Savola posts SAR 6 mln profit in Q1 2019

08/05/2019 Argaam Exclusive

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Share Price

45.45
(0.50) (1.09 %)

Savola Group (SAVOLA GROUP)

Savola Group posted net profit after zakat and tax of SAR 6.3 million for Q1 2019 versus a net loss of SAR 84.3 million a year earlier, backed by higher gross profit and a decline in the group's loss share from affiliates.

 

In addition, the group reversed a non-recurring zakat and tax provision for previous years' assessment.

In Q4 2018, the edible oil producer incurred net losses of SAR 526 million. The solid performance came due to an increase in gross profit, sales and margins, along with lower zakat and tax expenses.



Current Quarter Comparison (M)

Compared With The
Item Q1 2018 Q1 2019 Change‬
Revenues 5,107.98 5,387.89 5.5 %
Gross Income 908.50 1,065.47 17.3 %
Operating Income (54.78) 91.74 267.5 %
Net Income (84.32) 6.33 107.5 %
Average Shares 533.98 533.98 -
EPS (Riyals) (0.16) 0.01 107.5 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2010 4,778.78 31.5 % 804.53 30.5 % 394.04 104.6 % 0.79
Q2 2010 4,868.07 11.7 % 709.82 (8.6 %) 207.65 (2.3 %) 0.42
Q3 2010 5,657.53 10.9 % 906.14 (4.4 %) 282.99 1.8 % 0.57
Q4 2010 5,725.10 18.7 % 994.74 29.7 % 2.02 (99.2 %) 0.00
Q1 2011 5,641.74 18.1 % 866.33 7.7 % 165.16 (58.1 %) 0.33
Q2 2011 6,312.58 29.7 % 959.88 35.2 % 230.74 11.1 % 0.46
Q3 2011 6,816.63 20.5 % 981.97 8.4 % 307.89 8.8 % 0.62
Q4 2011 6,424.75 12.2 % 1,162.55 16.9 % 498.59 24607.3 % 1.00
Q1 2012 6,588.97 16.8 % 995.71 14.9 % 242.31 46.7 % 0.48
Q2 2012 6,989.08 10.7 % 1,193.39 24.3 % 341.32 47.9 % 0.68
Q3 2012 6,869.78 0.8 % 1,161.19 18.3 % 405.22 31.6 % 0.81
Q4 2012 6,943.66 8.1 % 1,411.28 21.4 % 413.36 (17.1 %) 0.83
Q1 2013 7,189.86 9.1 % 1,390.62 39.7 % 295.20 21.8 % 0.58
Q2 2013 6,723.33 (3.8 %) 1,263.61 5.9 % 387.76 13.6 % 0.76
Q3 2013 6,320.13 (8.0 %) 1,167.37 0.5 % 457.36 12.9 % 0.90
Q4 2013 5,047.40 (27.3 %) 951.93 (32.5 %) 564.16 36.5 % 1.11
Q1 2014 6,240.84 (13.2 %) 1,092.94 (21.4 %) 423.26 43.4 % 0.79
Q2 2014 7,336.58 9.1 % 1,251.38 (1.0 %) 513.27 32.4 % 0.96
Q3 2014 6,150.04 (2.7 %) 1,150.73 (1.4 %) 701.43 53.4 % 1.31
Q4 2014 6,860.38 35.9 % 1,368.67 43.8 % 434.36 (23.0 %) 0.81
Q1 2015 6,223.71 (0.3 %) 1,159.16 6.1 % 470.51 11.2 % 0.88
Q2 2015 7,036.49 (4.1 %) 1,353.24 8.1 % 434.37 (15.4 %) 0.81
Q3 2015 5,603.56 (8.9 %) 1,238.87 7.7 % 371.56 (47.0 %) 0.70
Q4 2015 6,261.83 (8.7 %) 1,274.13 (6.9 %) 515.32 18.6 % 0.97
Q1 2016 6,421.75 3.2 % 1,273.15 9.8 % 119.38 (74.6 %) 0.22
Q2 2016 7,140.78 1.5 % 1,332.79 (1.5 %) 253.52 (41.6 %) 0.47
Q3 2016 6,154.31 9.8 % 1,182.55 (4.5 %) 179.51 (51.7 %) 0.34
Q4 2016 6,613.95 5.6 % 864.48 (32.2 %) (915.70) (277.7 %) (1.71)
Q1 2017 5,786.91 (9.9 %) 1,040.13 (18.3 %) 4.78 (96.0 %) 0.01
Q2 2017 6,653.26 (6.8 %) 1,140.04 (14.5 %) 229.31 (9.5 %) 0.43
Q3 2017 5,595.78 (9.1 %) 1,053.79 (10.9 %) 829.04 361.8 % 1.55
Q4 2017 5,794.53 (12.4 %) 1,160.16 34.2 % (37.51) 95.9 % (0.07)
Q1 2018 5,107.98 (11.7 %) 908.50 (12.7 %) (84.32) (1864.7 %) (0.16)
Q2 2018 6,147.58 (7.6 %) 1,066.86 (6.4 %) 140.65 (38.7 %) 0.26
Q3 2018 5,212.03 (6.9 %) 932.00 (11.6 %) (50.73) (106.1 %) (0.09)
Q4 2018 5,346.97 (7.7 %) 990.60 (14.6 %) (525.99) (1,302.2 %) (0.99)
Q1 2019 5,387.89 5.5 % 1,065.47 17.3 % 6.33 107.5 % 0.01

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2017 16.63 % 2.63 % (0.13 %)
Q4 2017 18.44 % 4.53 % 1.97 %
Q1 2018 18.41 % 4.31 % 1.70 %
Q2 2018 18.50 % 4.33 % 1.65 %
Q3 2018 18.27 % 3.89 % 0.84 %
Q4 2018 17.87 % 3.05 % (1.02 %)
Q1 2019 18.35 % 4.18 % (0.78 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2010 500.00 2.31 1.27 14.74
Q2 2010 500.00 2.30 1.26 14.23
Q3 2010 500.00 2.31 1.27 14.47
Q4 2010 500.00 1.77 1.61 14.04
Q1 2011 500.00 1.32 1.55 14.02
Q2 2011 500.00 1.36 1.59 14.29
Q3 2011 500.00 1.41 1.65 14.56
Q4 2011 500.00 2.40 2.10 15.44
Q1 2012 500.00 2.56 2.25 16.57
Q2 2012 500.00 2.78 2.47 15.91
Q3 2012 500.00 2.97 2.67 16.29
Q4 2012 500.00 2.80 2.71 16.57
Q1 2013 508.50 2.86 2.77 15.94
Q2 2013 508.50 2.95 2.86 16.21
Q3 2013 508.50 3.06 2.96 16.64
Q4 2013 508.50 3.35 2.96 18.07
Q1 2014 533.98 3.43 3.05 18.56
Q2 2014 533.98 3.67 3.21 18.52
Q3 2014 533.98 4.12 3.29 19.36
Q4 2014 533.98 3.88 3.52 18.66
Q1 2015 533.98 3.97 3.19 18.92
Q2 2015 533.98 3.82 3.11 19.62
Q3 2015 533.98 3.20 2.87 19.24
Q4 2015 533.98 3.36 2.55 19.76
Q1 2016 533.98 2.70 2.52 18.43
Q2 2016 533.98 2.36 2.26 18.57
Q3 2016 533.98 2.00 1.91 18.50
Q4 2016 533.98 (0.68) 0.72 15.39
Q1 2017 533.98 (0.89) 0.28 15.39
Q2 2017 533.98 (0.94) 0.03 15.76
Q3 2017 533.98 0.28 (0.06) 17.22
Q4 2017 533.98 1.92 0.88 16.53
Q1 2018 533.98 1.75 0.74 16.08
Q2 2018 533.98 1.59 0.70 15.39
Q3 2018 533.98 (0.06) 0.35 14.30
Q4 2018 533.98 (0.97) (0.42) 13.35
Q1 2019 533.98 (0.80) (0.32) 13.37

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2010 16.53 29.93 2.59
Q2 2010 16.28 29.62 2.63
Q3 2010 15.83 28.79 2.52
Q4 2010 19.27 21.26 2.43
Q1 2011 22.65 19.28 2.12
Q2 2011 21.33 18.23 2.03
Q3 2011 19.67 16.86 1.91
Q4 2011 12.75 14.60 1.98
Q1 2012 14.36 16.30 2.22
Q2 2012 13.33 14.98 2.33
Q3 2012 13.89 15.48 2.54
Q4 2012 15.23 15.76 2.58
Q1 2013 15.23 15.73 2.78
Q2 2013 17.07 17.62 3.16
Q3 2013 18.39 18.96 3.43
Q4 2013 19.66 22.29 3.47
Q1 2014 19.60 22.08 3.62
Q2 2014 18.83 21.48 3.73
Q3 2014 20.17 25.31 4.30
Q4 2014 20.28 22.36 4.22
Q1 2015 17.22 21.41 3.61
Q2 2015 17.92 21.99 3.49
Q3 2015 18.10 20.20 3.01
Q4 2015 14.97 19.72 2.54
Q1 2016 15.48 16.59 2.27
Q2 2016 15.45 16.16 1.96
Q3 2016 15.94 16.67 1.72
Q4 2016 NEG More than 50 2.61
Q1 2017 NEG More than 50 2.68
Q2 2017 NEG More than 50 3.20
Q3 2017 More than 50 NEG 2.65
Q4 2017 20.56 44.87 2.39
Q1 2018 25.21 More than 50 2.75
Q2 2018 23.46 More than 50 2.42
Q3 2018 NEG More than 50 2.11
Q4 2018 NEG NEG 2.01
Q1 2019 NEG NEG 2.34

Business Segments (Million)

Compared With The
Period Food sector Retail sector Food services Frozen food Investments Plastic Manufacturing & Whole sale sector Disposals
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)
Q3 2017 2,698.83 2,653.43 311.72 - 11.61 - - (79.82)
Q4 2017 2,585.35 2,984.00 298.96 - 10.58 - - (84.36)
Q1 2018 2,571.71 2,377.14 286.30 - 11.41 - - (138.57)
Q3 2018 2,309.97 2,643.85 322.65 - 11.29 - - (75.71)
Q4 2018 2,160.94 2,866.52 325.20 94.11 12.94 - - (112.73)
Q1 2019 2,408.41 2,670.53 313.40 128.90 10.99 - - (144.35)

Analysts Estimates (Million)

Item Q1 2019 (e) Q1 2019 (a) Change‬
Average (58.50) 6.33 110.82 %

Estimates vs Actual (Million)

Item Q1 2019 (e) Q1 2019 (a) Change
SNB Capital (120.00) 6.33 105.3 %
Al Rajhi Capital 3.00 6.33 111.0 %

Current
Market Cap (M Riyal) 24,269.42
Enterprise Value (EV) (M) 31,927.24
Shares Outstanding ((M)) 533.98
EPS ( Riyal) (TTM) 1.60
Book Value (BV) ( Riyal) 15.86
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 32.66
P/E (TTM) 28.38
Price/book 2.86
Return on Average Assets (%) (TTM) 2.8
Return on Average Equity (%) (TTM) 10.1

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