Farm Superstores swings to Q1 loss on expansion plans

12/05/2019 Argaam Exclusive

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Saudi Marketing Company (Farm Superstores) reported a net loss of SAR 2.6 million in the first quarter of 2019, compared to a net profit of SAR 13.7 million a year earlier on higher selling, distribution, general, administrative and depreciation expenses as a result of opening eight superstores and two Adventure World centers.

The company turned to net loss in Q1 compared to a net profit of SAR 273,000 in the previous quarter mainly due to lower revenues.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2018	Q1 2019	Change‬
Revenues	374.45	389.42	4.0 %
Gross Income	113.05	116.62	3.1 %
Operating Income	11.13	10.72	(3.7 %)
Net Income	13.68	(2.60)	(119.0 %)
Average Shares	45.00	45.00	-
EPS (Riyals)	0.30	(0.06)	(119.0 %)

Item	Q4 2018	Q1 2019	Change‬
Revenues	405.90	389.42	(4.1 %)
Gross Income	124.47	116.62	(6.3 %)
Operating Income	10.15	10.72	5.6 %
Net Income	(2.17)	(2.60)	(20.1 %)
Average Shares	45.00	45.00	-
EPS (Riyals)	(0.05)	(0.06)	(20.1 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2010	-	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-	-
2010	1,025.78	14.1 %	204.37	4.4 %	56.10	23.8 %	1.25
Q1 2011	-	-	-	-	-	-	-
Q2 2011	303.99	-	62.21	-	17.35	-	0.39
Q3 2011	330.91	-	68.92	-	14.92	-	0.33
Q4 2011	350.17	-	50.81	-	19.48	-	0.43
2011	1,253.14	22.2 %	235.73	15.3 %	66.57	18.7 %	1.48
Q1 2012	342.36	-	64.04	-	18.86	-	0.42
Q2 2012	350.01	15.1 %	78.29	25.8 %	18.76	8.1 %	0.42
Q3 2012	384.15	16.1 %	84.23	22.2 %	23.52	57.7 %	0.52
Q4 2012	419.14	19.7 %	72.64	43.0 %	17.63	(9.5 %)	0.39
2012	1,495.67	19.4 %	299.19	26.9 %	78.76	18.3 %	1.75
Q1 2013	391.22	14.3 %	87.02	35.9 %	24.68	30.9 %	0.55
Q2 2013	397.65	13.6 %	89.20	13.9 %	21.38	14.0 %	0.48
Q3 2013	413.71	7.7 %	89.95	6.8 %	22.21	(5.6 %)	0.49
Q4 2013	423.76	1.1 %	87.89	21.0 %	26.87	52.4 %	0.60
2013	1,626.34	8.7 %	354.06	18.3 %	95.15	20.8 %	2.11
Q1 2014	405.04	3.5 %	93.24	7.2 %	27.54	11.6 %	0.61
Q2 2014	475.21	19.5 %	103.31	15.8 %	29.13	36.2 %	0.65
Q3 2014	409.88	(0.9 %)	103.87	15.5 %	24.70	11.2 %	0.55
Q4 2014	450.89	6.4 %	102.85	17.0 %	23.11	(14.0 %)	0.51
2014	1,740.72	7.0 %	402.98	13.8 %	104.48	9.8 %	2.32
Q1 2015	455.49	12.5 %	104.58	12.2 %	29.08	5.6 %	0.65
Q2 2015	513.81	8.1 %	123.00	19.1 %	32.83	12.7 %	0.73
Q3 2015	448.70	9.5 %	120.48	16.0 %	28.95	17.2 %	0.64
Q4 2015	474.32	5.2 %	108.13	5.1 %	16.28	(29.5 %)	0.36
2015	1,892.32	8.7 %	456.19	13.2 %	107.15	2.6 %	2.38
Q1 2016	482.23	5.9 %	112.15	7.2 %	25.45	(12.5 %)	0.57
Q2 2016	524.82	2.1 %	130.10	5.8 %	27.17	(17.2 %)	0.60
Q3 2016	433.06	(3.5 %)	120.16	(0.3 %)	23.19	(19.9 %)	0.52
Q4 2016	490.53	3.4 %	102.79	(4.9 %)	16.84	3.4 %	0.37
2016	1,676.99	(11.4 %)	493.08	8.1 %	91.62	(14.5 %)	2.04
Q1 2017	491.47	1.9 %	127.34	13.5 %	22.53	(11.5 %)	0.50
Q2 2017	516.42	(1.6 %)	127.70	(1.8 %)	20.35	(25.1 %)	0.45
Q3 2017	419.50	(3.1 %)	114.68	(4.6 %)	7.21	(68.9 %)	0.16
Q4 2017	178.50	(63.6 %)	72.65	(29.3 %)	(43.36)	(357.4 %)	(0.96)
2017	1,605.88	(4.2 %)	442.87	(10.2 %)	6.73	(92.7 %)	0.15
Q1 2018	374.45	(23.8 %)	113.05	(11.2 %)	13.68	(39.3 %)	0.30
Q2 2018	400.89	(22.4 %)	93.72	(26.6 %)	(11.27)	(155.4 %)	(0.25)
Q3 2018	382.67	(8.8 %)	111.73	(2.6 %)	3.54	(50.9 %)	0.08
Q4 2018	405.90	127.4 %	124.47	71.3 %	(2.17)	95.0 %	(0.05)
2018	1,563.91	(2.6 %)	442.96	0.0 %	3.78	(43.8 %)	0.08
Q1 2019	389.42	4.0 %	116.62	3.1 %	(2.60)	(119.0 %)	(0.06)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2009	899.12	-	195.73	-	45.31	-	1.01
2010	1,025.78	14.1 %	204.37	4.4 %	56.10	23.8 %	1.25
2011	1,253.14	22.2 %	235.73	15.3 %	66.57	18.7 %	1.48
2012	1,495.67	19.4 %	299.19	26.9 %	78.76	18.3 %	1.75
2013	1,626.34	8.7 %	354.06	18.3 %	95.15	20.8 %	2.11
2014	1,740.72	7.0 %	402.98	13.8 %	104.48	9.8 %	2.32
2015	1,892.32	8.7 %	456.19	13.2 %	107.15	2.6 %	2.38
2016	1,676.99	(11.4 %)	493.08	8.1 %	91.62	(14.5 %)	2.04
2017	1,605.88	(4.2 %)	442.87	(10.2 %)	6.73	(92.7 %)	0.15
2018	1,563.91	(2.6 %)	442.96	0.0 %	3.78	(43.8 %)	0.08

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	19.92 %	7.73 %	5.47 %
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
2011	18.81 %	6.93 %	5.31 %
Q1 2012	18.53 %	6.38 %	5.32 %
Q2 2012	19.08 %	6.99 %	5.24 %
Q3 2012	19.44 %	7.31 %	5.65 %
Q4 2012	20.00 %	6.66 %	5.27 %
2012	20.00 %	6.66 %	5.27 %
Q1 2013	20.86 %	6.92 %	5.48 %
Q2 2013	20.92 %	6.91 %	5.48 %
Q3 2013	20.89 %	6.70 %	5.30 %
Q4 2013	21.77 %	7.62 %	5.85 %
2013	21.77 %	7.62 %	5.85 %
Q1 2014	21.97 %	7.70 %	5.98 %
Q2 2014	21.80 %	7.85 %	6.16 %
Q3 2014	22.66 %	8.26 %	6.32 %
Q4 2014	23.16 %	8.27 %	6.00 %
2014	23.15 %	8.27 %	6.00 %
Q1 2015	23.14 %	8.40 %	5.92 %
Q2 2015	23.73 %	8.60 %	6.00 %
Q3 2015	24.13 %	9.07 %	6.29 %
Q4 2015	24.11 %	8.39 %	5.81 %
2015	24.11 %	8.39 %	5.81 %
Q1 2016	24.17 %	8.14 %	5.54 %
Q2 2016	24.40 %	7.86 %	5.21 %
Q3 2016	24.58 %	7.47 %	4.76 %
Q4 2016	24.10 %	7.68 %	4.80 %
2016	29.40 %	8.78 %	5.46 %
Q1 2017	24.76 %	7.56 %	4.63 %
Q2 2017	24.75 %	7.44 %	4.29 %
Q3 2017	24.64 %	6.76 %	3.49 %
Q4 2017	27.55 %	9.61 %	2.98 %
2017	27.58 %	9.61 %	2.98 %
Q1 2018	28.75 %	9.43 %	2.62 %
Q2 2018	28.70 %	7.25 %	0.54 %
Q3 2018	29.27 %	6.81 %	0.28 %
Q4 2018	28.32 %	4.11 %	0.00 %
2018	28.32 %	4.11 %	0.00 %
Q1 2019	28.28 %	5.12 %	(1.03 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2009	21.77 %	7.23 %	5.04 %
2010	19.92 %	7.73 %	5.47 %
2011	18.81 %	6.93 %	5.31 %
2012	20.00 %	6.66 %	5.27 %
2013	21.77 %	7.62 %	5.85 %
2014	23.15 %	8.27 %	6.00 %
2015	24.11 %	8.39 %	5.81 %
2016	29.40 %	8.78 %	5.46 %
2017	27.58 %	9.61 %	2.98 %
2018	28.32 %	4.11 %	0.00 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	20.46 %	-	5.71 %
Q3 2011	20.83 %	6.32 %	4.51 %
Q4 2011	14.51 %	6.71 %	5.56 %
Q1 2012	18.70 %	7.61 %	5.51 %
Q2 2012	22.37 %	7.29 %	5.36 %
Q3 2012	21.93 %	7.62 %	6.12 %
Q4 2012	17.33 %	4.48 %	4.21 %
Q1 2013	22.24 %	8.51 %	6.31 %
Q2 2013	22.43 %	7.20 %	5.38 %
Q3 2013	21.74 %	6.74 %	5.37 %
Q4 2013	20.74 %	8.04 %	6.34 %
Q1 2014	23.02 %	8.82 %	6.80 %
Q2 2014	21.74 %	7.82 %	6.13 %
Q3 2014	25.34 %	8.45 %	6.03 %
Q4 2014	22.81 %	8.08 %	5.12 %
Q1 2015	22.96 %	9.26 %	6.38 %
Q2 2015	23.94 %	8.61 %	6.39 %
Q3 2015	26.85 %	10.39 %	7.27 %
Q4 2015	22.80 %	5.41 %	3.24 %
Q1 2016	23.26 %	8.22 %	5.28 %
Q2 2016	24.79 %	7.59 %	5.18 %
Q3 2016	27.75 %	8.73 %	5.35 %
Q4 2016	20.96 %	6.32 %	3.43 %
Q1 2017	25.91 %	7.74 %	4.58 %
Q2 2017	24.73 %	7.14 %	3.94 %
Q3 2017	27.34 %	5.66 %	1.72 %
Q4 2017	40.70 %	31.23 %	(1.24 %)
Q1 2018	30.19 %	6.43 %	3.65 %
Q2 2018	23.38 %	(1.01 %)	(2.81 %)
Q3 2018	29.20 %	3.99 %	0.92 %
Q4 2018	30.66 %	7.16 %	(1.47 %)
Q1 2019	29.95 %	10.43 %	(0.67 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2010	-	-	-	-
Q2 2010	-	-	-	-
Q3 2010	-	-	-	-
Q4 2010	-	-	-	-
Q1 2011	-	-	-	-
Q2 2011	45.00	-	-	7.10
Q3 2011	45.00	-	-	7.60
Q4 2011	45.00	-	-	7.73
Q1 2012	45.00	1.57	1.57	8.15
Q2 2012	45.00	1.60	1.60	8.56
Q3 2012	45.00	1.79	1.79	9.09
Q4 2012	45.00	1.75	1.75	9.20
Q1 2013	45.00	1.88	1.88	8.43
Q2 2013	45.00	1.94	1.94	8.90
Q3 2013	45.00	1.91	1.91	9.40
Q4 2013	45.00	2.11	2.11	8.72
Q1 2014	45.00	2.18	2.18	9.33
Q2 2014	45.00	2.35	2.35	9.97
Q3 2014	45.00	2.41	2.41	10.52
Q4 2014	45.00	2.32	2.32	11.04
Q1 2015	45.00	2.36	2.36	11.68
Q2 2015	45.00	2.44	2.44	11.25
Q3 2015	45.00	2.53	2.61	11.89
Q4 2015	45.00	2.38	2.44	12.22
Q1 2016	45.00	2.30	2.36	12.63
Q2 2016	45.00	2.17	2.24	13.24
Q3 2016	45.00	2.05	2.03	13.75
Q4 2016	45.00	2.06	2.06	14.09
Q1 2017	45.00	1.99	1.99	14.59
Q2 2017	45.00	1.84	1.84	14.04
Q3 2017	45.00	1.49	1.49	14.20
Q4 2017	45.00	0.15	1.06	13.19
Q1 2018	45.00	(0.05)	0.87	14.68
Q2 2018	45.00	(0.75)	0.16	13.67
Q3 2018	45.00	(0.83)	0.08	13.74
Q4 2018	45.00	0.08	0.00	12.63
Q1 2019	45.00	(0.28)	(0.36)	12.58

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2009	45.00	1.01	1.01	5.55
2010	45.00	1.25	1.25	6.38
2011	45.00	1.48	1.48	7.73
2012	45.00	1.75	1.75	9.20
2013	45.00	2.11	2.11	8.72
2014	45.00	2.32	2.32	11.04
2015	45.00	2.38	2.44	12.22
2016	45.00	2.04	2.04	14.09
2017	45.00	0.15	1.06	13.19
2018	45.00	0.08	0.00	12.63

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	22.00	22.00	5.14
Q2 2014	27.20	27.20	6.41
Q3 2014	30.58	30.58	6.99
Q4 2014	27.42	27.42	5.77
Q1 2015	24.69	24.69	4.98
Q2 2015	24.25	24.25	5.26
Q3 2015	20.03	19.40	4.27
Q4 2015	20.10	19.60	3.92
Q1 2016	16.72	16.29	3.04
Q2 2016	19.46	18.92	3.20
Q3 2016	10.94	11.05	1.63
Q4 2016	15.51	15.51	2.27
Q1 2017	15.43	15.43	2.11
Q2 2017	15.44	15.44	2.03
Q3 2017	18.19	18.19	1.90
Q4 2017	More than 100	22.04	1.78
Q1 2018	NEG	26.44	1.56
Q2 2018	NEG	More than 100	1.59
Q3 2018	NEG	More than 100	1.26
Q4 2018	More than 100	NEG	1.29
Q1 2019	NEG	NEG	1.43

Period	P/E	Adjusted P/E	Price/book
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	27.42	27.42	5.77
2015	20.10	19.60	3.92
2016	15.68	15.68	2.27
2017	More than 100	22.04	1.78
2018	More than 100	NEG	1.29

Business Segments (Million)

Compared With The

Period	Retail sector	Home appliances	Hospitality and Leisure
Q1 2018	361.66	2.60	10.19
Q2 2018	386.56	3.26	11.07
Q3 2018	369.39	2.56	10.71
Q4 2018	394.22	2.42	9.26
Q1 2019	375.00	5.39	9.03

Period	Retail sector	Home appliances	Hospitality and Leisure
2017	1,547.30	14.03	44.55
2018	1,511.83	10.85	41.24

Financial Ratios

	Current
Market Cap (M Riyal)	1,000.80
Enterprise Value (EV) (M)	1,510.57
Shares Outstanding ((M))	45.00
EPS ( Riyal) (TTM)	0.47
Book Value (BV) ( Riyal)	14.84
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	43.15
P/E (TTM)	47.22
Price/book	1.50
Return on Average Assets (%) (TTM)	0.9
Return on Average Equity (%) (TTM)	3.2

Saudi Marketing Co. (FARM SUPERSTORES)

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Farm Superstores swings to Q1 loss on expansion plans

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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) 2019 Q1

Financial Ratios

Share Price

Saudi Marketing Co. (FARM SUPERSTORES)

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Farm Superstores swings to Q1 loss on expansion plans

View other reports

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) Q1 2019

Revenue by Business Segment (Latest) 2019 Q1

Financial Ratios

Share Price

Saudi Marketing Co. (FARM SUPERSTORES)

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Business Segments (Million)