SADAFCO’s net profit drops 25% in 9M 2018

24/01/2019 Argaam Exclusive

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Saudia Dairy & Foodstuff Company (SADAFCO) reported a net profit after zakat and tax of SAR 157.5 million in the first nine months of 2018, a fall of 25 percent year-on-year (YoY), attributed to lower like-for-like sales along with higher raw material costs and aggressive discounts.

Financials (M)

Item	9m 2017	9m 2018	Change‬
Revenues	1,314.07	1,349.46	2.7 %
Gross Income	495.95	419.15	(15.5 %)
Operating Income	219.52	160.10	(27.1 %)
Net Income	210.75	158.44	(24.8 %)
Average Shares	32.50	32.50	-
EPS (Riyals)	6.48	4.88	(24.8 %)

The third-quarter net profit after zakat and tax – including Mlekoma (SADAFCO Poland) - declined 8 percent YoY to SAR 53.6 million.

Adjusting for Mlekoma, like-for-like net profit for Q3 2018 came in at SAR 56 million, a drop of SAR 2.3 million YoY.

Compared to Q2 2018, net profit slipped 0.4 percent.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2017	Q3 2018	Change‬
Revenues	419.93	462.67	10.2 %
Gross Income	149.44	139.80	(6.5 %)
Operating Income	62.60	55.20	(11.8 %)
Net Income	58.52	54.15	(7.5 %)
Average Shares	32.50	32.50	-
EPS (Riyals)	1.80	1.67	(7.5 %)

Item	Q2 2018	Q3 2018	Change‬
Revenues	476.62	462.67	(2.9 %)
Gross Income	145.83	139.80	(4.1 %)
Operating Income	54.54	55.20	1.2 %
Net Income	54.09	54.15	0.1 %
Average Shares	32.50	32.50	-
EPS (Riyals)	1.66	1.67	0.1 %

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
Q3 2018	462.67	10.2 %	139.80	(6.5 %)	54.15	(7.5 %)	1.67

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 %
Q3 2018	32.23 %	16.41 %	12.07 %

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 %
Q3 2018	30.22 %	15.79 %	11.70 %

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
Q3 2018	32.50	6.42	6.42	40.82

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
Q3 2018	14.02	14.02	2.20

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
Q3 2018	280.46	182.20

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

Financial Ratios

	Current
Market Cap (M Riyal)	11,394.50
Enterprise Value (EV) (M)	10,633.52
Shares Outstanding ((M))	32.50
EPS ( Riyal) (TTM)	13.97
Book Value (BV) ( Riyal)	56.42
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	24.24
P/E (TTM)	25.11
Price/book	6.21
Return on Average Assets (%) (TTM)	17.2
Return on Average Equity (%) (TTM)	26.0

Saudia Dairy and Foodstuff Co. (SADAFCO)

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SADAFCO’s net profit drops 25% in 9M 2018

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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 Q3

Financial Ratios

Share Price

Saudia Dairy and Foodstuff Co. (SADAFCO)

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SADAFCO’s net profit drops 25% in 9M 2018

View other reports

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) Q3 2018

Revenue by Business Segment (Latest) 2018 Q3

Financial Ratios

Share Price

Saudia Dairy and Foodstuff Co. (SADAFCO)

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Business Segments (Million)