Al Othaim’s Q1 profit rises 29%

09/05/2017 Argaam Exclusive

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Abdullah Al Othaim Markets Co., which operates supermarkets, reported a net profit of SAR 60.2 million for the first quarter of 2017, a 29 percent year-on-year (YoY) increase, which was attributed to growth in sales at existing branches and the opening of new branches. The company also cited improved performance by subsidiaries and associates.

 

The corresponding quarter in 2016 also included a fire incident, which led to a financial impact of SAR 8.6 million. 

Net profit for Q1 was 37 percent lower compared to the previous quarter, due to a drop in gross profit.



Current Quarter Comparison (M)

Compared With The
Item Q1 2016 Q1 2017 Change‬
Revenues 1,606.16 1,696.23 5.6 %
Gross Income 265.48 319.69 20.4 %
Operating Income 34.64 47.29 36.5 %
Net Income 46.62 60.15 29.0 %
Average Shares 900.00 900.00 -
EPS (Riyals) 0.05 0.07 29.0 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2008 671.75 - 36.69 - 23.50 - 0.03
Q2 2008 716.24 - 23.97 - 14.45 - 0.02
Q3 2008 780.89 6.6 % 23.96 (33.7 %) 14.19 (23.7 %) 0.02
Q4 2008 671.64 11.6 % 33.58 27.9 % 10.13 (31.6 %) 0.01
Q1 2009 717.56 6.8 % 23.96 (34.7 %) 16.36 (30.4 %) 0.02
Q2 2009 723.85 1.1 % 27.48 14.7 % 19.51 35.0 % 0.02
Q3 2009 861.61 10.3 % 35.33 47.5 % 25.20 77.6 % 0.03
Q4 2009 762.12 13.5 % 51.00 51.9 % 16.46 62.5 % 0.02
Q1 2010 779.56 8.6 % 37.59 56.9 % 31.74 94.1 % 0.04
Q2 2010 821.67 13.5 % 38.46 39.9 % 31.32 60.6 % 0.03
Q3 2010 941.39 9.3 % 42.72 20.9 % 45.87 82.0 % 0.05
Q4 2010 879.81 15.4 % 63.20 23.9 % 53.00 222.0 % 0.06
Q1 2011 934.19 19.8 % 45.06 19.9 % 36.50 15.0 % 0.04
Q2 2011 987.16 20.1 % 43.82 13.9 % 41.10 31.2 % 0.05
Q3 2011 1,096.14 16.4 % 42.42 (0.7 %) 35.99 (21.5 %) 0.04
Q4 2011 925.31 5.2 % 43.73 (30.8 %) 36.48 (31.2 %) 0.04
Q1 2012 976.27 4.5 % 35.50 (21.2 %) 33.86 (7.3 %) 0.04
Q2 2012 1,020.85 3.4 % 286.50 553.8 % 36.76 (10.6 %) 0.04
Q3 2012 1,122.32 2.4 % 184.90 335.9 % 40.68 13.0 % 0.05
Q4 2012 985.76 6.5 % 178.02 307.1 % 60.47 65.8 % 0.07
Q1 2013 1,066.43 9.2 % 164.06 362.2 % 40.81 20.5 % 0.05
Q2 2013 1,161.19 13.7 % 176.39 (38.4 %) 39.73 8.1 % 0.04
Q3 2013 1,193.14 6.3 % 199.41 7.8 % 41.94 3.1 % 0.05
Q4 2013 1,159.21 17.6 % 231.29 29.9 % 70.03 15.8 % 0.08
Q1 2014 1,222.98 14.7 % 204.66 24.7 % 46.47 13.9 % 0.05
Q2 2014 1,511.39 30.2 % 219.39 24.4 % 51.79 30.3 % 0.06
Q3 2014 1,208.79 1.3 % 195.07 (2.2 %) 42.29 0.8 % 0.05
Q4 2014 1,308.74 12.9 % 252.01 9.0 % 74.23 6.0 % 0.08
Q1 2015 1,408.03 15.1 % 212.36 3.8 % 48.89 5.2 % 0.05
Q2 2015 1,725.54 14.2 % 247.99 13.0 % 55.66 7.5 % 0.06
Q3 2015 1,348.87 11.6 % 221.39 13.5 % 37.09 (12.3 %) 0.04
Q4 2015 1,553.36 18.7 % 316.73 25.7 % 89.23 20.2 % 0.10
Q1 2016 1,606.16 14.1 % 265.48 25.0 % 46.62 (4.6 %) 0.05
Q2 2016 1,976.23 14.5 % 312.31 25.9 % 49.76 (10.6 %) 0.06
Q3 2016 1,569.57 16.4 % 271.63 22.7 % 36.19 (2.4 %) 0.04
Q4 2016 1,907.19 22.8 % 362.34 14.4 % 95.50 7.0 % 0.11
Q1 2017 1,696.23 5.6 % 319.69 20.4 % 60.15 29.0 % 0.07

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2008 - - -
Q2 2008 4.52 % 1.88 % 2.62 %
Q3 2008 4.00 % 1.44 % 2.42 %
Q4 2008 4.16 % 1.24 % 2.19 %
Q1 2009 3.65 % 0.81 % 1.91 %
Q2 2009 3.77 % 1.02 % 2.08 %
Q3 2009 4.05 % 1.43 % 2.39 %
Q4 2009 4.49 % 2.09 % 3.14 %
Q1 2010 4.84 % 2.51 % 3.57 %
Q2 2010 5.04 % 2.68 % 3.83 %
Q3 2010 5.14 % 2.62 % 4.36 %
Q4 2010 5.32 % 2.88 % 4.73 %
Q1 2011 5.30 % 2.93 % 4.81 %
Q2 2011 5.20 % 2.96 % 4.87 %
Q3 2011 4.99 % 2.67 % 4.43 %
Q4 2011 4.44 % 2.15 % 3.81 %
Q1 2012 4.15 % 1.79 % 3.57 %
Q2 2012 10.16 % 3.03 % 3.41 %
Q3 2012 13.61 % 3.88 % 3.51 %
Q4 2012 16.68 % 4.90 % 4.18 %
Q1 2013 19.39 % 5.62 % 4.26 %
Q2 2013 16.22 % 4.71 % 4.19 %
Q3 2013 16.29 % 4.60 % 4.15 %
Q4 2013 16.84 % 4.65 % 4.20 %
Q1 2014 17.14 % 4.57 % 4.18 %
Q2 2014 16.80 % 4.65 % 4.13 %
Q3 2014 16.67 % 4.66 % 4.13 %
Q4 2014 16.59 % 4.81 % 4.09 %
Q1 2015 16.16 % 4.69 % 3.99 %
Q2 2015 16.06 % 4.53 % 3.91 %
Q3 2015 16.12 % 4.45 % 3.73 %
Q4 2015 16.54 % 4.58 % 3.83 %
Q1 2016 16.87 % 4.62 % 3.81 %
Q2 2016 17.21 % 4.44 % 3.57 %
Q3 2016 17.39 % 4.33 % 3.44 %
Q4 2016 17.17 % 4.40 % 3.42 %
Q1 2017 17.71 % 4.66 % 3.44 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2008 900.00 - - 0.29
Q2 2008 900.00 0.08 0.08 0.31
Q3 2008 900.00 0.07 0.07 0.32
Q4 2008 900.00 0.07 0.07 0.33
Q1 2009 900.00 0.06 0.06 0.35
Q2 2009 900.00 0.07 0.07 0.33
Q3 2009 900.00 0.08 0.08 0.36
Q4 2009 900.00 0.09 0.11 0.38
Q1 2010 900.00 0.10 0.12 0.35
Q2 2010 900.00 0.12 0.14 0.39
Q3 2010 900.00 0.14 0.16 0.44
Q4 2010 900.00 0.18 0.18 0.50
Q1 2011 900.00 0.19 0.19 0.46
Q2 2011 900.00 0.20 0.20 0.51
Q3 2011 900.00 0.19 0.19 0.55
Q4 2011 900.00 0.17 0.17 0.59
Q1 2012 900.00 0.16 0.16 0.63
Q2 2012 900.00 0.16 0.15 0.67
Q3 2012 900.00 0.16 0.16 0.71
Q4 2012 900.00 0.19 0.19 0.76
Q1 2013 900.00 0.20 0.20 0.80
Q2 2013 900.00 0.20 0.20 0.77
Q3 2013 900.00 0.20 0.20 0.82
Q4 2013 900.00 0.21 0.21 0.90
Q1 2014 900.00 0.22 0.22 0.95
Q2 2014 900.00 0.23 0.23 0.93
Q3 2014 900.00 0.23 0.23 0.98
Q4 2014 900.00 0.24 0.24 1.06
Q1 2015 900.00 0.24 0.24 1.11
Q2 2015 900.00 0.25 0.25 1.09
Q3 2015 900.00 0.24 0.24 1.13
Q4 2015 900.00 0.26 0.26 1.23
Q1 2016 900.00 0.25 0.26 1.17
Q2 2016 900.00 0.25 0.26 1.23
Q3 2016 900.00 0.25 0.26 1.27
Q4 2016 900.00 0.25 0.27 1.37
Q1 2017 900.00 0.27 0.27 1.44

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 13.49 13.49 3.12
Q4 2008 14.45 14.45 3.01
Q1 2009 15.48 15.48 2.70
Q2 2009 22.06 22.06 4.41
Q3 2009 14.96 14.96 3.26
Q4 2009 14.73 11.86 3.33
Q1 2010 14.47 12.04 4.22
Q2 2010 16.44 13.94 4.92
Q3 2010 12.47 10.85 3.95
Q4 2010 10.84 10.84 3.91
Q1 2011 12.46 12.07 4.97
Q2 2011 12.40 12.00 4.77
Q3 2011 13.04 12.59 4.39
Q4 2011 14.99 14.99 4.23
Q1 2012 13.89 14.41 3.62
Q2 2012 13.45 14.02 3.20
Q3 2012 13.48 14.04 3.10
Q4 2012 10.78 10.78 2.72
Q1 2013 10.48 10.48 2.60
Q2 2013 13.87 13.87 3.63
Q3 2013 16.11 16.11 4.01
Q4 2013 14.58 14.58 3.48
Q1 2014 20.10 20.10 4.67
Q2 2014 22.80 22.80 5.73
Q3 2014 24.55 24.55 5.88
Q4 2014 22.06 22.06 4.97
Q1 2015 21.92 21.92 4.75
Q2 2015 21.91 21.91 4.93
Q3 2015 19.12 19.12 4.06
Q4 2015 17.34 17.34 3.62
Q1 2016 16.93 16.32 3.67
Q2 2016 20.21 19.45 4.07
Q3 2016 15.47 14.89 3.01
Q4 2016 19.50 18.44 3.61
Q1 2017 20.49 20.12 3.83

Business Segments (Million)

Compared With The
Period Retail and wholesale Head office and leasing and others
Q1 2011 934.19 32.34
Q2 2011 987.16 38.21
Q3 2011 1,096.14 40.08
Q4 2011 925.31 37.48
Q1 2012 976.27 36.44
Q2 2012 1,020.85 3.02
Q3 2012 1,122.32 20.32
Q4 2012 985.76 21.90
Q1 2013 1,066.43 21.50
Q2 2013 1,161.19 23.94
Q3 2013 1,193.14 23.78
Q4 2013 1,159.21 23.98
Q1 2014 1,222.98 24.03
Q2 2014 1,511.39 22.85
Q3 2014 1,208.79 26.42
Q4 2014 1,308.74 22.64
Q1 2015 1,408.03 26.15
Q2 2015 1,725.54 27.56
Q3 2015 1,348.57 26.93
Q4 2015 1,553.66 30.55
Q1 2016 1,640.02 28.03
Q2 2016 2,020.19 28.36
Q3 2016 1,583.28 28.54
Q4 2016 1,928.23 38.64
Q1 2017 1,875.71 -

Analysts Estimates (Million)

Item Q1 2017 (e) Q1 2017 (a) Change‬
Average 55.73 60.15 7.92 %

Estimates vs Actual (Million)

Item Q1 2017 (e) Q1 2017 (a) Change
SNB Capital 61.00 60.15 (1.4) %
Al Rajhi Capital 57.00 60.15 5.5 %
Albilad Capital 56.70 60.15 6.1 %
AlJazira Capital 55.70 60.15 8.0 %
OSOOL AND BAKHEET 53.00 60.15 13.5 %
Sico 51.00 60.15 17.9 %

Current
Market Cap (M Riyal) 10,458.00
Enterprise Value (EV) (M) 10,124.02
Shares Outstanding ((M)) 900.00
EPS ( Riyal) (TTM) 0.54
Book Value (BV) ( Riyal) 1.33
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 27.27
P/E (TTM) 21.47
Price/book 8.73
Return on Average Assets (%) (TTM) 7.4
Return on Average Equity (%) (TTM) 39.5

Share Price

Abdullah Al Othaim Markets Co. (A.OTHAIM MARKET)


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