)

Analysts Estimates (Million)

Item Q3 2015 (e) Q3 2015 (a) Change‬
Average 437.60 371.56 (15.1 %)

Estimates vs Actual (Million)

Item Q3 2015 (e) Q3 2015 (a) Change
SFC 372.00 371.56 (0.1) %
SNB Capital 379.10 371.56 (2.0) %
Alistithmar Capital 412.00 371.56 (9.8) %
Albilad Capital 456.00 371.56 (18.5) %
Value Capital 471.80 371.56 (21.2) %
OSOOL AND BAKHEET 534.70 371.56 (30.5) %


Financial Ratios
Current
Market Cap (M Riyal) 27,669.11
Enterprise Value (EV) (M) 28,901.21
Shares Outstanding ((M)) 1,133.98
EPS ( Riyal) (TTM) 0.79
Book Value (BV) ( Riyal) 12.99
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 35.47
P/E (TTM) 31.01
Price/book 1.88
Return on Average Assets (%) (TTM) 2.8
Return on Average Equity (%) (TTM) 7.7
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Share Price

Savola Group
24.44
0.18 0.74 %

Savola Group (SAVOLA GROUP)

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