Al Jouf Agricultural posts 62% profit fall in FY17

22/03/2018 Argaam Exclusive

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Share Price

Al-Jouf Agricultural Development Co. (ALJOUF)

Al Jouf Agricultural Development Co. (Al Jouf) reported a net profit of SAR 25.6 million for the fiscal year 2017, a 62.4 percent year-on-year (YoY) drop due to lower sales and higher cost of goods sold.

Financials (M)

Item	2016	2017	Change‬
Revenues	380.21	305.62	(19.6 %)
Gross Income	132.22	74.39	(43.7 %)
Operating Income	72.35	30.42	(58.0 %)
Net Income	68.15	25.60	(62.4 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	2.27	0.85	(62.4 %)

In Q4 2017, the company incurred net losses of SAR 1.7 million, compared to net profit of SAR 3.5 million in the same period of 2016.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2016	Q4 2017	Change‬
Revenues	128.50	76.18	(40.7 %)
Gross Income	30.82	15.42	(50.0 %)
Operating Income	4.17	(1.16)	(127.7 %)
Net Income	3.53	(1.69)	(148.0 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.12	(0.06)	(148.0 %)

Item	Q3 2017	Q4 2017	Change‬
Revenues	114.03	76.18	(33.2 %)
Gross Income	23.46	15.42	(34.3 %)
Operating Income	12.78	(1.16)	(109.0 %)
Net Income	11.47	(1.69)	(114.7 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.38	(0.06)	(114.7 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2008	22.50	24.7 %	11.14	26.3 %	7.70	26.5 %	0.26
Q2 2008	41.78	137.1 %	22.65	126.9 %	12.42	191.3 %	0.41
Q3 2008	67.19	32.8 %	28.58	27.4 %	13.60	5.1 %	0.45
Q4 2008	81.31	(20.9 %)	37.22	(30.1 %)	20.71	(21.5 %)	0.69
2008	212.77	12.5 %	99.59	5.4 %	54.42	9.6 %	1.81
Q1 2009	51.98	131.1 %	19.95	79.1 %	13.80	79.4 %	0.46
Q2 2009	39.33	(5.9 %)	18.77	(17.1 %)	11.40	(8.2 %)	0.38
Q3 2009	79.83	18.8 %	33.91	18.6 %	16.84	23.8 %	0.56
Q4 2009	94.74	16.5 %	31.33	(15.8 %)	20.91	1.0 %	0.70
2009	265.89	25.0 %	103.96	4.4 %	62.95	15.7 %	2.10
Q1 2010	33.82	(34.9 %)	12.87	(35.5 %)	7.15	(48.2 %)	0.24
Q2 2010	35.70	(9.2 %)	17.50	(6.8 %)	12.00	5.2 %	0.40
Q3 2010	84.42	5.7 %	36.70	8.2 %	23.58	40.1 %	0.79
Q4 2010	92.95	(1.9 %)	35.53	13.4 %	23.53	12.5 %	0.78
2010	246.88	(7.1 %)	102.59	(1.3 %)	66.26	5.3 %	2.21
Q1 2011	15.44	(54.3 %)	7.27	(43.5 %)	6.05	(15.4 %)	0.20
Q2 2011	50.37	41.1 %	23.51	34.4 %	15.13	26.1 %	0.50
Q3 2011	100.53	19.1 %	45.22	23.2 %	29.31	24.3 %	0.98
Q4 2011	126.15	35.7 %	50.38	41.8 %	34.13	45.1 %	1.14
2011	292.48	18.5 %	126.38	23.2 %	84.62	27.7 %	2.82
Q1 2012	36.23	134.7 %	10.30	41.8 %	7.09	17.3 %	0.24
Q2 2012	55.63	10.4 %	27.24	15.9 %	20.24	33.8 %	0.67
Q3 2012	135.97	35.3 %	57.59	27.3 %	34.81	18.8 %	1.16
Q4 2012	116.71	(7.5 %)	54.71	8.6 %	39.54	15.8 %	1.32
2012	344.54	17.8 %	149.83	18.6 %	101.68	20.2 %	3.39
Q1 2013	38.00	4.9 %	14.30	38.8 %	8.13	14.6 %	0.27
Q2 2013	71.34	28.2 %	33.41	22.7 %	23.07	14.0 %	0.77
Q3 2013	121.19	(10.9 %)	50.51	(12.3 %)	34.36	(1.3 %)	1.15
Q4 2013	110.47	(5.3 %)	54.31	(0.7 %)	36.51	(7.7 %)	1.22
2013	340.99	(1.0 %)	152.54	1.8 %	102.07	0.4 %	3.40
Q1 2014	46.84	23.2 %	15.94	11.5 %	5.19	(36.1 %)	0.17
Q2 2014	69.11	(3.1 %)	33.15	(0.8 %)	27.75	20.3 %	0.93
Q3 2014	124.13	2.4 %	51.25	1.5 %	37.15	8.1 %	1.24
Q4 2014	110.23	(0.2 %)	51.53	(5.1 %)	37.03	1.4 %	1.23
2014	350.31	2.7 %	151.86	(0.4 %)	107.01	4.8 %	3.57
Q1 2015	53.18	13.5 %	18.28	14.7 %	8.62	66.1 %	0.29
Q2 2015	74.26	7.4 %	31.70	(4.4 %)	20.16	(27.4 %)	0.67
Q3 2015	123.03	(0.9 %)	57.47	12.1 %	43.35	16.7 %	1.45
Q4 2015	118.49	7.5 %	14.56	(71.7 %)	0.26	(99.3 %)	0.01
2015	368.95	5.3 %	122.01	(19.7 %)	72.40	(32.3 %)	2.41
Q1 2016	56.31	5.9 %	19.17	4.8 %	8.81	2.2 %	0.29
Q2 2016	74.58	0.4 %	34.78	9.7 %	22.93	13.7 %	0.76
Q3 2016	120.83	(1.8 %)	47.45	(17.4 %)	32.89	(24.1 %)	1.10
Q4 2016	128.50	8.4 %	30.82	111.7 %	3.53	1240.7 %	0.12
2016	380.21	3.1 %	132.22	8.4 %	68.15	(5.9 %)	2.27
Q1 2017	48.20	(14.4 %)	13.26	(30.8 %)	8.11	(8.0 %)	0.27
Q2 2017	67.21	(9.9 %)	22.25	(36.0 %)	7.71	(66.4 %)	0.26
Q3 2017	114.03	(5.6 %)	23.46	(50.6 %)	11.47	(65.1 %)	0.38
Q4 2017	76.18	(40.7 %)	15.42	(50.0 %)	(1.69)	(148.0 %)	(0.06)
2017	305.62	(19.6 %)	74.39	(43.7 %)	25.60	(62.4 %)	0.85

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2008	212.77	12.5 %	99.59	5.4 %	54.42	9.6 %	1.81
2009	265.89	25.0 %	103.96	4.4 %	62.95	15.7 %	2.10
2010	246.88	(7.1 %)	102.59	(1.3 %)	66.26	5.3 %	2.21
2011	292.48	18.5 %	126.38	23.2 %	84.62	27.7 %	2.82
2012	344.54	17.8 %	149.83	18.6 %	101.68	20.2 %	3.39
2013	340.99	(1.0 %)	152.54	1.8 %	102.07	0.4 %	3.40
2014	350.31	2.7 %	151.86	(0.4 %)	107.01	4.8 %	3.57
2015	368.95	5.3 %	122.01	(19.7 %)	72.40	(32.3 %)	2.41
2016	380.21	3.1 %	132.22	8.4 %	68.15	(5.9 %)	2.27
2017	305.62	(19.6 %)	74.39	(43.7 %)	25.60	(62.4 %)	0.85

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	50.00 %	52.42 %	26.49 %
Q2 2008	50.27 %	51.32 %	27.30 %
Q3 2008	49.34 %	47.88 %	25.65 %
Q4 2008	46.81 %	45.41 %	25.58 %
2008	46.81 %	45.41 %	25.58 %
Q1 2009	44.75 %	43.26 %	24.99 %
Q2 2009	43.58 %	42.68 %	24.82 %
Q3 2009	43.51 %	42.91 %	24.86 %
Q4 2009	39.10 %	37.95 %	23.86 %
2009	39.10 %	37.95 %	23.86 %
Q1 2010	39.11 %	36.14 %	22.93 %
Q2 2010	39.17 %	36.55 %	23.51 %
Q3 2010	39.57 %	37.58 %	26.50 %
Q4 2010	41.55 %	41.04 %	28.38 %
2010	41.55 %	41.04 %	28.38 %
Q1 2011	42.45 %	43.02 %	30.18 %
Q2 2011	42.36 %	42.63 %	29.65 %
Q3 2011	43.01 %	42.74 %	29.34 %
Q4 2011	43.21 %	41.35 %	28.93 %
2011	43.21 %	41.35 %	28.93 %
Q1 2012	41.31 %	38.57 %	27.34 %
Q2 2012	41.80 %	38.93 %	29.18 %
Q3 2012	41.11 %	37.90 %	28.60 %
Q4 2012	43.49 %	40.21 %	29.44 %
2012	43.49 %	40.21 %	29.44 %
Q1 2013	44.42 %	42.39 %	29.59 %
Q2 2013	44.20 %	43.07 %	28.49 %
Q3 2013	44.04 %	44.99 %	28.77 %
Q4 2013	44.73 %	45.52 %	27.67 %
2013	44.73 %	45.52 %	27.67 %
Q1 2014	44.07 %	44.73 %	26.13 %
Q2 2014	44.28 %	45.76 %	27.64 %
Q3 2014	44.12 %	46.76 %	28.21 %
Q4 2014	43.35 %	48.71 %	30.58 %
2014	43.35 %	48.70 %	30.55 %
Q1 2015	43.24 %	48.65 %	31.00 %
Q2 2015	42.22 %	47.30 %	28.46 %
Q3 2015	44.08 %	49.60 %	30.26 %
Q4 2015	33.07 %	38.57 %	19.62 %
2015	33.07 %	38.57 %	19.62 %
Q1 2016	33.03 %	39.44 %	19.51 %
Q2 2016	33.83 %	40.83 %	20.23 %
Q3 2016	31.32 %	38.76 %	17.53 %
Q4 2016	34.78 %	32.03 %	17.92 %
2016	34.78 %	32.03 %	17.92 %
Q1 2017	33.95 %	32.41 %	18.13 %
Q2 2017	31.20 %	31.24 %	15.01 %
Q3 2017	25.09 %	26.65 %	9.31 %
Q4 2017	24.34 %	33.60 %	9.20 %
2017	24.34 %	33.60 %	9.20 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2008	46.81 %	45.41 %	25.58 %
2009	39.10 %	37.95 %	23.86 %
2010	41.55 %	41.04 %	28.38 %
2011	43.21 %	41.35 %	28.93 %
2012	43.49 %	40.21 %	29.44 %
2013	44.73 %	45.52 %	27.67 %
2014	43.35 %	48.70 %	30.55 %
2015	33.07 %	38.57 %	19.62 %
2016	34.78 %	32.03 %	17.92 %
2017	24.34 %	33.60 %	9.20 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	49.52 %	80.95 %	34.21 %
Q2 2008	54.21 %	53.14 %	29.72 %
Q3 2008	42.54 %	33.09 %	20.24 %
Q4 2008	45.77 %	41.78 %	25.47 %
Q1 2009	38.38 %	50.76 %	26.55 %
Q2 2009	47.72 %	50.22 %	28.99 %
Q3 2009	42.48 %	35.34 %	21.09 %
Q4 2009	33.07 %	28.03 %	22.60 %
Q1 2010	38.04 %	44.39 %	21.15 %
Q2 2010	49.01 %	54.43 %	33.60 %
Q3 2010	43.47 %	38.44 %	30.01 %
Q4 2010	38.22 %	37.05 %	27.53 %
Q1 2011	47.06 %	77.69 %	39.17 %
Q2 2011	46.67 %	49.23 %	30.03 %
Q3 2011	44.99 %	39.40 %	29.15 %
Q4 2011	39.94 %	35.32 %	27.06 %
Q1 2012	28.43 %	32.73 %	19.58 %
Q2 2012	48.96 %	50.30 %	40.27 %
Q3 2012	42.35 %	36.59 %	27.67 %
Q4 2012	46.87 %	41.93 %	29.41 %
Q1 2013	37.63 %	52.99 %	21.39 %
Q2 2013	46.84 %	52.00 %	32.34 %
Q3 2013	41.68 %	41.29 %	28.35 %
Q4 2013	49.17 %	43.40 %	26.05 %
Q1 2014	34.04 %	45.66 %	11.09 %
Q2 2014	47.96 %	57.43 %	40.16 %
Q3 2014	41.28 %	44.23 %	29.93 %
Q4 2014	46.75 %	49.60 %	33.59 %
Q1 2015	34.37 %	45.58 %	16.21 %
Q2 2015	42.69 %	50.27 %	27.15 %
Q3 2015	46.71 %	50.95 %	35.24 %
Q4 2015	12.29 %	15.23 %	0.22 %
Q1 2016	34.04 %	50.97 %	15.65 %
Q2 2016	46.64 %	57.14 %	30.74 %
Q3 2016	39.27 %	44.82 %	27.22 %
Q4 2016	23.99 %	(2.87 %)	2.74 %
Q1 2017	27.50 %	57.06 %	16.83 %
Q2 2017	33.11 %	53.50 %	15.19 %
Q3 2017	20.57 %	31.24 %	10.06 %
Q4 2017	20.24 %	4.73 %	(2.22 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2008	30.00	1.71	1.71	14.59
Q2 2008	30.00	1.98	1.98	14.60
Q3 2008	30.00	2.00	2.00	15.05
Q4 2008	30.00	1.81	1.81	15.74
Q1 2009	30.00	2.02	2.02	16.20
Q2 2009	30.00	1.98	1.98	16.58
Q3 2009	30.00	2.09	2.09	17.14
Q4 2009	30.00	2.10	2.12	17.82
Q1 2010	30.00	1.88	1.89	16.65
Q2 2010	30.00	1.90	1.91	17.05
Q3 2010	30.00	2.12	2.20	17.83
Q4 2010	30.00	2.21	2.34	18.60
Q1 2011	30.00	2.17	2.30	17.37
Q2 2011	30.00	2.28	2.40	17.87
Q3 2011	30.00	2.47	2.54	18.85
Q4 2011	30.00	2.82	2.82	19.99
Q1 2012	30.00	2.86	2.86	20.22
Q2 2012	30.00	3.03	3.10	19.17
Q3 2012	30.00	3.21	3.37	20.33
Q4 2012	30.00	3.39	3.38	21.65
Q1 2013	30.00	3.42	3.42	20.19
Q2 2013	30.00	3.52	3.44	20.96
Q3 2013	30.00	3.50	3.33	22.11
Q4 2013	30.00	3.40	3.14	23.32
Q1 2014	30.00	3.30	3.05	22.66
Q2 2014	30.00	3.46	3.20	23.53
Q3 2014	30.00	3.55	3.30	24.77
Q4 2014	30.00	3.57	3.57	24.37
Q1 2015	30.00	3.69	3.69	25.28
Q2 2015	30.00	3.43	3.43	25.90
Q3 2015	30.00	3.64	3.64	27.34
Q4 2015	30.00	2.41	2.41	25.72
Q1 2016	30.00	2.42	2.42	27.30
Q2 2016	30.00	2.51	2.51	23.67
Q3 2016	30.00	2.16	2.16	24.76
Q4 2016	30.00	2.27	2.27	22.90
Q1 2017	30.00	2.25	2.25	26.15
Q2 2017	30.00	1.74	1.82	24.45
Q3 2017	30.00	1.03	1.11	24.84
Q4 2017	30.00	0.85	0.94	22.84

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2008	30.00	1.81	1.81	15.74
2009	30.00	2.10	2.12	17.82
2010	30.00	2.21	2.34	18.60
2011	30.00	2.82	2.82	19.99
2012	30.00	3.39	3.38	21.65
2013	30.00	3.40	3.14	23.32
2014	30.00	3.57	3.57	24.37
2015	30.00	2.41	2.41	25.72
2016	30.00	2.27	2.27	22.90
2017	30.00	0.85	0.94	22.84

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2008	12.97	12.97	1.52
Q2 2008	11.27	11.27	1.53
Q3 2008	7.92	7.92	1.05
Q4 2008	7.66	7.66	0.88
Q1 2009	7.27	7.27	0.91
Q2 2009	9.48	9.48	1.13
Q3 2009	9.66	9.66	1.18
Q4 2009	11.47	11.38	1.35
Q1 2010	12.19	12.08	1.37
Q2 2010	10.02	9.93	1.11
Q3 2010	9.62	9.29	1.14
Q4 2010	11.56	10.93	1.37
Q1 2011	10.17	9.60	1.27
Q2 2011	9.67	9.15	1.23
Q3 2011	9.76	9.50	1.28
Q4 2011	10.84	10.84	1.53
Q1 2012	12.52	12.52	1.77
Q2 2012	10.30	10.06	1.63
Q3 2012	11.19	10.64	1.77
Q4 2012	10.70	10.72	1.67
Q1 2013	10.08	10.10	1.71
Q2 2013	11.25	11.51	1.89
Q3 2013	12.96	13.64	2.05
Q4 2013	12.22	13.22	1.78
Q1 2014	12.98	14.08	1.89
Q2 2014	13.58	14.67	2.00
Q3 2014	15.08	16.26	2.16
Q4 2014	11.43	11.43	1.68
Q1 2015	11.37	11.37	1.66
Q2 2015	13.45	13.45	1.78
Q3 2015	10.67	10.67	1.42
Q4 2015	13.82	13.82	1.30
Q1 2016	9.69	9.69	0.86
Q2 2016	11.92	11.92	1.27
Q3 2016	12.91	12.91	1.13
Q4 2016	15.31	15.31	1.52
Q1 2017	13.85	13.85	1.19
Q2 2017	16.72	15.95	1.19
Q3 2017	27.35	25.30	1.13
Q4 2017	35.95	32.75	1.34

Period	P/E	Adjusted P/E	Price/book
2008	7.66	7.66	0.88
2009	11.47	11.38	1.35
2010	11.56	10.93	1.37
2011	10.84	10.84	1.53
2012	10.70	10.72	1.67
2013	12.22	13.22	1.78
2014	11.44	11.44	1.68
2015	13.82	13.82	1.30
2016	15.31	15.31	1.52
2017	35.95	32.75	1.34

Business Segments (Million)

Compared With The

Period	Agricultural activity - Manufacturing	Agricultural activity - plants
Q3 2016	22.23	98.61
Q4 2016	29.74	98.76
Q1 2017	31.56	16.64
Q2 2017	26.73	40.48
Q3 2017	10.73	103.30
Q4 2017	8.45	67.73

Period	Agricultural activity - Manufacturing	Agricultural activity - plants
2016	103.61	276.60
2017	77.48	228.14

Analysts Estimates (Million)

Item	Q4 2017 (e)	Q4 2017 (a)	Change‬
Average	13.40	(1.69)	(112.6 %)

Estimates vs Actual (Million)

Item	Q4 2017 (e)	Q4 2017 (a)	Change
AlJazira Capital	13.40	(1.69)	(112.6) %

Financial Ratios

	Current
Market Cap (M Riyal)	1,725.00
Enterprise Value (EV) (M)	1,952.46
Shares Outstanding ((M))	30.00
EPS ( Riyal) (TTM)	2.49
Book Value (BV) ( Riyal)	24.80
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	26.22
P/E (TTM)	23.06
Price/book	2.32
Return on Average Assets (%) (TTM)	7.0
Return on Average Equity (%) (TTM)	10.6

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Al Jouf Agricultural posts 62% profit fall in FY17

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Share Price

Al-Jouf Agricultural Development Co. (ALJOUF)

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) 2017 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

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Financial Ratios

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Al Jouf Agricultural posts 62% profit fall in FY17

View other reports

Share Price

Al-Jouf Agricultural Development Co. (ALJOUF)

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) Q4 2017

Revenue by Business Segment (Latest) 2017 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)