Jarir net profit rises 10% in FY18

30/01/2019 Argaam Exclusive

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Share Price

Jarir Marketing Co.
13.08
(0.04) (0.30 %)

Jarir Marketing Co. (JARIR)

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Jarir Marketing Co. reported a net profit of SAR 960 million for fiscal year 2018, up 10.6 percent year-on-year (YoY) on higher sales especially of electronics.



Financials (M)

Item 2017 2018 Change‬
Revenues 6,941.94 7,361.72 6.0 %
Gross Income 1,037.24 1,113.82 7.4 %
Operating Income 834.77 913.52 9.4 %
Net Income 867.66 959.99 10.6 %
Average Shares 1,200.00 1,200.00 -
EPS (Riyals) 0.72 0.80 10.6 %

The company also attributed the rise in profit to the increased number of showrooms to 55 stores from 50, during the year.

 

An improvement in profit margins, higher other income, and lower selling and marketing expenses also helped boost Jarir’s fiscal earnings.



Current Quarter Comparison (M)

Compared With The
Item Q4 2017 Q4 2018 Change‬
Revenues 2,000.39 2,136.90 6.8 %
Gross Income 306.42 320.07 4.5 %
Operating Income 246.19 261.97 6.4 %
Net Income 251.93 290.31 15.2 %
Average Shares 1,200.00 1,200.00 -
EPS (Riyals) 0.21 0.24 15.2 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2009 662.06 10.8 % 126.50 4.8 % 107.45 10.6 % 0.09
Q2 2009 572.96 (7.2 %) 102.47 12.0 % 72.41 8.0 % 0.06
Q3 2009 595.80 (6.4 %) 120.53 9.7 % 90.64 2.5 % 0.08
Q4 2009 724.48 8.4 % 136.87 21.2 % 103.47 29.0 % 0.09
Q1 2010 795.47 20.2 % 142.97 13.0 % 118.49 10.3 % 0.10
Q2 2010 671.97 17.3 % 98.82 (3.6 %) 75.77 4.6 % 0.06
Q3 2010 735.32 23.4 % 126.84 5.2 % 102.87 13.5 % 0.09
Q4 2010 811.80 12.1 % 132.95 (2.9 %) 103.62 0.1 % 0.09
Q1 2011 945.63 18.9 % 162.68 13.8 % 136.77 15.4 % 0.11
Q2 2011 968.26 44.1 % 127.80 29.3 % 98.52 30.0 % 0.08
Q3 2011 1,208.91 64.4 % 183.99 45.1 % 152.88 48.6 % 0.13
Q4 2011 1,024.52 26.2 % 159.15 19.7 % 124.82 20.5 % 0.10
Q1 2012 1,196.21 26.5 % 190.19 16.9 % 164.23 20.1 % 0.14
Q2 2012 1,065.83 10.1 % 137.29 7.4 % 106.98 8.6 % 0.09
Q3 2012 1,189.84 (1.6 %) 193.39 5.1 % 160.71 5.1 % 0.13
Q4 2012 1,182.34 15.4 % 173.24 8.9 % 137.91 10.5 % 0.11
Q1 2013 1,329.98 11.2 % 210.75 10.8 % 180.84 10.1 % 0.15
Q2 2013 1,258.28 18.1 % 163.93 19.4 % 126.22 18.0 % 0.11
Q3 2013 1,334.15 12.1 % 218.87 13.2 % 186.19 15.9 % 0.16
Q4 2013 1,320.26 11.7 % 200.80 15.9 % 160.03 16.0 % 0.13
Q1 2014 1,398.85 5.2 % 235.05 11.5 % 201.33 11.3 % 0.17
Q2 2014 1,289.43 2.5 % 173.66 5.9 % 135.23 7.1 % 0.11
Q3 2014 1,426.25 6.9 % 237.37 8.5 % 203.00 9.0 % 0.17
Q4 2014 1,584.20 20.0 % 240.39 19.7 % 205.81 28.6 % 0.17
Q1 2015 1,909.51 36.5 % 283.51 20.6 % 247.02 22.7 % 0.21
Q2 2015 1,405.76 9.0 % 191.37 10.2 % 154.86 14.5 % 0.13
Q3 2015 1,536.06 7.7 % 253.41 6.8 % 218.50 7.6 % 0.18
Q4 2015 1,524.05 (3.8 %) 243.74 1.4 % 208.09 1.1 % 0.17
Q1 2016 1,417.43 (25.8 %) 214.77 (24.2 %) 174.96 (29.2 %) 0.15
Q2 2016 1,390.74 (1.1 %) 162.76 (15.0 %) 126.48 (18.3 %) 0.11
Q3 2016 1,520.93 (1.0 %) 252.93 (0.2 %) 217.92 (0.3 %) 0.18
Q4 2016 1,793.46 17.7 % 244.80 0.4 % 215.32 3.5 % 0.18
Q1 2017 1,704.95 20.3 % 247.38 15.2 % 221.44 26.6 % 0.18
Q2 2017 1,584.80 14.0 % 192.72 18.4 % 147.76 16.8 % 0.12
Q3 2017 1,651.79 8.6 % 290.72 14.9 % 246.53 13.1 % 0.21
Q4 2017 2,000.39 11.5 % 306.42 25.2 % 251.93 17.0 % 0.21
Q1 2018 1,599.42 (6.2 %) 242.67 (1.9 %) 219.10 (1.1 %) 0.18
Q2 2018 1,693.32 6.8 % 212.53 10.3 % 162.59 10.0 % 0.14
Q3 2018 1,932.08 17.0 % 338.56 16.5 % 288.00 16.8 % 0.24
Q4 2018 2,136.90 6.8 % 320.07 4.5 % 290.31 15.2 % 0.24
2018 7,361.72 6.0 % 1,113.82 7.4 % 959.99 10.6 % 0.80

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2009 17.06 % 14.32 % 13.28 %
Q2 2009 17.79 % 14.97 % 13.72 %
Q3 2009 18.50 % 15.33 % 14.03 %
Q4 2009 19.03 % 15.78 % 14.64 %
Q1 2010 18.70 % 15.42 % 14.32 %
Q2 2010 17.91 % 14.74 % 13.93 %
Q3 2010 17.27 % 14.34 % 13.68 %
Q4 2010 16.64 % 13.78 % 13.29 %
Q1 2011 16.47 % 13.70 % 13.24 %
Q2 2011 15.90 % 13.17 % 12.76 %
Q3 2011 15.44 % 12.82 % 12.50 %
Q4 2011 15.28 % 12.72 % 12.37 %
Q1 2012 15.03 % 12.57 % 12.29 %
Q2 2012 14.92 % 12.52 % 12.21 %
Q3 2012 15.19 % 12.79 % 12.44 %
Q4 2012 14.98 % 12.59 % 12.30 %
Q1 2013 14.99 % 12.66 % 12.30 %
Q2 2013 14.94 % 12.59 % 12.21 %
Q3 2013 15.02 % 12.69 % 12.36 %
Q4 2013 15.15 % 12.70 % 12.46 %
Q1 2014 15.41 % 12.97 % 12.68 %
Q2 2014 15.51 % 13.03 % 12.78 %
Q3 2014 15.58 % 13.14 % 12.87 %
Q4 2014 15.56 % 13.18 % 13.08 %
Q1 2015 15.06 % 12.79 % 12.74 %
Q2 2015 15.06 % 12.84 % 12.82 %
Q3 2015 15.05 % 12.90 % 12.84 %
Q4 2015 15.25 % 13.19 % 12.99 %
Q1 2016 15.35 % 13.10 % 12.86 %
Q2 2016 14.91 % 12.59 % 12.41 %
Q3 2016 14.94 % 12.65 % 12.50 %
Q4 2016 14.30 % 12.26 % 12.07 %
Q1 2017 14.16 % 12.40 % 12.25 %
Q2 2017 14.20 % 12.33 % 12.10 %
Q3 2017 14.49 % 12.50 % 12.23 %
Q4 2017 14.94 % 12.73 % 12.39 %
Q1 2018 15.10 % 12.90 % 12.55 %
Q2 2018 15.15 % 13.07 % 12.67 %
Q3 2018 15.23 % 13.18 % 12.76 %
Q4 2018 15.13 % 13.18 % 13.04 %
2018 15.13 % 13.18 % 13.04 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2009 1,200.00 0.29 0.29 0.55
Q2 2009 1,200.00 0.29 0.29 0.55
Q3 2009 1,200.00 0.29 0.29 0.57
Q4 2009 1,200.00 0.31 0.31 0.60
Q1 2010 1,200.00 0.32 0.32 0.62
Q2 2010 1,200.00 0.32 0.32 0.61
Q3 2010 1,200.00 0.33 0.33 0.64
Q4 2010 1,200.00 0.33 0.33 0.66
Q1 2011 1,200.00 0.35 0.35 0.71
Q2 2011 1,200.00 0.37 0.37 0.70
Q3 2011 1,200.00 0.41 0.41 0.76
Q4 2011 1,200.00 0.43 0.43 0.76
Q1 2012 1,200.00 0.45 0.45 0.81
Q2 2012 1,200.00 0.46 0.46 0.79
Q3 2012 1,200.00 0.46 0.46 0.86
Q4 2012 1,200.00 0.47 0.47 0.86
Q1 2013 1,200.00 0.49 0.49 0.91
Q2 2013 1,200.00 0.50 0.50 0.90
Q3 2013 1,200.00 0.53 0.53 0.97
Q4 2013 1,200.00 0.54 0.54 0.98
Q1 2014 1,200.00 0.56 0.56 1.04
Q2 2014 1,200.00 0.57 0.57 1.02
Q3 2014 1,200.00 0.58 0.58 1.10
Q4 2014 1,200.00 0.62 0.62 1.13
Q1 2015 1,200.00 0.66 0.66 1.20
Q2 2015 1,200.00 0.68 0.68 1.16
Q3 2015 1,200.00 0.69 0.69 1.23
Q4 2015 1,200.00 0.69 0.69 1.25
Q1 2016 1,200.00 0.63 0.63 1.23
Q2 2016 1,200.00 0.61 0.61 1.23
Q3 2016 1,200.00 0.61 0.61 1.29
Q4 2016 1,200.00 0.61 0.62 1.25
Q1 2017 1,200.00 0.65 0.65 1.27
Q2 2017 1,200.00 0.67 0.67 1.23
Q3 2017 1,200.00 0.69 0.69 1.33
Q4 2017 1,200.00 0.72 0.72 1.36
Q1 2018 1,200.00 0.72 0.71 1.35
Q2 2018 1,200.00 0.73 0.73 1.30
Q3 2018 1,200.00 0.77 0.77 1.41
Q4 2018 1,200.00 0.80 0.80 1.42

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 14.84 14.84 7.72
Q2 2009 15.10 15.10 8.01
Q3 2009 15.54 15.54 7.93
Q4 2009 14.31 14.31 7.40
Q1 2010 15.09 15.09 7.75
Q2 2010 16.07 16.07 8.51
Q3 2010 15.88 15.88 8.22
Q4 2010 15.07 15.07 7.57
Q1 2011 13.70 13.70 6.72
Q2 2011 15.96 15.96 8.34
Q3 2011 13.95 13.95 7.48
Q4 2011 16.29 16.29 9.22
Q1 2012 17.10 17.10 9.48
Q2 2012 16.51 16.51 9.54
Q3 2012 16.57 16.57 8.99
Q4 2012 16.35 16.35 9.08
Q1 2013 16.73 16.73 8.95
Q2 2013 19.12 19.12 10.74
Q3 2013 21.98 21.98 11.93
Q4 2013 21.91 21.91 12.20
Q1 2014 27.52 27.52 14.86
Q2 2014 25.93 25.93 14.50
Q3 2014 25.92 25.92 13.78
Q4 2014 22.43 22.43 12.30
Q1 2015 25.01 25.01 13.73
Q2 2015 24.53 24.53 14.28
Q3 2015 19.60 19.60 10.94
Q4 2015 17.37 17.37 9.57
Q1 2016 13.47 13.47 6.90
Q2 2016 14.55 14.55 7.19
Q3 2016 11.47 11.41 5.38
Q4 2016 14.14 14.07 6.91
Q1 2017 15.56 15.48 7.95
Q2 2017 16.44 16.51 8.93
Q3 2017 16.68 16.83 8.70
Q4 2017 15.22 15.35 8.12
Q1 2018 18.40 18.56 9.86
Q2 2018 18.18 18.18 10.24
Q3 2018 17.87 17.87 9.76
Q4 2018 19.00 19.00 10.73

Business Segments (Million)

Compared With The
Period Retail sector Wholesale sector Other sectors
Q1 2009 562.00 100.00 -
Q2 2009 530.00 43.00 -
Q3 2009 501.00 95.00 -
Q4 2009 663.00 61.00 -
Q1 2010 678.00 117.00 -
Q2 2010 627.00 45.00 -
Q3 2010 623.00 113.00 -
Q4 2010 753.00 59.00 -
Q1 2011 827.00 119.00 -
Q2 2011 917.00 51.00 -
Q3 2011 1,067.00 142.00 -
Q4 2011 960.00 64.00 -
Q1 2012 1,070.00 126.00 -
Q2 2012 1,009.00 57.00 -
Q3 2012 1,034.00 156.00 -
Q4 2012 1,092.00 90.00 -
Q1 2013 1,224.00 106.00 -
Q2 2013 1,203.00 55.00 -
Q3 2013 1,173.00 161.00 -
Q4 2013 1,229.00 92.00 -
Q1 2014 1,275.00 124.00 -
Q2 2014 1,230.00 59.00 -
Q3 2014 1,252.00 175.00 -
Q4 2014 1,486.00 98.00 -
Q1 2015 1,783.00 127.00 -
Q2 2015 1,345.00 60.00 -
Q3 2015 1,367.00 169.00 -
Q4 2015 1,397.00 127.00 -
Q1 2016 1,293.00 85.00 39.00
Q2 2016 1,303.00 50.00 38.00
Q3 2016 1,326.00 150.00 45.00
Q4 2016 1,673.00 71.00 50.00
Q1 2017 1,530.00 133.00 42.00
Q2 2017 1,497.00 43.00 45.00
Q3 2017 1,446.00 154.00 52.00
Q4 2017 1,772.00 121.00 107.00
Q1 2018 1,487.00 61.00 51.00
Q2 2018 1,596.00 35.00 63.00
Q3 2018 1,667.00 158.00 107.00
Q4 2018 1,873.00 118.00 146.00

Analysts Estimates (Million)

Item Q4 2018 (e) Q4 2018 (a) Change‬
Average 269.90 290.31 7.56 %

Estimates vs Actual (Million)

Item Q4 2018 (e) Q4 2018 (a) Change
Sico 290.00 290.31 0.1 %
SNB Capital 273.00 290.31 6.3 %
Al Rajhi Capital 265.00 290.31 9.6 %
Riyad Capital 263.00 290.31 10.4 %
OSOOL AND BAKHEET 258.50 290.31 12.3 %


Financial Ratios
Current
Market Cap (M Riyal) 15,696.00
Enterprise Value (EV) (M) 15,845.93
Shares Outstanding ((M)) 1,200.00
EPS ( Riyal) (TTM) 0.79
Book Value (BV) ( Riyal) 1.42
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 16.62
P/E (TTM) 16.62
Price/book 9.18
Return on Average Assets (%) (TTM) 22.8
Return on Average Equity (%) (TTM) 54.2
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