Jarir’s net profit declines marginally to SAR 456.9 mln in H1 2021

Jarir Marketing Co. reported a net profit after Zakat and tax of SAR 456.9 million for H1 2021, a marginal decline from SAR 460.1 million in the prior-year period

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	4,714.13	4,545.67	(3.6 %)
Gross Income	631.20	599.60	(5.0 %)
Operating Income	483.42	472.89	(2.2 %)
Net Income	460.08	456.88	(0.7 %)
Average Shares	1,200.00	1,200.00	-
EPS (Riyals)	0.38	0.38	(0.7 %)

The decline was attributed to lower sales, which fell 3.6% year-on-year (YoY).

This was offset by a decrease in general and administrative expenses, along with lower selling and marketing expenses, and non-operating expenses. The firm also noted an increase in other income.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	2,373.92	2,015.28	(15.1 %)
Gross Income	303.74	262.03	(13.7 %)
Operating Income	218.90	195.98	(10.5 %)
Net Income	208.39	189.24	(9.2 %)
Average Shares	1,200.00	1,200.00	-
EPS (Riyals)	0.17	0.16	(9.2 %)

Item	Q1 2021	Q2 2021	Change‬
Revenues	2,530.39	2,015.28	(20.4 %)
Gross Income	337.57	262.03	(22.4 %)
Operating Income	276.92	195.98	(29.2 %)
Net Income	267.64	189.24	(29.3 %)
Average Shares	1,200.00	1,200.00	-
EPS (Riyals)	0.22	0.16	(29.3 %)

In Q2 2021, Jarir’s net profit after Zakat and tax fell 9% YoY to SAR 189.2 million, due to lower online sales.

When compared to the previous quarter, Q2 2021 net profit slumped 29.3%.

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Share Price

Jarir Marketing Co. (JARIR)

	Current
Market Cap (M Riyal)	15,600.00
Enterprise Value (EV) (M)	15,289.26
Shares Outstanding ((M))	1,200.00
EPS ( Riyal) (TTM)	0.81
Book Value (BV) ( Riyal)	1.48
Par Value ( Riyal)	1.00
Adjusted P/E (Last12)	16.05
P/E (TTM)	16.05
Price/book	8.77
Return on Average Assets (%) (TTM)	23.5
Return on Average Equity (%) (TTM)	54.3

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2012	1,196.21	26.5 %	190.19	16.9 %	160.77	18.6 %
Q2 2012	1,065.83	10.1 %	137.29	7.4 %	106.17	9.2 %
Q3 2012	1,189.84	(1.6 %)	193.39	5.1 %	160.05	6.1 %
Q4 2012	1,182.34	15.4 %	173.24	8.9 %	135.00	9.9 %
2012	4,634.22	11.7 %	694.11	9.5 %	561.99	10.9 %
Q1 2013	1,329.98	11.2 %	210.75	10.8 %	179.70	11.8 %
Q2 2013	1,258.28	18.1 %	163.93	19.4 %	127.32	19.9 %
Q3 2013	1,334.15	12.1 %	218.87	13.2 %	184.54	15.3 %
Q4 2013	1,320.26	11.7 %	200.80	15.9 %	156.49	15.9 %
2013	5,242.67	13.1 %	794.36	14.4 %	648.03	15.3 %
Q1 2014	1,398.85	5.2 %	235.05	11.5 %	199.92	11.3 %
Q2 2014	1,289.43	2.5 %	173.66	5.9 %	133.31	4.7 %
Q3 2014	1,426.25	6.9 %	237.37	8.5 %	201.05	9.0 %
Q4 2014	1,584.20	20.0 %	240.39	19.7 %	192.53	23.0 %
2014	5,698.72	8.7 %	886.48	11.6 %	726.82	12.2 %
Q1 2015	1,909.51	36.5 %	283.51	20.6 %	243.11	21.6 %
Q2 2015	1,405.76	9.0 %	191.37	10.2 %	151.70	13.8 %
Q3 2015	1,536.06	7.7 %	253.41	6.8 %	215.98	7.4 %
Q4 2015	1,524.05	(3.8 %)	243.74	1.4 %	197.91	2.8 %
2015	6,375.38	11.9 %	972.03	9.7 %	808.70	11.3 %
Q1 2016	1,417.43	(25.8 %)	214.77	(24.2 %)	166.73	(31.4 %)
Q2 2016	1,390.74	(1.1 %)	162.76	(15.0 %)	116.18	(23.4 %)
Q3 2016	1,520.93	(1.0 %)	252.93	(0.2 %)	215.03	(0.4 %)
Q4 2016	1,793.46	17.7 %	244.80	0.4 %	210.11	6.2 %
2016	6,122.56	(4.0 %)	875.76	(9.9 %)	710.48	(12.1 %)
Q1 2017	1,704.95	20.3 %	247.38	15.2 %	212.94	27.7 %
Q2 2017	1,584.80	14.0 %	192.72	18.4 %	133.22	14.7 %
Q3 2017	1,651.79	8.6 %	290.72	14.9 %	242.42	12.7 %
Q4 2017	2,000.39	11.5 %	306.42	25.2 %	246.19	17.2 %
2017	6,941.94	13.4 %	1,037.24	18.4 %	834.77	17.5 %
Q1 2018	1,599.42	(6.2 %)	242.67	(1.9 %)	210.02	(1.4 %)
Q2 2018	1,693.32	6.8 %	212.53	10.3 %	156.44	17.4 %
Q3 2018	1,932.08	17.0 %	338.56	16.5 %	285.09	17.6 %
Q4 2018	2,136.90	6.8 %	320.07	4.5 %	261.97	6.4 %
2018	7,361.72	6.0 %	1,113.82	7.4 %	913.52	9.4 %
Q1 2019	1,886.64	18.0 %	302.14	24.5 %	248.14	18.2 %
Q2 2019	1,892.58	11.8 %	233.90	10.1 %	178.46	14.1 %
Q3 2019	2,251.23	16.5 %	389.14	14.9 %	314.68	10.4 %
Q4 2019	2,394.06	12.0 %	348.00	8.7 %	280.44	7.0 %
2019	8,424.51	14.4 %	1,273.17	14.3 %	1,021.72	11.8 %
Q1 2020	2,340.22	24.0 %	327.46	8.4 %	264.51	6.6 %
Q2 2020	2,373.92	25.4 %	303.74	29.9 %	218.90	22.7 %
Q3 2020	2,037.85	(9.5 %)	334.46	(14.1 %)	265.06	(15.8 %)
Q4 2020	2,553.83	6.7 %	362.96	4.3 %	304.52	8.6 %
2020	9,305.81	10.5 %	1,328.61	4.4 %	1,052.99	3.1 %
Q1 2021	2,530.39	8.1 %	337.57	3.1 %	276.92	4.7 %
Q2 2021	2,015.28	(15.1 %)	262.03	(13.7 %)	195.98	(10.5 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2011	4,147.31	37.6 %	633.62	26.3 %	506.53	28.0 %
2012	4,634.22	11.7 %	694.11	9.5 %	561.99	10.9 %
2013	5,242.67	13.1 %	794.36	14.4 %	648.03	15.3 %
2014	5,698.72	8.7 %	886.48	11.6 %	726.82	12.2 %
2015	6,375.38	11.9 %	972.03	9.7 %	808.70	11.3 %
2016	6,122.56	(4.0 %)	875.76	(9.9 %)	710.48	(12.1 %)
2017	6,941.94	13.4 %	1,037.24	18.4 %	834.77	17.5 %
2018	7,361.72	6.0 %	1,113.82	7.4 %	913.52	9.4 %
2019	8,424.51	14.4 %	1,273.17	14.3 %	1,021.72	11.8 %
2020	9,305.81	10.5 %	1,328.61	4.4 %	1,052.99	3.1 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2012	164.23	20.1 %	0.14	-	164.23	0.14
Q2 2012	106.98	8.6 %	0.09	-	106.98	0.09
Q3 2012	160.71	5.1 %	0.13	-	160.71	0.13
Q4 2012	137.91	10.5 %	0.11	-	137.91	0.11
2012	569.82	11.1 %	0.47	-	569.82	0.47
Q1 2013	180.84	10.1 %	0.15	-	180.84	0.15
Q2 2013	126.22	18.0 %	0.11	-	126.22	0.11
Q3 2013	186.19	15.9 %	0.16	-	186.19	0.16
Q4 2013	160.03	16.0 %	0.13	-	160.03	0.13
2013	653.26	14.6 %	0.54	-	653.26	0.54
Q1 2014	201.33	11.3 %	0.17	-	201.33	0.17
Q2 2014	135.23	7.1 %	0.11	-	135.23	0.11
Q3 2014	203.00	9.0 %	0.17	-	203.00	0.17
Q4 2014	205.81	28.6 %	0.17	-	205.81	0.17
2014	745.37	14.1 %	0.62	-	745.37	0.62
Q1 2015	247.02	22.7 %	0.21	-	247.02	0.21
Q2 2015	154.86	14.5 %	0.13	-	154.86	0.13
Q3 2015	218.50	7.6 %	0.18	-	218.50	0.18
Q4 2015	208.09	1.1 %	0.17	-	208.09	0.17
2015	828.47	11.1 %	0.69	-	828.47	0.69
Q1 2016	174.96	(29.2 %)	0.15	-	174.96	0.15
Q2 2016	126.48	(18.3 %)	0.11	-	126.48	0.11
Q3 2016	217.92	(0.3 %)	0.18	(4.00)	221.92	0.18
Q4 2016	215.32	3.5 %	0.18	-	215.32	0.18
2016	734.31	(11.4 %)	0.61	(4.00)	738.31	0.62
Q1 2017	221.44	26.6 %	0.18	-	221.44	0.18
Q2 2017	147.76	16.8 %	0.12	7.40	140.36	0.12
Q3 2017	246.53	13.1 %	0.21	-	246.53	0.21
Q4 2017	251.93	17.0 %	0.21	-	251.93	0.21
2017	867.66	18.2 %	0.72	7.40	860.26	0.72
Q1 2018	219.10	(1.1 %)	0.18	-	219.10	0.18
Q2 2018	162.59	10.0 %	0.14	-	162.59	0.14
Q3 2018	288.00	16.8 %	0.24	-	288.00	0.24
Q4 2018	290.31	15.2 %	0.24	-	290.31	0.24
2018	959.99	10.6 %	0.80	-	959.99	0.80
Q1 2019	233.69	6.7 %	0.19	-	233.69	0.19
Q2 2019	169.13	4.0 %	0.14	-	169.13	0.14
Q3 2019	304.97	5.9 %	0.25	-	304.97	0.25
Q4 2019	276.94	(4.6 %)	0.23	-	276.94	0.23
2019	984.73	2.6 %	0.82	-	984.73	0.82
Q1 2020	251.69	7.7 %	0.21	-	251.69	0.21
Q2 2020	208.39	23.2 %	0.17	-	208.39	0.17
Q3 2020	255.24	(16.3 %)	0.21	-	255.24	0.21
Q4 2020	287.67	3.9 %	0.24	-	287.67	0.24
2020	1,002.99	1.9 %	0.84	-	1,002.99	0.84
Q1 2021	267.64	6.3 %	0.22	-	267.64	0.22
Q2 2021	189.24	(9.2 %)	0.16	-	189.24	0.16

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2011	512.99	28.0 %	0.43	-	512.99	0.43
2012	569.82	11.1 %	0.47	-	569.82	0.47
2013	653.26	14.6 %	0.54	-	653.26	0.54
2014	745.37	14.1 %	0.62	-	745.37	0.62
2015	828.47	11.1 %	0.69	-	828.47	0.69
2016	734.31	(11.4 %)	0.61	(4.00)	738.31	0.62
2017	867.66	18.2 %	0.72	7.40	860.26	0.72
2018	959.99	10.6 %	0.80	-	959.99	0.80
2019	984.73	2.6 %	0.82	-	984.73	0.82
2020	1,002.99	1.9 %	0.84	-	1,002.99	0.84

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
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 %
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 %
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 %
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 %
2016	14.30 %	12.30 %	12.06 %
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 %
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 %
Q1 2019	15.34 %	13.45 %	12.74 %
Q2 2019	15.22 %	13.68 %	12.50 %
Q3 2019	15.25 %	13.76 %	12.22 %
Q4 2019	15.11 %	13.85 %	11.69 %
2019	15.11 %	13.85 %	11.69 %
Q1 2020	14.63 %	13.37 %	11.29 %
Q2 2020	14.62 %	13.11 %	11.13 %
Q3 2020	14.36 %	12.93 %	10.85 %
Q4 2020	14.28 %	13.00 %	10.78 %
2020	14.28 %	13.00 %	10.78 %
Q1 2021	14.10 %	12.87 %	10.73 %
Q2 2021	14.19 %	13.18 %	10.94 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2011	15.28 %	12.72 %	12.37 %
2012	14.98 %	12.59 %	12.30 %
2013	15.15 %

Jarir’s net profit declines marginally to SAR 456.9 mln in H1 2021

Financials (M)

Current Quarter Comparison (M)

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Share Price

Jarir Marketing Co. (JARIR)

Financial Ratios

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability