Financial Results : Savola's H1 net profit drops 37% to SAR 234 mln

Savola's H1 net profit drops 37% to SAR 234 mln

08/08/2017 Argaam Exclusive

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Savola Group, Saudi Arabia’s largest food producer, reported a net profit of SAR 234.1 million for the first half of 2017, a 37 percent year-on-year (YoY) plunge that was attributed to lower gross profit on lower sales and margins in the retail sector and higher share of minority.

 

The drop is in spite of the non-recurring net positive impact of SAR 30 million due to recognition of dilution gain upon deconsolidation of United Sugar Company of Egypt (USCE), lower losses from USCE, lower finance costs, zakat and taxes. 



Financials (M)

Item 6m 2016 6m 2017 Change‬
Revenues 13,562.54 12,440.16 (8.3 %)
Gross Income 2,605.94 2,180.17 (16.3 %)
Operating Income 459.51 92.23 (79.9 %)
Net Income 372.90 234.09 (37.2 %)
Average Shares 911.17 911.17 -
EPS (Riyals) 0.41 0.26 (37.2 %)

Meanwhile, Savola made a second quarter net profit of SAR 229.3 million, 10 percent lower YoY.

 

On a quarterly basis, the profit for the current period compared with a net profit of SAR 4.8 million. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2016 Q2 2017 Change‬
Revenues 7,140.78 6,653.26 (6.8 %)
Gross Income 1,332.79 1,140.04 (14.5 %)
Operating Income 217.40 74.96 (65.5 %)
Net Income 253.52 229.31 (9.5 %)
Average Shares 911.17 911.17 -
EPS (Riyals) 0.28 0.25 (9.5 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q4 2015 6,261.83 (8.7 %) 1,274.13 (6.9 %) 189.68 (54.3 %)
Q1 2016 6,421.75 3.2 % 1,273.15 9.8 % 242.12 6.2 %
Q2 2016 7,140.78 1.5 % 1,332.79 (1.5 %) 217.40 (33.3 %)
Q3 2016 6,154.31 9.8 % 1,182.55 (4.5 %) 113.77 (53.7 %)
Q4 2016 6,613.95 5.6 % 864.48 (32.2 %) (228.79) (220.6 %)
Q1 2017 5,786.91 (9.9 %) 1,040.13 (18.3 %) 18.06 (92.5 %)
Q2 2017 6,653.26 (6.8 %) 1,140.04 (14.5 %) 74.96 (65.5 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q4 2015 515.32 18.6 % 0.57 199.19 316.13 0.35
Q1 2016 119.38 (74.6 %) 0.13 (107.31) 226.69 0.25
Q2 2016 253.52 (41.6 %) 0.28 (42.26) 295.78 0.32
Q3 2016 179.51 (51.7 %) 0.20 (3.13) 182.64 0.20
Q4 2016 (915.70) (277.7 %) (1.00) (597.46) (318.23) (0.35)
Q1 2017 4.78 (96.0 %) 0.01 15.61 (10.83) (0.01)
Q2 2017 229.31 (9.5 %) 0.25 68.14 161.17 0.18

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q4 2015 20.00 % 6.42 % 5.41 %
Q1 2016 20.29 % 6.53 % 5.31 %
Q2 2016 20.13 % 6.32 % 4.74 %
Q3 2016 19.49 % 5.49 % 3.93 %
Q4 2016 17.67 % 4.04 % 1.47 %
Q1 2017 17.20 % 3.34 % 0.58 %
Q2 2017 16.77 % 2.54 % 0.06 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2015 911.17 1.97 1.49 11.58
Q1 2016 911.17 1.58 1.47 10.80
Q2 2016 911.17 1.38 1.32 10.88
Q3 2016 911.17 1.17 1.12 10.84
Q4 2016 911.17 (0.40) 0.42 9.02
Q1 2017 911.17 (0.52) 0.16 9.02
Q2 2017 911.17 (0.55) 0.02 9.24

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2015 18.65 24.57 3.17
Q1 2016 19.27 20.66 2.82
Q2 2016 19.25 20.13 2.45
Q3 2016 19.86 20.76 2.15
Q4 2016 NEG 68.97 3.25
Q1 2017 NEG More than 100 3.34
Q2 2017 NEG More than 100 3.98

Business Segments (Million)

Compared With The
Period Food sector Retail sector Food services Investments Plastic Manufacturing & Whole sale sector Disposals
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)
Q4 2015 2,802.55 3,466.70 - 100.78 - - (108.20)
Q1 2016 2,924.81 3,271.22 283.55 13.75 - - (71.58)
Q2 2016 3,102.65 3,873.85 277.73 13.75 - - (127.20)
Q3 2016 2,717.25 3,174.73 315.17 13.75 - - (66.58)
Q4 2016 3,142.01 3,252.58 280.23 96.36 - - (157.23)
Q1 2017 2,954.09 2,674.10 275.01 11.54 - - (127.83)
Q2 2017 3,145.94 3,331.50 272.10 11.61 - - (107.89)

Analysts Estimates (Million)

Item Q2 2017 (e) Q2 2017 (a) Change‬
Average 162.36 229.31 41.24 %

Estimates vs Actual (Million)

Item Q2 2017 (e) Q2 2017 (a) Change
Al Rajhi Capital 210.00 229.31 9.2 %
Hermes 209.00 229.31 9.7 %
Arbah Capital 181.50 229.31 26.3 %
SNB Capital 170.00 229.31 34.9 %
OSOOL AND BAKHEET 155.00 229.31 47.9 %
Albilad Capital 117.00 229.31 96.0 %
HSBC 94.00 229.31 144.0 %


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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