NADEC’s net profit rises 6% in 9M 2019

27/10/2019 Argaam Exclusive

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Share Price

National Agricultural Development Co. (NADEC)

The National Agricultural Development Company (NADEC) reported a net profit after zakat and tax of SAR 52.7 million for the first nine months of 2019, a 6.3 percent year-on-year (YoY) increase on higher revenue, improved cost of sales, higher other income, lower zakat expenses, and higher gross profit.

Financials (M)

Item	9m 2018	9m 2019	Change‬
Revenues	1,608.51	1,713.11	6.5 %
Gross Income	596.18	649.16	8.9 %
Operating Income	117.93	158.87	34.7 %
Net Income	49.62	52.71	6.2 %
Average Shares	212.89	212.89	-
EPS (Riyals)	0.23	0.25	6.2 %

In Q3 2019, net profit rose about 40.4 percent YoY to SAR 49.3 million, due to higher revenue, lower selling and marketing expenses, higher other income, gains on derivative financial instruments, lower impairment losses on trade receivables, and lower zakat expenses.

On a sequential basis, Q3 net profit rose almost sevenfold compared to the previous quarter on lower selling, marketing, general and administrative expenses, as well as lower zakat expenses.

The spike in earnings quarter-on-quarter was also attributed to recognizing a loss of SAR 19.16 million on termination of Callable Inverse Floater (CIF) contracts and unrealized loss on Cross-Currency Swaps amounting to SAR 5.55 million in Q2 2019.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2018	Q3 2019	Change‬
Revenues	574.71	578.45	0.7 %
Gross Income	221.26	218.31	(1.3 %)
Operating Income	58.99	62.51	6.0 %
Net Income	35.13	49.32	40.4 %
Average Shares	212.89	212.89	-
EPS (Riyals)	0.17	0.23	40.4 %

Item	Q2 2019	Q3 2019	Change‬
Revenues	604.19	578.45	(4.3 %)
Gross Income	227.57	218.31	(4.1 %)
Operating Income	53.48	62.51	16.9 %
Net Income	7.07	49.32	598.1 %
Average Shares	212.89	212.89	-
EPS (Riyals)	0.03	0.23	598.1 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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)
2010	1,447.56	8.5 %	478.41	14.3 %	10.46	124.4 %	0.05
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
2011	1,557.66	7.6 %	549.85	14.9 %	91.28	772.5 %	0.43
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
2012	1,727.47	10.9 %	636.54	15.8 %	95.66	4.8 %	0.45
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
Q1 2014	484.04	14.0 %	181.66	12.2 %	24.77	10.9 %	0.12
Q2 2014	575.64	6.0 %	209.51	13.6 %	28.00	(6.7 %)	0.13
Q3 2014	504.62	(1.5 %)	202.12	6.7 %	34.41	4.2 %	0.16
Q4 2014	508.06	13.3 %	181.69	7.6 %	20.02	35.2 %	0.09
2014	2,072.36	7.5 %	774.97	10.0 %	107.20	7.0 %	0.50
Q1 2015	534.41	10.4 %	201.91	11.2 %	26.16	5.6 %	0.12
Q2 2015	689.65	19.8 %	258.42	23.3 %	35.10	25.4 %	0.16
Q3 2015	566.66	12.3 %	241.42	19.4 %	45.69	32.8 %	0.21
Q4 2015	553.18	8.9 %	248.35	36.7 %	34.37	71.7 %	0.16
2015	2,328.59	12.4 %	942.56	21.6 %	141.32	31.8 %	0.66
Q1 2016	509.36	(4.7 %)	202.88	0.5 %	23.75	(9.2 %)	0.11
Q2 2016	638.59	(7.4 %)	245.44	(5.0 %)	35.57	1.3 %	0.17
Q3 2016	550.24	(2.9 %)	203.74	(15.6 %)	28.65	(37.3 %)	0.13
Q4 2016	478.32	(13.5 %)	186.58	(24.9 %)	6.26	(81.8 %)	0.03
2016	2,176.49	(6.5 %)	837.86	(11.1 %)	94.23	(33.3 %)	0.44
Q1 2017	-	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-	-
2017	-	-	-	-	-	-	-
Q1 2018	474.09	-	162.54	-	(5.02)	-	(0.02)
Q2 2018	559.72	-	212.38	-	19.51	-	0.09
Q3 2018	574.71	-	221.26	-	35.13	-	0.17
Q4 2018	487.52	-	178.90	-	(47.88)	-	(0.22)
2018	2,096.03	-	775.08	-	1.74	-	0.01
Q1 2019	530.47	11.9 %	203.27	25.1 %	(3.67)	26.9 %	(0.02)
Q2 2019	604.19	7.9 %	227.57	7.2 %	7.07	(63.8 %)	0.03
Q3 2019	578.45	0.7 %	218.31	(1.3 %)	49.32	40.4 %	0.23

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2009	1,334.50	(0.3 %)	418.45	(12.2 %)	(42.91)	(162.4 %)	(0.20)
2010	1,447.56	8.5 %	478.41	14.3 %	10.46	124.4 %	0.05
2011	1,557.66	7.6 %	549.85	14.9 %	91.28	772.5 %	0.43
2012	1,727.47	10.9 %	636.54	15.8 %	95.66	4.8 %	0.45
2013	1,928.09	11.6 %	704.67	10.7 %	100.18	4.7 %	0.47
2014	2,072.36	7.5 %	774.97	10.0 %	107.20	7.0 %	0.50
2015	2,328.59	12.4 %	942.56	21.6 %	141.32	31.8 %	0.66
2016	2,176.49	(6.5 %)	837.86	(11.1 %)	94.23	(33.3 %)	0.44
2017	-	-	-	-	-	-	-
2018	2,096.03	-	775.08	-	1.74	-	0.01

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
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 %
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 %
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 %
Q1 2014	36.45 %	17.46 %	4.88 %
Q2 2014	37.10 %	17.35 %	4.92 %
Q3 2014	37.87 %	17.98 %	5.14 %
Q4 2014	37.40 %	18.12 %	5.17 %
2014	37.40 %	18.12 %	5.17 %
Q1 2015	37.46 %	18.15 %	5.12 %
Q2 2015	37.74 %	18.33 %	5.17 %
Q3 2015	38.43 %	18.61 %	5.52 %
Q4 2015	40.54 %	19.28 %	6.20 %
2015	40.48 %	18.76 %	6.24 %
Q1 2016	41.01 %	20.08 %	6.24 %
Q2 2016	41.37 %	21.22 %	6.55 %
Q3 2016	39.99 %	21.73 %	6.06 %
Q4 2016	38.53 %	22.08 %	5.30 %
2016	38.50 %	21.99 %	5.30 %
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	-	-	-
Q1 2018	35.08 %	19.38 %	0.04 %
Q2 2018	35.88 %	19.59 %	0.82 %
Q3 2018	36.80 %	19.85 %	2.03 %
Q4 2018	36.98 %	19.22 %	2.60 %
2018	36.98 %	19.22 %	2.60 %
Q1 2019	37.90 %	19.55 %	3.56 %
Q2 2019	37.83 %	19.83 %	4.04 %
Q3 2019	37.63 %	19.99 %	4.57 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2009	31.36 %	15.24 %	(3.33 %)
2010	33.05 %	14.96 %	0.20 %
2011	35.30 %	19.08 %	5.43 %
2012	36.85 %	17.78 %	5.02 %
2013	36.55 %	17.30 %	4.79 %
2014	37.40 %	18.12 %	5.17 %
2015	40.48 %	18.76 %	6.24 %
2016	38.50 %	21.99 %	5.30 %
2017	-	-	-
2018	36.98 %	19.22 %	2.60 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	34.16 %	19.78 %	0.63 %
Q2 2010	29.76 %	16.16 %	0.38 %
Q3 2010	37.97 %	14.63 %	4.11 %
Q4 2010	30.99 %	9.87 %	(4.06 %)
Q1 2011	35.64 %	20.14 %	5.57 %
Q2 2011	31.90 %	16.11 %	3.94 %
Q3 2011	37.34 %	19.84 %	6.99 %
Q4 2011	36.67 %	20.70 %	5.30 %
Q1 2012	37.89 %	18.29 %	4.55 %
Q2 2012	34.20 %	16.90 %	5.44 %
Q3 2012	39.45 %	19.46 %	6.92 %
Q4 2012	36.18 %	16.49 %	2.84 %
Q1 2013	38.13 %	17.87 %	4.75 %
Q2 2013	33.98 %	15.95 %	4.73 %
Q3 2013	36.99 %	18.29 %	5.93 %
Q4 2013	37.66 %	17.27 %	3.63 %
Q1 2014	37.53 %	18.46 %	5.12 %
Q2 2014	36.40 %	15.64 %	4.86 %
Q3 2014	40.06 %	20.84 %	6.82 %
Q4 2014	35.76 %	17.91 %	3.94 %
Q1 2015	37.78 %	18.55 %	4.90 %
Q2 2015	37.47 %	16.63 %	5.09 %
Q3 2015	42.60 %	21.70 %	8.06 %
Q4 2015	44.89 %	20.81 %	6.93 %
Q1 2016	39.83 %	22.15 %	5.03 %
Q2 2016	38.43 %	20.40 %	6.11 %
Q3 2016	37.03 %	23.81 %	6.09 %
Q4 2016	39.01 %	22.24 %	3.58 %
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	34.28 %	19.22 %	(1.06 %)
Q2 2018	37.95 %	19.06 %	3.49 %
Q3 2018	38.50 %	22.24 %	6.11 %
Q4 2018	36.70 %	15.85 %	0.98 %
Q1 2019	38.32 %	20.56 %	3.22 %
Q2 2019	37.67 %	20.09 %	5.26 %
Q3 2019	37.74 %	22.84 %	8.12 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q1 2014	212.89	0.48	0.46	5.53
Q2 2014	212.89	0.47	0.47	5.66
Q3 2014	212.89	0.48	0.49	5.82
Q4 2014	212.89	0.50	0.50	5.91
Q1 2015	212.89	0.51	0.51	5.87
Q2 2015	212.89	0.54	0.54	6.03
Q3 2015	212.89	0.60	0.60	6.25
Q4 2015	212.89	0.66	0.68	6.41
Q1 2016	212.89	0.65	0.68	6.48
Q2 2016	212.89	0.65	0.70	6.52
Q3 2016	212.89	0.57	0.64	6.66
Q4 2016	212.89	0.44	0.54	6.66
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	212.89	0.14	0.00	6.67
Q2 2018	212.89	0.11	0.08	6.76
Q3 2018	212.89	0.20	0.20	6.93
Q4 2018	212.89	0.01	0.26	6.79
Q1 2019	212.89	0.01	0.36	6.78
Q2 2019	212.89	(0.04)	0.42	6.81
Q3 2019	212.89	0.02	0.47	7.04

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2009	212.89	(0.20)	(0.21)	4.52
2010	212.89	0.05	0.01	4.56
2011	212.89	0.43	0.40	4.99
2012	212.89	0.45	0.41	5.09
2013	212.89	0.47	0.43	5.41
2014	212.89	0.50	0.50	5.91
2015	212.89	0.66	0.68	6.41
2016	212.89	0.44	0.54	6.66
2017	-	-	-	-
2018	212.89	0.01	0.26	6.79

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2010	NEG	NEG	2.67
Q2 2010	NEG	NEG	2.23
Q3 2010	NEG	NEG	2.17
Q4 2010	More than 100	More than 100	2.28
Q1 2011	81.03	More than 100	2.22
Q2 2011	54.04	63.69	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
Q1 2014	33.06	34.94	2.88
Q2 2014	40.87	41.35	3.41
Q3 2014	44.06	43.45	3.63
Q4 2014	28.33	28.33	2.41
Q1 2015	35.79	35.79	3.11
Q2 2015	31.73	31.73	2.86
Q3 2015	25.57	25.57	2.44
Q4 2015	24.77	24.10	2.57
Q1 2016	16.88	16.20	1.70
Q2 2016	18.70	17.53	1.88
Q3 2016	17.66	15.83	1.52
Q4 2016	30.52	24.95	2.03
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	More than 100	More than 100	3.30
Q2 2018	More than 100	More than 100	2.98
Q3 2018	90.13	90.13	2.57
Q4 2018	More than 100	64.96	2.44
Q1 2019	More than 100	42.34	2.25
Q2 2019	NEG	32.71	2.00
Q3 2019	More than 100	31.49	2.11

Period	P/E	Adjusted P/E	Price/book
2009	NEG	NEG	2.98
2010	More than 100	More than 100	2.28
2011	27.76	29.98	2.38
2012	24.25	26.76	2.14
2013	25.63	27.77	2.23
2014	28.33	28.33	2.41
2015	24.77	24.10	2.57
2016	30.52	24.95	2.03
2017	-	-	-
2018	More than 100	64.96	2.44

Business Segments (Million)

Compared With The

Period	Diary and food production Sector	Agricultural Activity	Adjustments
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	-
Q1 2014	450.00	34.00	-
Q2 2014	494.00	82.00	-
Q3 2014	475.00	29.00	-
Q4 2014	457.00	51.00	-
Q1 2015	478.00	56.00	-
Q2 2015	563.00	134.00	-
Q3 2015	468.00	54.00	-
Q4 2015	514.00	62.00	-
Q1 2016	477.97	50.36	(18.98)
Q2 2016	557.12	153.10	(71.63)
Q3 2016	501.92	130.07	(81.74)
Q4 2016	412.51	(106.54)	-
Q1 2017	454.05	49.71	(21.83)
Q2 2017	522.99	155.92	(100.26)
Q3 2017	463.36	140.82	(93.43)
Q4 2017	419.96	116.16	(74.98)
Q1 2018	435.05	72.91	(33.88)
Q2 2018	485.11	149.04	(74.44)
Q3 2018	506.35	155.11	(86.76)
Q4 2018	460.47	65.34	(38.29)
Q1 2019	502.12	50.71	(22.36)
Q2 2019	559.68	59.21	(14.69)
Q3 2019	542.40	55.99	(19.94)

Period	Diary and food production Sector	Agricultural Activity	Adjustments
2009	1,058.00	277.00	-
2010	1,154.00	294.00	-
2011	1,250.00	308.00	-
2012	1,446.00	281.00	-
2013	1,667.00	261.00	-
2014	1,876.00	196.00	-
2015	2,023.00	306.00	-
2016	1,949.52	226.98	-
2017	1,860.36	462.61	(290.49)
2018	1,886.99	442.40	(233.36)

Financial Ratios

	Current
Market Cap (M Riyal)	9,200.02
Enterprise Value (EV) (M)	8,097.50
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)	27.08
P/E (TTM)	25.16
Price/book	2.49
Return on Average Assets (%) (TTM)	7.8
Return on Average Equity (%) (TTM)	14.6

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NADEC’s net profit rises 6% in 9M 2019

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Share Price

National Agricultural Development Co. (NADEC)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2019 Q3

Financial Ratios

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NADEC’s net profit rises 6% in 9M 2019

View other reports

Share Price

National Agricultural Development Co. (NADEC)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2019

Revenue by Business Segment (Latest) 2019 Q3

Financial Ratios

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Business Segments (Million)