Nadec posts higher net profit at SAR 100.2m at the end of 2013

31/12/2013 Argaam Exclusive

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National Agricultural Development Co. (NADEC)

National Agriculture Development Company (NADEC), Saudi Arabia's largest agricultural company, reported SAR 100.2m net profit at the end of 2013, a 5% increase compared to last year, as shown in the following table:



Financials (M)

Item 2012 2013 Change‬
Revenues 1,727.47 1,928.09 11.6 %
Gross Income 636.54 704.67 10.7 %
Operating Income 122.23 130.19 6.5 %
Net Income 95.66 100.18 4.7 %
Average Shares 212.89 212.89 -
EPS (Riyals) 0.45 0.47 4.7 %


Current Quarter Comparison (M)

Compared With The
Item Q4 2012 Q4 2013 Change‬
Revenues 412.72 448.44 8.7 %
Gross Income 149.34 168.89 13.1 %
Operating Income 20.10 24.72 22.9 %
Net Income 14.30 14.81 3.6 %
Average Shares 212.89 212.89 -
EPS (Riyals) 0.07 0.07 3.6 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2004 115.69 16.3 % 41.27 34.1 % 8.32 320.2 % 0.04
Q2 2004 172.15 27.0 % 56.56 48.0 % 21.02 267.0 % 0.10
Q3 2004 150.68 10.2 % 55.81 54.1 % 15.74 139.1 % 0.07
Q4 2004 150.71 0.2 % 58.36 4.9 % 13.25 (0.1 %) 0.06
Q1 2005 120.16 3.9 % 41.75 1.2 % 6.01 (27.8 %) 0.03
Q2 2005 165.18 (4.0 %) 73.23 29.5 % 27.03 28.6 % 0.13
Q3 2005 168.67 11.9 % 60.27 8.0 % 12.06 (23.4 %) 0.06
Q4 2005 248.69 65.0 % 77.14 32.2 % 17.08 28.9 % 0.08
Q1 2006 151.17 25.8 % 51.71 23.9 % 5.27 (12.3 %) 0.02
Q2 2006 246.28 49.1 % 78.37 7.0 % 19.38 (28.3 %) 0.09
Q3 2006 216.32 28.2 % 103.47 71.7 % 36.66 204.0 % 0.17
Q4 2006 237.84 (4.4 %) 92.24 19.6 % 56.99 233.8 % 0.27
Q1 2007 195.37 29.2 % 73.08 41.3 % 23.56 347.1 % 0.11
Q2 2007 294.84 19.7 % 95.70 22.1 % 22.89 18.1 % 0.11
Q3 2007 276.68 27.9 % 122.38 18.3 % 38.35 4.6 % 0.18
Q4 2007 315.24 32.5 % 115.43 25.1 % (13.22) (123.2 %) (0.06)
Q1 2008 259.00 32.6 % 89.04 21.8 % 4.08 (82.7 %) 0.02
Q2 2008 403.32 36.8 % 128.77 34.5 % 37.79 65.1 % 0.18
Q3 2008 358.36 29.5 % 143.94 17.6 % 31.64 (17.5 %) 0.15
Q4 2008 317.96 0.9 % 114.89 (0.5 %) (4.71) 64.4 % (0.02)
Q1 2009 279.43 7.9 % 92.64 4.1 % (4.37) (207.1 %) (0.02)
Q2 2009 390.91 (3.1 %) 100.65 (21.8 %) (16.84) (144.6 %) (0.08)
Q3 2009 344.95 (3.7 %) 131.08 (8.9 %) 11.34 (64.2 %) 0.05
Q4 2009 319.22 0.4 % 94.08 (18.1 %) (33.04) (602.0 %) (0.16)
Q1 2010 318.88 14.1 % 108.92 17.6 % 3.82 187.6 % 0.02
Q2 2010 402.13 2.9 % 119.66 18.9 % 4.66 127.6 % 0.02
Q3 2010 353.50 2.5 % 134.21 2.4 % 15.94 40.6 % 0.07
Q4 2010 373.05 16.9 % 115.62 22.9 % (13.96) 57.8 % (0.07)
Q1 2011 345.99 8.5 % 123.33 13.2 % 20.53 436.8 % 0.10
Q2 2011 430.32 7.0 % 137.27 14.7 % 19.49 318.5 % 0.09
Q3 2011 405.64 14.7 % 151.48 12.9 % 30.07 88.6 % 0.14
Q4 2011 375.71 0.7 % 137.77 19.2 % 21.20 251.9 % 0.10
Q1 2012 368.00 6.4 % 139.45 13.1 % 21.48 4.6 % 0.10
Q2 2012 489.99 13.9 % 167.58 22.1 % 27.21 39.6 % 0.13
Q3 2012 456.77 12.6 % 180.18 18.9 % 32.67 8.7 % 0.15
Q4 2012 412.72 9.8 % 149.34 8.4 % 14.30 (32.5 %) 0.07
Q1 2013 424.48 15.3 % 161.86 16.1 % 22.35 4.0 % 0.10
Q2 2013 543.00 10.8 % 184.49 10.1 % 30.00 10.3 % 0.14
Q3 2013 512.17 12.1 % 189.43 5.1 % 33.02 1.1 % 0.16
Q4 2013 448.44 8.7 % 168.89 13.1 % 14.81 3.6 % 0.07
2013 1,928.09 11.6 % 704.67 10.7 % 100.18 4.7 % 0.47

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2004 31.82 % 18.88 % 6.29 %
Q2 2004 32.99 % 20.04 % 8.55 %
Q3 2004 35.53 % 21.36 % 9.91 %
Q4 2004 35.98 % 20.83 % 9.90 %
Q1 2005 35.79 % 20.71 % 9.43 %
Q2 2005 39.06 % 23.02 % 10.57 %
Q3 2005 38.63 % 22.47 % 9.65 %
Q4 2005 35.92 % 21.42 % 8.85 %
Q1 2006 35.76 % 20.84 % 8.37 %
Q2 2006 32.83 % 18.26 % 6.60 %
Q3 2006 36.02 % 20.80 % 9.09 %
Q4 2006 38.26 % 21.45 % 9.62 %
Q1 2007 38.75 % 21.69 % 11.18 %
Q2 2007 38.60 % 20.90 % 10.98 %
Q3 2007 38.16 % 20.47 % 10.49 %
Q4 2007 37.57 % 19.11 % 6.62 %
Q1 2008 36.88 % 19.26 % 4.73 %
Q2 2008 36.33 % 20.22 % 5.51 %
Q3 2008 35.72 % 19.79 % 4.67 %
Q4 2008 35.61 % 19.23 % 4.55 %
Q1 2009 35.34 % 18.95 % 3.67 %
Q2 2009 33.57 % 16.47 % (0.39 %)
Q3 2009 32.95 % 16.22 % (1.91 %)
Q4 2009 31.36 % 15.24 % (3.33 %)
Q1 2010 31.64 % 15.57 % (2.73 %)
Q2 2010 32.76 % 16.95 % (1.35 %)
Q3 2010 32.78 % 15.00 % (1.12 %)
Q4 2010 33.05 % 14.96 % 0.20 %
Q1 2011 33.42 % 15.14 % 1.37 %
Q2 2011 33.96 % 15.14 % 2.37 %
Q3 2011 33.94 % 16.49 % 3.18 %
Q4 2011 35.30 % 19.08 % 5.43 %
Q1 2012 35.83 % 18.67 % 5.19 %
Q2 2012 36.37 % 18.81 % 5.59 %
Q3 2012 36.97 % 18.74 % 5.61 %
Q4 2012 36.85 % 17.78 % 5.02 %
Q1 2013 36.94 % 17.69 % 5.05 %
Q2 2013 36.79 % 17.39 % 4.85 %
Q3 2013 36.20 % 17.13 % 4.65 %
Q4 2013 36.55 % 17.30 % 4.79 %
2013 36.55 % 17.30 % 4.79 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2004 212.89 0.16 0.16 4.11
Q2 2004 212.89 0.23 0.23 4.21
Q3 2004 212.89 0.27 0.27 4.29
Q4 2004 212.89 0.27 0.27 4.15
Q1 2005 212.89 0.26 0.26 4.17
Q2 2005 212.89 0.29 0.29 4.30
Q3 2005 212.89 0.27 0.27 4.35
Q4 2005 212.89 0.29 0.29 4.42
Q1 2006 212.89 0.29 0.29 4.46
Q2 2006 212.89 0.25 0.25 4.42
Q3 2006 212.89 0.37 0.37 4.52
Q4 2006 212.89 0.56 0.38 4.74
Q1 2007 212.89 0.64 0.47 4.88
Q2 2007 212.89 0.66 0.49 4.83
Q3 2007 212.89 0.67 0.49 4.83
Q4 2007 212.89 0.34 0.34 4.65
Q1 2008 212.89 0.24 0.25 4.66
Q2 2008 212.89 0.31 0.32 4.84
Q3 2008 212.89 0.28 0.29 4.99
Q4 2008 212.89 0.32 0.29 4.97
Q1 2009 212.89 0.28 0.23 4.74
Q2 2009 212.89 0.03 (0.02) 4.66
Q3 2009 212.89 (0.07) (0.12) 4.72
Q4 2009 212.89 (0.20) (0.21) 4.52
Q1 2010 212.89 (0.16) (0.18) 4.60
Q2 2010 212.89 (0.06) (0.09) 4.62
Q3 2010 212.89 (0.04) (0.07) 4.70
Q4 2010 212.89 0.05 0.01 4.56
Q1 2011 212.89 0.13 0.09 4.66
Q2 2011 212.89 0.20 0.17 4.75
Q3 2011 212.89 0.26 0.23 4.89
Q4 2011 212.89 0.43 0.40 4.99
Q1 2012 212.89 0.43 0.38 4.88
Q2 2012 212.89 0.47 0.43 5.01
Q3 2012 212.89 0.48 0.45 5.02
Q4 2012 212.89 0.45 0.41 5.09
Q1 2013 212.89 0.45 0.42 5.19
Q2 2013 212.89 0.47 0.42 5.19
Q3 2013 212.89 0.47 0.41 5.34
Q4 2013 212.89 0.47 0.43 5.41

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2004 42.82 42.82 1.66
Q2 2004 35.31 35.31 1.94
Q3 2004 37.77 37.77 2.41
Q4 2004 35.16 35.16 2.32
Q1 2005 40.24 40.24 2.54
Q2 2005 More than 50 More than 50 5.77
Q3 2005 More than 50 More than 50 6.04
Q4 2005 More than 50 More than 50 7.73
Q1 2006 More than 50 More than 50 4.66
Q2 2006 More than 50 More than 50 6.38
Q3 2006 More than 50 More than 50 5.79
Q4 2006 19.16 27.67 2.24
Q1 2007 24.27 33.09 3.19
Q2 2007 19.32 26.10 2.63
Q3 2007 22.38 30.11 3.09
Q4 2007 More than 50 More than 50 3.63
Q1 2008 More than 50 More than 50 3.41
Q2 2008 More than 50 More than 50 3.36
Q3 2008 47.08 45.54 2.67
Q4 2008 39.04 44.07 2.54
Q1 2009 41.40 More than 50 2.48
Q2 2009 More than 50 NEG 3.37
Q3 2009 NEG NEG 3.32
Q4 2009 NEG NEG 2.98
Q1 2010 NEG NEG 2.67
Q2 2010 NEG NEG 2.23
Q3 2010 NEG NEG 2.17
Q4 2010 More than 50 More than 50 2.28
Q1 2011 More than 50 More than 50 2.22
Q2 2011 More than 50 More than 50 2.24
Q3 2011 39.67 44.99 2.14
Q4 2011 27.76 29.98 2.38
Q1 2012 30.50 34.33 2.71
Q2 2012 23.48 25.61 2.20
Q3 2012 26.19 28.32 2.51
Q4 2012 24.25 26.76 2.14
Q1 2013 23.86 25.56 2.08
Q2 2013 22.68 25.28 2.04
Q3 2013 24.64 27.93 2.16
Q4 2013 25.63 27.77 2.23

Business Segments (Million)

Compared With The
Period Diary and food production Sector Agricultural Activity
Q3 2005 114.00 55.00
Q4 2005 138.00 111.00
Q1 2006 118.00 38.00
Q2 2006 140.00 125.00
Q3 2006 166.00 35.00
Q4 2006 162.00 68.00
Q1 2007 149.00 51.00
Q2 2007 188.00 122.00
Q3 2007 221.00 42.00
Q4 2007 203.00 107.00
Q1 2008 205.00 57.00
Q2 2008 256.00 152.00
Q3 2008 290.00 66.00
Q4 2008 243.00 70.00
Q1 2009 226.00 53.00
Q2 2009 268.00 125.00
Q3 2009 304.00 39.00
Q4 2009 260.00 60.00
Q1 2010 262.00 58.00
Q2 2010 296.00 114.00
Q3 2010 314.00 34.00
Q4 2010 282.00 88.00
Q1 2011 283.00 64.00
Q2 2011 320.00 124.00
Q3 2011 343.00 53.00
Q4 2011 304.00 67.00
Q1 2012 318.00 50.00
Q2 2012 374.00 121.00
Q3 2012 402.00 50.00
Q4 2012 352.00 60.00
Q1 2013 380.00 45.00
Q2 2013 419.00 124.00
Q3 2013 472.00 40.00
Q4 2013 396.00 52.00

Current
Market Cap (M Riyal) 9,501.66
Enterprise Value (EV) (M) 8,399.14
Shares Outstanding ((M)) 301.64
EPS ( Riyal) (TTM) 1.21
Book Value (BV) ( Riyal) 12.25
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 27.97
P/E (TTM) 25.98
Price/book 2.57
Return on Average Assets (%) (TTM) 7.8
Return on Average Equity (%) (TTM) 14.6

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