SADAFCO’s net profit falls 32% in H1 2018

22/10/2018 Argaam Exclusive

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Share Price

Saudia Dairy and Foodstuff Co. (SADAFCO)

Saudia Dairy & Foodstuff Company (SADAFCO) reported a net profit after zakat and tax of SAR 104 million in the first half of the year, a drop of 31.7 percent year-on-year (YoY), attributed to lower like-for-like sales along with higher raw material costs and discounts.

Financials (M)

Item	6m 2017	6m 2018	Change‬
Revenues	894.14	886.80	(0.8 %)
Gross Income	346.51	279.35	(19.4 %)
Operating Income	156.93	104.89	(33.2 %)
Net Income	152.23	104.29	(31.5 %)
Average Shares	32.50	32.50	-
EPS (Riyals)	4.68	3.21	(31.5 %)

The second-quarter net profit after zakat and tax fell 28 percent YoY to SAR 53.8 million due to higher discounts.

Mlekoma (SADAFCO Poland) sales achieved breakeven profitability in the quarter, the company said in a bourse statement.

Compared to the previous quarter, net profit rose 7.6 percent, thanks to a 4.6 percent growth in net sales, and lower discounts.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2017	Q2 2018	Change‬
Revenues	441.31	476.62	8.0 %
Gross Income	171.32	145.83	(14.9 %)
Operating Income	75.95	54.54	(28.2 %)
Net Income	75.16	54.09	(28.0 %)
Average Shares	32.50	32.50	-
EPS (Riyals)	2.31	1.66	(28.0 %)

Item	Q1 2018	Q2 2018	Change‬
Revenues	410.17	476.62	16.2 %
Gross Income	133.52	145.83	9.2 %
Operating Income	50.36	54.54	8.3 %
Net Income	50.20	54.09	7.8 %
Average Shares	32.50	32.50	-
EPS (Riyals)	1.54	1.66	7.8 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2009	254.19	13.2 %	74.44	0.8 %	18.53	36.4 %	0.57
Q2 2009	266.59	8.2 %	110.10	69.4 %	30.70	125.5 %	0.94
Q3 2009	254.59	14.2 %	94.62	57.6 %	35.85	1845.2 %	1.10
Q4 2009	247.15	8.2 %	86.17	35.4 %	118.16	3634.4 %	3.64
2009	1,022.53	10.9 %	365.33	39.1 %	203.23	618.1 %	6.25
Q1 2010	262.46	3.3 %	94.38	26.8 %	21.60	16.6 %	0.66
Q2 2010	277.20	4.0 %	92.91	(15.6 %)	33.98	10.7 %	1.05
Q3 2010	300.54	18.0 %	89.74	(5.2 %)	41.44	15.6 %	1.28
Q4 2010	294.21	19.0 %	91.09	5.7 %	32.52	(72.5 %)	1.00
2010	1,134.41	10.9 %	368.13	0.8 %	129.54	(36.3 %)	3.99
Q1 2011	329.86	25.7 %	105.79	12.1 %	27.29	26.4 %	0.84
Q2 2011	352.97	27.3 %	107.99	16.2 %	39.93	17.5 %	1.23
Q3 2011	342.41	13.9 %	102.65	14.4 %	42.59	2.8 %	1.31
Q4 2011	310.44	5.5 %	98.90	8.6 %	42.08	29.4 %	1.29
2011	1,335.69	17.7 %	415.32	12.8 %	151.88	17.2 %	4.67
Q1 2012	410.58	24.5 %	126.84	19.9 %	31.77	16.4 %	0.98
Q2 2012	386.82	9.6 %	121.53	12.5 %	46.06	15.4 %	1.42
Q3 2012	383.20	11.9 %	115.76	12.8 %	35.54	(16.6 %)	1.09
Q4 2012	368.43	18.7 %	110.90	12.1 %	50.89	21.0 %	1.57
2012	1,549.02	16.0 %	475.03	14.4 %	164.26	8.2 %	5.05
Q1 2013	427.85	4.2 %	128.47	1.3 %	32.89	3.5 %	1.01
Q2 2013	379.65	(1.9 %)	125.10	2.9 %	46.45	0.8 %	1.43
Q3 2013	358.83	(6.4 %)	117.99	1.9 %	38.69	8.9 %	1.19
Q4 2013	386.49	4.9 %	121.59	9.6 %	51.79	1.8 %	1.59
2013	1,552.82	0.2 %	493.14	3.8 %	169.82	3.4 %	5.23
Q1 2014	463.61	8.4 %	137.24	6.8 %	34.03	3.5 %	1.05
Q2 2014	431.30	13.6 %	129.56	3.6 %	47.63	2.6 %	1.47
Q3 2014	447.79	24.8 %	126.94	7.6 %	30.10	(22.2 %)	0.93
Q4 2014	464.18	20.1 %	158.54	30.4 %	29.19	(43.6 %)	0.90
2014	1,806.88	16.4 %	552.28	12.0 %	140.95	(17.0 %)	4.34
Q1 2015	520.68	12.3 %	179.73	31.0 %	58.29	71.3 %	1.79
Q2 2015	481.93	11.7 %	166.21	28.3 %	53.91	13.2 %	1.66
Q3 2015	496.12	10.8 %	171.89	35.4 %	68.13	126.4 %	2.10
Q4 2015	484.04	4.3 %	190.80	20.3 %	79.88	173.7 %	2.46
2015	1,982.76	9.7 %	708.64	28.3 %	260.21	84.6 %	8.01
Q1 2016	475.74	(8.6 %)	192.24	7.0 %	81.15	39.2 %	2.50
Q2 2016	445.03	(7.7 %)	171.79	3.4 %	80.85	50.0 %	2.49
Q3 2016	436.09	(12.1 %)	158.98	(7.5 %)	67.84	(0.4 %)	2.09
Q4 2016	430.00	(11.2 %)	167.25	(12.3 %)	73.84	(7.6 %)	2.27
2016	1,786.86	(9.9 %)	690.27	(2.6 %)	303.68	16.7 %	9.34
Q1 2017	452.83	(4.8 %)	175.18	(8.9 %)	77.07	(5.0 %)	2.37
Q2 2017	441.31	(0.8 %)	171.32	(0.3 %)	75.16	(7.0 %)	2.31
Q3 2017	419.93	(3.7 %)	149.44	(6.0 %)	58.52	(13.7 %)	1.80
Q4 2017	378.61	(11.9 %)	137.73	(17.7 %)	50.13	(32.1 %)	1.54
2017	1,692.68	(5.3 %)	633.68	(8.2 %)	260.88	(14.1 %)	8.03
Q1 2018	410.17	(9.4 %)	133.52	(23.8 %)	50.20	(34.9 %)	1.54
Q2 2018	476.62	8.0 %	145.83	(14.9 %)	54.09	(28.0 %)	1.66

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2008	922.27	5.9 %	262.59	(5.6 %)	28.30	(51.6 %)	0.87
2009	1,022.53	10.9 %	365.33	39.1 %	203.23	618.1 %	6.25
2010	1,134.41	10.9 %	368.13	0.8 %	129.54	(36.3 %)	3.99
2011	1,335.69	17.7 %	415.32	12.8 %	151.88	17.2 %	4.67
2012	1,549.02	16.0 %	475.03	14.4 %	164.26	8.2 %	5.05
2013	1,552.82	0.2 %	493.14	3.8 %	169.82	3.4 %	5.23
2014	1,806.88	16.4 %	552.28	12.0 %	140.95	(17.0 %)	4.34
2015	1,982.76	9.7 %	708.64	28.3 %	260.21	84.6 %	8.01
2016	1,786.86	(9.9 %)	690.27	(2.6 %)	303.68	16.7 %	9.34
2017	1,692.68	(5.3 %)	633.68	(8.2 %)	260.88	(14.1 %)	8.03

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	27.64 %	11.34 %	3.69 %
Q2 2009	31.71 %	13.20 %	5.31 %
Q3 2009	34.16 %	14.09 %	8.29 %
Q4 2009	35.73 %	15.94 %	10.66 %
2009	35.73 %	15.94 %	10.66 %
Q1 2010	37.38 %	16.00 %	10.82 %
Q2 2010	35.35 %	16.34 %	11.05 %
Q3 2010	33.40 %	15.92 %	11.69 %
Q4 2010	32.45 %	14.57 %	11.64 %
2010	32.45 %	14.57 %	11.64 %
Q1 2011	31.58 %	14.32 %	11.46 %
Q2 2011	30.89 %	13.80 %	11.25 %
Q3 2011	30.89 %	13.97 %	10.98 %
Q4 2011	31.09 %	14.58 %	11.37 %
2011	31.09 %	14.58 %	11.37 %
Q1 2012	30.81 %	14.31 %	11.04 %
Q2 2012	31.02 %	14.48 %	11.20 %
Q3 2012	31.05 %	13.93 %	10.42 %
Q4 2012	30.67 %	14.30 %	10.60 %
2012	30.67 %	14.30 %	10.60 %
Q1 2013	30.43 %	14.29 %	10.56 %
Q2 2013	30.80 %	14.72 %	10.63 %
Q3 2013	31.44 %	15.25 %	11.01 %
Q4 2013	31.76 %	15.51 %	10.94 %
2013	31.76 %	15.51 %	10.94 %
Q1 2014	31.60 %	15.58 %	10.76 %
Q2 2014	30.87 %	15.26 %	10.50 %
Q3 2014	29.80 %	14.13 %	9.46 %
Q4 2014	30.57 %	12.56 %	7.80 %
2014	30.57 %	12.56 %	7.80 %
Q1 2015	31.91 %	13.56 %	8.86 %
Q2 2015	32.98 %	13.61 %	8.96 %
Q3 2015	34.46 %	15.75 %	10.67 %
Q4 2015	35.74 %	18.05 %	13.12 %
2015	35.74 %	18.05 %	13.12 %
Q1 2016	37.21 %	19.66 %	14.61 %
Q2 2016	38.23 %	21.33 %	16.31 %
Q3 2016	38.78 %	21.64 %	16.82 %
Q4 2016	38.63 %	21.05 %	17.00 %
2016	38.63 %	21.06 %	17.00 %
Q1 2017	38.16 %	20.91 %	16.98 %
Q2 2017	38.22 %	20.43 %	16.70 %
Q3 2017	38.03 %	19.99 %	16.32 %
Q4 2017	37.44 %	20.13 %	15.41 %
2017	37.44 %	20.13 %	15.41 %
Q1 2018	35.88 %	18.82 %	14.18 %
Q2 2018	33.61 %	17.17 %	12.63 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2008	28.47 %	11.03 %	3.23 %
2009	35.73 %	15.94 %	10.66 %
2010	32.45 %	14.57 %	11.64 %
2011	31.09 %	14.58 %	11.37 %
2012	30.67 %	14.30 %	10.60 %
2013	31.76 %	15.51 %	10.94 %
2014	30.57 %	12.56 %	7.80 %
2015	35.74 %	18.05 %	13.12 %
2016	38.63 %	21.06 %	17.00 %
2017	37.44 %	20.13 %	15.41 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	29.29 %	11.76 %	7.50 %
Q2 2009	41.30 %	16.33 %	11.42 %
Q3 2009	37.17 %	16.29 %	11.57 %
Q4 2009	34.86 %	19.47 %	12.17 %
Q1 2010	35.96 %	12.13 %	8.23 %
Q2 2010	33.52 %	17.58 %	12.26 %
Q3 2010	29.86 %	14.78 %	13.79 %
Q4 2010	30.96 %	13.68 %	11.90 %
Q1 2011	32.07 %	11.73 %	8.27 %
Q2 2011	30.59 %	15.01 %	11.31 %
Q3 2011	29.98 %	15.30 %	12.44 %
Q4 2011	31.86 %	16.33 %	13.55 %
Q1 2012	30.89 %	11.36 %	7.74 %
Q2 2012	31.42 %	15.59 %	11.91 %
Q3 2012	30.21 %	13.06 %	9.27 %
Q4 2012	30.10 %	17.50 %	13.81 %
Q1 2013	30.03 %	11.45 %	7.69 %
Q2 2013	32.95 %	17.39 %	12.23 %
Q3 2013	32.88 %	15.22 %	10.78 %
Q4 2013	31.46 %	18.45 %	13.40 %
Q1 2014	29.60 %	11.97 %	7.34 %
Q2 2014	30.04 %	15.99 %	11.04 %
Q3 2014	28.35 %	10.85 %	6.72 %
Q4 2014	34.16 %	11.61 %	6.29 %
Q1 2015	34.52 %	15.62 %	11.20 %
Q2 2015	34.49 %	15.94 %	11.19 %
Q3 2015	34.65 %	19.57 %	13.73 %
Q4 2015	39.42 %	21.19 %	16.50 %
Q1 2016	40.41 %	21.95 %	17.06 %
Q2 2016	38.60 %	22.79 %	18.17 %
Q3 2016	36.46 %	20.63 %	15.56 %
Q4 2016	38.90 %	18.67 %	17.17 %
Q1 2017	38.69 %	21.45 %	17.02 %
Q2 2017	38.82 %	20.92 %	17.03 %
Q3 2017	35.59 %	18.81 %	13.93 %
Q4 2017	36.38 %	19.13 %	13.24 %
Q1 2018	32.55 %	16.30 %	12.24 %
Q2 2018	30.60 %	14.93 %	11.35 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2009	32.50	1.02	1.08	16.20
Q2 2009	32.50	1.55	1.59	17.48
Q3 2009	32.50	2.72	2.56	18.20
Q4 2009	32.50	6.25	3.35	20.51
Q1 2010	32.50	6.35	3.43	19.56
Q2 2010	32.50	6.45	3.54	20.66
Q3 2010	32.50	6.62	3.91	21.77
Q4 2010	32.50	3.99	4.06	22.46
Q1 2011	32.50	4.16	4.24	20.29
Q2 2011	32.50	4.34	4.42	21.53
Q3 2011	32.50	4.38	4.46	22.85
Q4 2011	32.50	4.67	4.67	24.10
Q1 2012	32.50	4.81	4.81	22.02
Q2 2012	32.50	5.00	5.00	23.45
Q3 2012	32.50	4.78	4.78	24.53
Q4 2012	32.50	5.05	5.05	26.12
Q1 2013	32.50	5.09	5.09	24.11
Q2 2013	32.50	5.10	5.10	25.52
Q3 2013	32.50	5.20	5.20	26.67
Q4 2013	32.50	5.23	5.23	28.35
Q1 2014	32.50	5.26	5.26	25.91
Q2 2014	32.50	5.30	5.30	27.37
Q3 2014	32.50	5.03	5.03	28.26
Q4 2014	32.50	4.34	4.34	29.17
Q1 2015	32.50	5.08	5.08	27.46
Q2 2015	32.50	5.28	5.28	29.12
Q3 2015	32.50	6.45	6.45	31.15
Q4 2015	32.50	8.01	8.01	33.61
Q1 2016	32.50	8.71	8.71	31.88
Q2 2016	32.50	9.54	9.54	34.42
Q3 2016	32.50	9.53	9.53	36.56
Q4 2016	32.50	9.34	9.34	38.80
Q1 2017	32.50	9.22	9.22	37.17
Q2 2017	32.50	9.04	9.04	39.49
Q3 2017	32.50	8.76	8.76	39.29
Q4 2017	32.50	8.03	8.03	40.65
Q1 2018	32.50	7.20	7.20	42.22
Q2 2018	32.50	6.55	6.55	41.16

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2008	32.50	0.87	0.92	15.46
2009	32.50	6.25	3.35	20.51
2010	32.50	3.99	4.06	22.46
2011	32.50	4.67	4.67	24.10
2012	32.50	5.05	5.05	26.12
2013	32.50	5.23	5.23	28.35
2014	32.50	4.34	4.34	29.17
2015	32.50	8.01	8.01	33.61
2016	32.50	9.34	9.34	38.80
2017	32.50	8.03	8.03	40.65

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2009	23.56	22.32	1.49
Q2 2009	22.02	21.48	1.95
Q3 2009	13.59	14.42	2.03
Q4 2009	6.75	12.58	2.06
Q1 2010	7.12	13.17	2.31
Q2 2010	6.36	11.57	1.98
Q3 2010	5.63	9.54	1.71
Q4 2010	10.61	10.41	1.88
Q1 2011	10.33	10.15	2.12
Q2 2011	10.31	10.13	2.08
Q3 2011	9.36	9.20	1.79
Q4 2011	9.89	9.89	1.92
Q1 2012	12.16	12.16	2.66
Q2 2012	11.30	11.30	2.41
Q3 2012	12.23	12.23	2.39
Q4 2012	12.81	12.81	2.48
Q1 2013	12.82	12.82	2.71
Q2 2013	17.01	17.01	3.40
Q3 2013	17.84	17.84	3.48
Q4 2013	16.51	16.51	3.04
Q1 2014	18.15	18.15	3.69
Q2 2014	19.06	19.06	3.69
Q3 2014	24.65	24.65	4.39
Q4 2014	27.42	27.42	4.08
Q1 2015	23.74	23.74	4.39
Q2 2015	27.09	27.09	4.91
Q3 2015	21.02	21.02	4.35
Q4 2015	13.99	13.99	3.33
Q1 2016	14.23	14.23	3.89
Q2 2016	15.61	15.61	4.33
Q3 2016	12.91	12.91	3.37
Q4 2016	13.33	13.33	3.21
Q1 2017	14.35	14.35	3.56
Q2 2017	13.73	13.73	3.14
Q3 2017	13.64	13.64	3.04
Q4 2017	16.31	16.31	3.22
Q1 2018	16.37	16.37	2.79
Q2 2018	14.38	14.38	2.29

Period	P/E	Adjusted P/E	Price/book
2008	19.98	18.98	1.13
2009	6.75	12.58	2.06
2010	10.61	10.41	1.88
2011	9.89	9.89	1.92
2012	12.81	12.81	2.48
2013	16.51	16.51	3.04
2014	27.42	27.42	4.08
2015	13.99	13.99	3.33
2016	13.33	13.33	3.21
2017	16.31	16.31	3.22

Business Segments (Million)

Compared With The

Period	Drinks	Non-drinks
Q1 2016	311.95	163.79
Q2 2016	306.89	138.14
Q3 2016	297.45	138.64
Q4 2016	298.79	131.17
Q1 2017	285.15	167.68
Q2 2017	304.61	136.70
Q3 2017	268.91	151.02
Q4 2017	270.84	107.78
Q1 2018	247.91	162.26
Q2 2018	278.67	197.96

Period	Drinks	Non-drinks
2016	1,215.07	571.74
2017	1,129.51	563.18

Financial Ratios

	Current
Market Cap (M Riyal)	11,979.50
Enterprise Value (EV) (M)	10,956.41
Shares Outstanding ((M))	32.50
EPS ( Riyal) (TTM)	-
Book Value (BV) ( Riyal)	56.43
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	-
P/E (TTM)	-
Price/book	6.53
Return on Average Assets (%) (TTM)	-
Return on Average Equity (%) (TTM)	-

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SADAFCO’s net profit falls 32% in H1 2018

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Share Price

Saudia Dairy and Foodstuff Co. (SADAFCO)

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) 2018 Q2

Financial Ratios

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SADAFCO’s net profit falls 32% in H1 2018

View other reports

Share Price

Saudia Dairy and Foodstuff Co. (SADAFCO)

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) Q2 2018

Revenue by Business Segment (Latest) 2018 Q2

Financial Ratios

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Business Segments (Million)