Thimar’s net profit jumps 20% in 9M 2017

09/11/2017 Argaam Exclusive

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National Agriculture Marketing Co. (Thimar) reported a net profit of SAR 6.7 million for the first nine months of 2017, a rise of 20.5 percent year-on-year (YoY) due to higher sales, opening of new stores and lower cost of goods sold.



Financials (M)

Item 9m 2016 9m 2017 Change‬
Revenues 114.44 115.52 0.9 %
Gross Income 28.48 35.64 25.2 %
Operating Income 5.43 6.79 24.9 %
Net Income 5.60 6.75 20.5 %
Average Shares 3.87 3.87 -
EPS (Riyals) 1.45 1.74 20.5 %

The company’s net profit in Q3 2017 climbed by 73 percent YoY to SAR 2.2 million on a rise in sales.

 

When compared to the previous quarter, net profit, however, dropped by 26 percent, due to a decline in sales and profit margins along with flat cost of sales.



Current Quarter Comparison (M)

Compared With The
Item Q3 2016 Q3 2017 Change‬
Revenues 33.80 39.21 16.0 %
Gross Income 7.77 14.35 84.8 %
Operating Income 1.16 3.12 168.2 %
Net Income 1.30 2.25 73.1 %
Average Shares 3.87 3.87 -
EPS (Riyals) 0.34 0.58 73.1 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2008 31.26 19.4 % 6.21 7.8 % (0.95) (283.2 %) (0.25)
Q2 2008 37.72 33.0 % 7.51 43.0 % 2.12 184.4 % 0.55
Q3 2008 35.95 4.3 % 6.84 5.2 % (3.66) (281.5 %) (0.95)
Q4 2008 41.16 26.0 % 6.32 7.5 % (7.74) (240.4 %) (2.00)
Q1 2009 35.50 13.6 % 5.71 (8.0 %) (1.51) (58.9 %) (0.39)
Q2 2009 32.64 (13.5 %) 2.25 (70.1 %) (4.31) (303.6 %) (1.11)
Q3 2009 33.43 (7.0 %) 3.78 (44.8 %) (2.21) 39.6 % (0.57)
Q4 2009 29.95 (27.2 %) 5.21 (17.6 %) (2.60) 66.4 % (0.67)
Q1 2010 25.17 (29.1 %) 5.40 (5.5 %) (1.51) (0.0 %) (0.39)
Q2 2010 16.88 (48.3 %) 6.08 170.7 % 0.15 103.4 % 0.04
Q3 2010 18.89 (43.5 %) 1.27 (66.5 %) (5.40) (144.2 %) (1.40)
Q4 2010 14.86 (50.4 %) (3.83) (173.5 %) (12.34) (374.5 %) (3.19)
Q1 2011 10.25 (59.3 %) 1.56 (71.1 %) (2.05) (35.8 %) (0.53)
Q2 2011 12.97 (23.1 %) 2.22 (63.5 %) (3.07) (2193.9 %) (0.79)
Q3 2011 16.56 (12.3 %) 2.52 99.2 % (1.06) 80.5 % (0.27)
Q4 2011 15.06 1.3 % 1.85 148.3 % 10.79 187.5 % 2.79
Q1 2012 15.82 54.4 % 2.99 91.8 % (0.87) 57.6 % (0.22)
Q2 2012 21.78 67.9 % 4.41 98.9 % 0.36 111.8 % 0.09
Q3 2012 22.38 35.1 % 4.43 75.7 % 0.60 157.1 % 0.16
Q4 2012 21.73 44.3 % 5.14 178.2 % 0.93 (91.3 %) 0.24
Q1 2013 24.11 52.4 % 4.49 50.2 % 2.56 394.8 % 0.66
Q2 2013 26.46 21.5 % 5.73 29.9 % 2.77 663.1 % 0.72
Q3 2013 27.44 22.6 % 5.55 25.3 % 3.05 405.8 % 0.79
Q4 2013 34.25 57.6 % 9.39 82.5 % 5.21 457.9 % 1.35
Q1 2014 44.65 85.2 % 8.62 91.9 % 6.01 134.4 % 1.55
Q2 2014 33.35 26.0 % 9.18 60.1 % 3.01 8.8 % 0.78
Q3 2014 31.21 13.7 % 8.73 57.1 % 3.43 12.4 % 0.89
Q4 2014 33.29 (2.8 %) 6.39 (31.9 %) 5.11 (1.9 %) 1.32
Q1 2015 27.87 (37.6 %) 9.80 13.7 % 38.86 546.7 % 10.05
Q2 2015 37.24 11.6 % 7.44 (18.9 %) 2.50 (16.9 %) 0.65
Q3 2015 32.98 5.7 % 7.86 (9.9 %) 1.39 (59.4 %) 0.36
Q4 2015 36.55 9.8 % 4.61 (27.8 %) 2.08 (59.3 %) 0.54
Q1 2016 37.37 34.1 % 8.46 (13.7 %) 2.28 (94.1 %) 0.59
Q2 2016 43.27 16.2 % 12.25 64.6 % 2.02 (19.1 %) 0.52
Q3 2016 33.80 2.5 % 7.77 (1.2 %) 1.30 (6.8 %) 0.34
Q4 2016 28.76 (21.3 %) 0.41 (91.2 %) (6.13) (394.2 %) (1.58)
Q1 2017 35.01 (6.3 %) 9.22 9.0 % 1.47 (35.3 %) 0.38
Q2 2017 41.30 (4.5 %) 12.07 (1.5 %) 3.03 49.7 % 0.78
Q3 2017 39.21 16.0 % 14.35 84.8 % 2.25 73.1 % 0.58

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2008 18.81 % 0.13 % 0.86 %
Q2 2008 19.17 % 2.15 % 4.20 %
Q3 2008 19.21 % 2.14 % 2.19 %
Q4 2008 18.40 % (0.53 %) (7.01 %)
Q1 2009 17.55 % (0.86 %) (7.18 %)
Q2 2009 14.54 % (5.48 %) (11.86 %)
Q3 2009 12.65 % (7.67 %) (11.05 %)
Q4 2009 12.88 % (7.76 %) (8.09 %)
Q1 2010 13.72 % (9.04 %) (8.78 %)
Q2 2010 19.40 % (4.92 %) (5.86 %)
Q3 2010 19.74 % (7.82 %) (10.30 %)
Q4 2010 11.76 % (22.06 %) (25.21 %)
Q1 2011 8.34 % (27.83 %) (32.27 %)
Q2 2011 2.14 % (31.95 %) (40.13 %)
Q3 2011 4.52 % (28.76 %) (34.33 %)
Q4 2011 14.86 % (18.98 %) (26.86 %)
Q1 2012 15.86 % (14.97 %) (22.42 %)
Q2 2012 17.01 % (9.94 %) (14.61 %)
Q3 2012 18.24 % (4.52 %) (10.95 %)
Q4 2012 20.78 % 5.60 % 1.26 %
Q1 2013 20.54 % 6.43 % 2.46 %
Q2 2013 20.91 % 6.59 % 2.80 %
Q3 2013 20.98 % 6.70 % 3.04 %
Q4 2013 22.42 % 8.19 % 4.43 %
Q1 2014 22.06 % 8.79 % 5.59 %
Q2 2014 23.44 % 9.60 % 6.46 %
Q3 2014 25.04 % 9.98 % 6.77 %
Q4 2014 23.10 % 9.48 % 6.49 %
Q1 2015 27.12 % 11.28 % 8.11 %
Q2 2015 24.97 % 9.66 % 7.94 %
Q3 2015 23.97 % 9.19 % 7.61 %
Q4 2015 22.07 % 7.93 % 7.19 %
Q1 2016 19.69 % 6.22 % 5.73 %
Q2 2016 22.10 % 7.11 % 5.18 %
Q3 2016 21.92 % 7.89 % 5.09 %
Q4 2016 20.17 % 2.49 % (0.37 %)
Q1 2017 21.05 % 2.16 % (0.95 %)
Q2 2017 21.22 % 3.30 % (0.24 %)
Q3 2017 24.99 % 4.41 % 0.43 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2008 3.87 0.28 0.28 23.33
Q2 2008 3.87 1.48 1.48 23.88
Q3 2008 3.87 0.78 0.78 22.93
Q4 2008 3.87 (2.65) (2.65) 20.85
Q1 2009 3.87 (2.79) (2.79) 20.29
Q2 2009 3.87 (4.45) (4.45) 19.17
Q3 2009 3.87 (4.08) (4.08) 18.79
Q4 2009 3.87 (2.75) (2.75) 17.81
Q1 2010 3.87 (2.75) (2.75) 17.42
Q2 2010 3.87 (1.60) (1.60) 17.46
Q3 2010 3.87 (2.42) (2.42) 16.22
Q4 2010 3.87 (4.94) (4.94) 8.37
Q1 2011 3.87 (5.08) (5.08) 8.03
Q2 2011 3.87 (5.91) (5.91) 7.05
Q3 2011 3.87 (4.79) (4.85) 6.77
Q4 2011 3.87 1.19 (3.81) 9.57
Q1 2012 3.87 1.50 (3.50) 9.24
Q2 2012 3.87 2.39 (2.62) 9.12
Q3 2012 3.87 2.82 (2.12) 9.22
Q4 2012 3.87 0.27 0.27 9.63
Q1 2013 3.87 1.15 0.57 11.95
Q2 2013 3.87 1.78 0.68 12.15
Q3 2013 3.87 2.41 0.78 12.48
Q4 2013 3.87 3.51 1.29 13.38
Q1 2014 3.87 4.40 1.92 14.31
Q2 2014 3.87 4.47 2.33 15.02
Q3 2014 3.87 4.57 2.51 15.86
Q4 2014 3.87 4.54 2.39 16.85
Q1 2015 3.87 13.03 2.64 26.71
Q2 2015 3.87 12.90 2.66 27.56
Q3 2015 3.87 12.37 2.59 27.77
Q4 2015 3.87 11.59 2.50 27.68
Q1 2016 3.87 2.13 2.13 28.27
Q2 2016 3.87 2.01 2.01 28.80
Q3 2016 3.87 1.99 1.99 29.09
Q4 2016 3.87 (0.14) (0.14) 27.59
Q1 2017 3.87 (0.34) (0.34) 27.98
Q2 2017 3.87 (0.09) (0.09) 28.76
Q3 2017 3.87 0.16 0.16 29.34

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2008 More than 100 More than 100 5.92
Q2 2008 86.03 86.03 5.33
Q3 2008 96.52 96.52 3.28
Q4 2008 NEG NEG 3.06
Q1 2009 NEG NEG 3.88
Q2 2009 NEG NEG 9.57
Q3 2009 NEG NEG 8.72
Q4 2009 NEG NEG 10.45
Q1 2010 NEG NEG 10.26
Q2 2010 NEG NEG 5.64
Q3 2010 NEG NEG 6.00
Q4 2010 NEG NEG 11.40
Q1 2011 NEG NEG 10.88
Q2 2011 NEG NEG 13.13
Q3 2011 NEG NEG 14.11
Q4 2011 90.33 NEG 11.27
Q1 2012 More than 100 NEG 16.24
Q2 2012 39.53 NEG 10.35
Q3 2012 42.31 NEG 12.91
Q4 2012 More than 100 More than 100 13.10
Q1 2013 More than 100 More than 100 12.19
Q2 2013 80.81 More than 100 11.81
Q3 2013 56.69 More than 100 10.94
Q4 2013 52.09 More than 100 13.68
Q1 2014 93.77 More than 100 28.86
Q2 2014 76.91 More than 100 22.87
Q3 2014 87.58 More than 100 25.21
Q4 2014 76.88 More than 100 20.72
Q1 2015 27.02 More than 100 13.18
Q2 2015 25.81 More than 100 12.08
Q3 2015 13.96 66.81 6.22
Q4 2015 15.01 69.48 6.28
Q1 2016 66.24 66.24 5.00
Q2 2016 67.06 67.06 4.68
Q3 2016 49.71 49.71 3.39
Q4 2016 NEG NEG 5.89
Q1 2017 NEG NEG 5.81
Q2 2017 NEG NEG 4.83
Q3 2017 More than 100 More than 100 5.09


Financial Ratios
Current
Market Cap (M Riyal) 303.55
Enterprise Value (EV) (M) 270.08
Shares Outstanding ((M)) 6.50
EPS ( Riyal) (TTM) (1.29)
Book Value (BV) ( Riyal) 4.44
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 10.53
Return on Average Assets (%) (TTM) (11.89 )
Return on Average Equity (%) (TTM) -
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Share Price

Thimar Development Holding Co.
46.70
(1.15) (2.40 %)

Thimar Development Holding Co. (THIMAR)

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