Tabuk Agricultural cuts net losses by 66% in 9M

08/11/2018 Argaam Exclusive

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Share Price

Tabuk Agricultural Development Co. (TADCO)

Tabuk Agricultural Development Co. (TADCO) narrowed net losses after zakat and tax by 66.2 percent year-on-year (YoY) to SAR 6.6 million in the first nine months of 2018. This was attributed to differences from evaluating the crop inventory at the harvest time.



Financials (M)

Item 9m 2017 9m 2018 Change‬
Revenues 70.32 71.70 2.0 %
Gross Income 20.43 15.61 (23.6 %)
Operating Income (15.46) (25.88) (67.4 %)
Net Income (19.38) (6.56) 66.2 %
Average Shares 33.73 33.73 -
EPS (Riyals) (0.57) (0.19) 66.2 %

In Q3 2018, the company also trimmed net losses after zakat and tax by 44 percent YoY to SAR 7.5 million owing to the same reasons.

 

Meanwhile, Tabuk Agricultural incurred losses in the third quarter, from a net profit of SAR 6.6 million in Q2 2018, on higher selling and marketing expenses, and increased cost of goods sold.



Current Quarter Comparison (M)

Compared With The
Item Q3 2017 Q3 2018 Change‬
Revenues 26.65 25.20 (5.4 %)
Gross Income 6.32 3.76 (40.4 %)
Operating Income (9.94) (15.90) (59.9 %)
Net Income (13.44) (7.51) 44.1 %
Average Shares 33.73 33.73 -
EPS (Riyals) (0.40) (0.22) 44.1 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2009 49.45 (20.4 %) 14.55 (39.4 %) 10.00 (48.2 %) 0.44
Q2 2009 24.19 (24.7 %) 9.23 (41.3 %) (0.07) (102.5 %) 0.00
Q3 2009 34.48 (0.8 %) 10.32 (27.0 %) (1.62) 49.9 % (0.07)
Q4 2009 59.69 53.4 % 18.88 (6.7 %) (1.26) (127.9 %) (0.06)
Q1 2010 9.82 (80.1 %) 5.03 (65.4 %) (2.54) (125.4 %) (0.11)
Q2 2010 32.03 32.4 % 14.99 62.4 % 5.45 7459.5 % 0.24
Q3 2010 33.58 (2.6 %) 10.86 5.2 % 1.23 175.9 % 0.05
Q4 2010 75.08 25.8 % 26.87 42.3 % 7.48 694.0 % 0.33
Q1 2011 20.69 110.7 % 11.57 130.2 % 8.21 422.8 % 0.37
Q2 2011 39.31 22.7 % 21.14 41.1 % 10.03 84.1 % 0.45
Q3 2011 71.23 112.1 % 35.81 229.9 % 18.00 1361.1 % 0.80
Q4 2011 42.54 (43.3 %) 12.47 (53.6 %) (3.13) (141.9 %) (0.14)
Q1 2012 15.56 (24.8 %) 7.46 (35.6 %) 3.55 (56.7 %) 0.16
Q2 2012 33.95 (13.6 %) 17.23 (18.5 %) 7.03 (29.9 %) 0.31
Q3 2012 67.83 (4.8 %) 28.14 (21.4 %) 8.55 (52.5 %) 0.38
Q4 2012 38.74 (8.9 %) 17.21 38.0 % (9.19) (193.7 %) (0.41)
Q1 2013 10.83 (30.4 %) 4.88 (34.5 %) 1.51 (57.4 %) 0.07
Q2 2013 38.50 13.4 % 15.50 (10.0 %) 2.50 (64.5 %) 0.11
Q3 2013 41.87 (38.3 %) 19.30 (31.4 %) 1.05 (87.7 %) 0.05
Q4 2013 29.79 (23.1 %) 12.41 (27.9 %) (19.90) (116.5 %) (0.89)
Q1 2014 20.67 90.8 % 7.26 48.6 % 1.74 15.1 % 0.08
Q2 2014 29.12 (24.4 %) 11.36 (26.7 %) 0.50 (79.9 %) 0.02
Q3 2014 51.12 22.1 % 16.79 (13.0 %) 3.27 211.2 % 0.15
Q4 2014 53.12 78.3 % 22.04 77.6 % 1.68 108.5 % 0.07
Q1 2015 26.54 28.4 % 12.68 74.7 % 4.53 159.8 % 0.13
Q2 2015 28.25 (3.0 %) 10.71 (5.7 %) 0.18 (64.6 %) 0.01
Q3 2015 44.26 (13.4 %) 18.88 12.5 % 3.45 5.4 % 0.10
Q4 2015 52.77 (0.6 %) 17.42 (21.0 %) (2.86) (270.1 %) (0.08)
Q1 2016 13.27 (50.0 %) 6.22 (51.0 %) (6.77) (249.7 %) (0.20)
Q2 2016 23.45 (17.0 %) 6.09 (43.2 %) (4.61) (2691.0 %) (0.14)
Q3 2016 23.90 (46.0 %) 4.59 (75.7 %) (11.26) (426.7 %) (0.33)
Q4 2016 32.39 (38.6 %) 1.29 (92.6 %) (19.58) (584.4 %) (0.58)
Q1 2017 20.66 55.7 % 4.80 (22.8 %) (3.74) 44.8 % (0.11)
Q2 2017 23.01 (1.9 %) 9.31 53.0 % (2.15) 53.4 % (0.06)
Q3 2017 26.65 11.5 % 6.32 37.7 % (13.44) (19.4 %) (0.40)
Q4 2017 36.85 13.8 % 6.06 368.4 % (10.92) 44.2 % (0.32)
Q1 2018 20.13 (2.6 %) 2.82 (41.3 %) (5.66) (51.2 %) (0.17)
Q2 2018 26.37 14.6 % 8.08 (13.2 %) 6.61 407.8 % 0.20
Q3 2018 25.20 (5.4 %) 3.76 (40.4 %) (7.51) 44.1 % (0.22)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2009 41.63 % 26.99 % 9.19 %
Q2 2009 39.47 % 26.38 % 7.60 %
Q3 2009 36.95 % 27.50 % 8.71 %
Q4 2009 31.57 % 20.80 % 4.20 %
Q1 2010 33.90 % 17.24 % (4.29 %)
Q2 2010 36.19 % 19.53 % 0.02 %
Q3 2010 36.82 % 21.61 % 2.13 %
Q4 2010 38.36 % 25.21 % 7.72 %
Q1 2011 39.83 % 29.68 % 13.86 %
Q2 2011 41.76 % 31.25 % 15.98 %
Q3 2011 46.24 % 33.70 % 21.19 %
Q4 2011 46.61 % 33.31 % 19.05 %
Q1 2012 45.58 % 31.07 % 16.87 %
Q2 2012 44.68 % 29.72 % 15.59 %
Q3 2012 40.83 % 24.09 % 10.01 %
Q4 2012 44.87 % 23.43 % 8.30 %
Q1 2013 44.57 % 23.32 % 7.21 %
Q2 2013 42.16 % 20.36 % 4.09 %
Q3 2013 43.79 % 18.59 % (0.86 %)
Q4 2013 43.06 % 18.83 % (12.26 %)
Q1 2014 41.64 % 17.93 % (11.17 %)
Q2 2014 41.45 % 15.87 % (13.67 %)
Q3 2014 36.59 % 14.30 % (11.00 %)
Q4 2014 37.30 % 18.84 % 4.67 %
Q1 2015 39.32 % 20.78 % 6.24 %
Q2 2015 39.13 % 20.69 % 6.07 %
Q3 2015 42.27 % 24.88 % 6.46 %
Q4 2015 39.32 % 21.25 % 3.48 %
Q1 2016 38.42 % 16.98 % (4.34 %)
Q2 2016 36.34 % 9.76 % (8.07 %)
Q3 2016 30.26 % (7.71 %) (22.49 %)
Q4 2016 19.55 % (9.91 %) (38.46 %)
Q1 2017 16.70 % (9.62 %) (32.61 %)
Q2 2017 20.00 % 1.76 % (30.28 %)
Q3 2017 21.14 % 3.21 % (31.59 %)
Q4 2017 24.71 % (1.20 %) (32.11 %)
Q1 2018 22.97 % (2.70 %) (34.46 %)
Q2 2018 21.15 % (3.44 %) (35.22 %)
Q3 2018 19.08 % (2.94 %) (38.59 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2009 22.48 0.63 0.63 16.71
Q2 2009 22.48 0.50 0.50 16.73
Q3 2009 22.48 0.57 0.57 16.69
Q4 2009 22.48 0.31 0.31 15.95
Q1 2010 22.48 (0.24) (0.24) 15.74
Q2 2010 22.48 0.00 0.00 15.93
Q3 2010 22.48 0.13 0.13 15.99
Q4 2010 22.48 0.52 0.52 15.88
Q1 2011 22.48 0.99 0.99 16.09
Q2 2011 22.48 1.20 1.20 16.52
Q3 2011 22.48 1.94 1.94 17.30
Q4 2011 22.48 1.47 1.47 16.51
Q1 2012 22.48 1.27 1.27 16.48
Q2 2012 22.48 1.13 1.13 16.74
Q3 2012 22.48 0.71 0.71 17.13
Q4 2012 22.48 0.44 0.58 16.23
Q1 2013 22.48 0.35 0.49 16.39
Q2 2013 22.48 0.15 0.28 16.25
Q3 2013 22.48 (0.18) (0.05) 16.48
Q4 2013 22.48 (0.66) (0.66) 15.47
Q1 2014 22.48 (0.65) (0.65) 15.61
Q2 2014 22.48 (0.74) (0.74) 15.57
Q3 2014 22.48 (0.64) (0.64) 15.72
Q4 2014 22.48 0.32 0.32 15.79
Q1 2015 33.73 0.30 0.30 18.07
Q2 2015 33.73 0.29 0.29 18.08
Q3 2015 33.73 0.29 0.29 18.18
Q4 2015 33.73 0.16 0.16 18.10
Q1 2016 33.73 (0.18) (0.18) 17.99
Q2 2016 33.73 (0.32) (0.32) 17.18
Q3 2016 33.73 (0.76) (0.76) 16.81
Q4 2016 33.73 (1.25) (1.06) 16.39
Q1 2017 33.73 (1.16) (0.97) 16.28
Q2 2017 33.73 (1.09) (0.90) 16.22
Q3 2017 33.73 (1.15) (0.96) 15.82
Q4 2017 33.73 (0.90) (1.02) 15.50
Q1 2018 33.73 (0.95) (1.09) 15.33
Q2 2018 33.73 (0.69) (1.15) 15.46
Q3 2018 33.73 (0.52) (1.24) 15.24

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 46.85 46.85 1.78
Q2 2009 More than 50 More than 50 2.55
Q3 2009 More than 50 More than 50 2.34
Q4 2009 More than 50 More than 50 2.60
Q1 2010 NEG NEG 2.55
Q2 2010 More than 50 More than 50 1.91
Q3 2010 More than 50 More than 50 1.70
Q4 2010 More than 50 More than 50 1.85
Q1 2011 31.36 31.36 1.94
Q2 2011 32.63 32.63 2.37
Q3 2011 21.63 21.63 2.43
Q4 2011 34.77 34.77 3.10
Q1 2012 44.88 44.88 3.45
Q2 2012 34.53 34.53 2.34
Q3 2012 More than 50 More than 50 2.83
Q4 2012 More than 50 More than 50 2.98
Q1 2013 More than 50 More than 50 3.30
Q2 2013 More than 50 More than 50 3.92
Q3 2013 NEG NEG 3.49
Q4 2013 NEG NEG 3.48
Q1 2014 NEG NEG 3.58
Q2 2014 NEG NEG 4.03
Q3 2014 NEG NEG 4.29
Q4 2014 More than 50 More than 50 2.50
Q1 2015 More than 50 More than 50 1.49
Q2 2015 More than 50 More than 50 1.49
Q3 2015 More than 50 More than 50 1.07
Q4 2015 More than 50 More than 50 1.11
Q1 2016 NEG NEG 0.92
Q2 2016 NEG NEG 1.13
Q3 2016 NEG NEG 0.82
Q4 2016 NEG NEG 1.08
Q1 2017 NEG NEG 1.17
Q2 2017 NEG NEG 1.25
Q3 2017 NEG NEG 1.33
Q4 2017 NEG NEG 1.31
Q1 2018 NEG NEG 1.22
Q2 2018 NEG NEG 1.16
Q3 2018 NEG NEG 1.02

Business Segments (Million)

Compared With The
Period Cereals Fruits Feeding Others.. Vegetables Food products Sales - Sheep Sales - trees
Q1 2016 0.02 - 5.50 - 5.85 1.71 - 0.20
Q2 2016 2.13 13.90 3.32 - 2.60 1.39 - 0.10
Q3 2016 1.03 12.60 5.20 - 5.41 (0.41) - (0.04)
Q4 2016 2.62 0.47 15.27 - 11.57 2.24 0.15 0.18
Q1 2017 2.29 0.05 11.32 - 5.41 1.52 0.02 0.05
Q2 2017 1.46 11.56 6.64 - 2.08 1.09 0.07 0.12
Q3 2017 2.97 8.97 10.88 - 2.87 0.77 0.11 0.07
Q4 2017 6.37 2.46 19.52 - 5.38 2.62 0.07 0.45
Q1 2018 3.52 1.69 10.18 - 2.58 1.34 0.04 0.79
Q2 2018 (3.52) 9.20 11.22 9.50 2.14 (1.34) (0.04) (0.79)
Q3 2018 18.73 8.22 (2.64) (1.97) 2.85 - - -

Current
Market Cap (M Riyal) 714.46
Enterprise Value (EV) (M) 720.97
Shares Outstanding ((M)) 39.17
EPS ( Riyal) (TTM) 2.06
Book Value (BV) ( Riyal) 8.38
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) 8.84
Price/book 2.18
Return on Average Assets (%) (TTM) 17.5
Return on Average Equity (%) (TTM) 28.9

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