Jarir’s profit rises 3% in H1 2018

11/07/2018 Argaam Exclusive

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Jarir Marketing Co., which owns bookstores and retail chains in Saudi Arabia, Kuwait and Abu Dhabi, reported a net profit of SAR 381.7 million in the first half of 2018, a 3.4 percent year-on-year (YoY) rise on higher profit margins and lower selling, distribution, general and administrative expenses.

Financials (M)

Item	6m 2017	6m 2018	Change‬
Revenues	3,289.76	3,292.74	0.1 %
Gross Income	440.09	455.20	3.4 %
Operating Income	346.16	366.46	5.9 %
Net Income	369.20	381.69	3.4 %
Average Shares	1,200.00	1,200.00	-
EPS (Riyals)	0.31	0.32	3.4 %

The company’s net profit for the second quarter jumped 10 percent YoY to SAR 162.6 million due to an increase in retail sales of electronics and higher profit margins.

On quarter-on-quarter (QoQ) basis, Q2 net profit was down 25.8 percent on higher expenses and lower non-operating income.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2017	Q2 2018	Change‬
Revenues	1,584.80	1,693.32	6.8 %
Gross Income	192.72	212.53	10.3 %
Operating Income	133.22	156.44	17.4 %
Net Income	147.76	162.59	10.0 %
Average Shares	1,200.00	1,200.00	-
EPS (Riyals)	0.12	0.14	10.0 %

Item	Q1 2018	Q2 2018	Change‬
Revenues	1,599.42	1,693.32	5.9 %
Gross Income	242.67	212.53	(12.4 %)
Operating Income	210.02	156.44	(25.5 %)
Net Income	219.10	162.59	(25.8 %)
Average Shares	1,200.00	1,200.00	-
EPS (Riyals)	0.18	0.14	(25.8 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2009	662.06	10.8 %	126.50	4.8 %	107.45	10.6 %	0.09
Q2 2009	572.96	(7.2 %)	102.47	12.0 %	72.41	8.0 %	0.06
Q3 2009	595.80	(6.4 %)	120.53	9.7 %	90.64	2.5 %	0.08
Q4 2009	724.48	8.4 %	136.87	21.2 %	103.47	29.0 %	0.09
2009	2,555.31	1.4 %	486.38	11.8 %	373.97	12.4 %	0.31
Q1 2010	795.47	20.2 %	142.97	13.0 %	118.49	10.3 %	0.10
Q2 2010	671.97	17.3 %	98.82	(3.6 %)	75.77	4.6 %	0.06
Q3 2010	735.32	23.4 %	126.84	5.2 %	102.87	13.5 %	0.09
Q4 2010	811.80	12.1 %	132.95	(2.9 %)	103.62	0.1 %	0.09
2010	3,014.57	18.0 %	501.58	3.1 %	400.74	7.2 %	0.33
Q1 2011	945.63	18.9 %	162.68	13.8 %	136.77	15.4 %	0.11
Q2 2011	968.26	44.1 %	127.80	29.3 %	98.52	30.0 %	0.08
Q3 2011	1,208.91	64.4 %	183.99	45.1 %	152.88	48.6 %	0.13
Q4 2011	1,024.52	26.2 %	159.15	19.7 %	124.82	20.5 %	0.10
2011	4,147.31	37.6 %	633.62	26.3 %	512.99	28.0 %	0.43
Q1 2012	1,196.21	26.5 %	190.19	16.9 %	164.23	20.1 %	0.14
Q2 2012	1,065.83	10.1 %	137.29	7.4 %	106.98	8.6 %	0.09
Q3 2012	1,189.84	(1.6 %)	193.39	5.1 %	160.71	5.1 %	0.13
Q4 2012	1,182.34	15.4 %	173.24	8.9 %	137.91	10.5 %	0.11
2012	4,634.22	11.7 %	694.11	9.5 %	569.82	11.1 %	0.47
Q1 2013	1,329.98	11.2 %	210.75	10.8 %	180.84	10.1 %	0.15
Q2 2013	1,258.28	18.1 %	163.93	19.4 %	126.22	18.0 %	0.11
Q3 2013	1,334.15	12.1 %	218.87	13.2 %	186.19	15.9 %	0.16
Q4 2013	1,320.26	11.7 %	200.80	15.9 %	160.03	16.0 %	0.13
2013	5,242.67	13.1 %	794.36	14.4 %	653.26	14.6 %	0.54
Q1 2014	1,398.85	5.2 %	235.05	11.5 %	201.33	11.3 %	0.17
Q2 2014	1,289.43	2.5 %	173.66	5.9 %	135.23	7.1 %	0.11
Q3 2014	1,426.25	6.9 %	237.37	8.5 %	203.00	9.0 %	0.17
Q4 2014	1,584.20	20.0 %	240.39	19.7 %	205.81	28.6 %	0.17
2014	5,698.72	8.7 %	886.48	11.6 %	745.37	14.1 %	0.62
Q1 2015	1,909.51	36.5 %	283.51	20.6 %	247.02	22.7 %	0.21
Q2 2015	1,405.76	9.0 %	191.37	10.2 %	154.86	14.5 %	0.13
Q3 2015	1,536.06	7.7 %	253.41	6.8 %	218.50	7.6 %	0.18
Q4 2015	1,524.05	(3.8 %)	243.74	1.4 %	208.09	1.1 %	0.17
2015	6,375.38	11.9 %	972.03	9.7 %	828.47	11.1 %	0.69
Q1 2016	1,417.43	(25.8 %)	214.77	(24.2 %)	174.96	(29.2 %)	0.15
Q2 2016	1,390.74	(1.1 %)	162.76	(15.0 %)	126.48	(18.3 %)	0.11
Q3 2016	1,520.93	(1.0 %)	252.93	(0.2 %)	217.92	(0.3 %)	0.18
Q4 2016	1,793.46	17.7 %	244.80	0.4 %	215.32	3.5 %	0.18
2016	6,122.56	(4.0 %)	875.76	(9.9 %)	734.31	(11.4 %)	0.61
Q1 2017	1,704.95	20.3 %	247.38	15.2 %	221.44	26.6 %	0.18
Q2 2017	1,584.80	14.0 %	192.72	18.4 %	147.76	16.8 %	0.12
Q3 2017	1,651.79	8.6 %	290.72	14.9 %	246.53	13.1 %	0.21
Q4 2017	2,000.39	11.5 %	306.42	25.2 %	251.93	17.0 %	0.21
2017	6,941.94	13.4 %	1,037.24	18.4 %	867.66	18.2 %	0.72
Q1 2018	1,599.42	(6.2 %)	242.67	(1.9 %)	219.10	(1.1 %)	0.18
Q2 2018	1,693.32	6.8 %	212.53	10.3 %	162.59	10.0 %	0.14

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2008	2,519.92	44.7 %	434.99	31.0 %	332.77	20.5 %	0.28
2009	2,555.31	1.4 %	486.38	11.8 %	373.97	12.4 %	0.31
2010	3,014.57	18.0 %	501.58	3.1 %	400.74	7.2 %	0.33
2011	4,147.31	37.6 %	633.62	26.3 %	512.99	28.0 %	0.43
2012	4,634.22	11.7 %	694.11	9.5 %	569.82	11.1 %	0.47
2013	5,242.67	13.1 %	794.36	14.4 %	653.26	14.6 %	0.54
2014	5,698.72	8.7 %	886.48	11.6 %	745.37	14.1 %	0.62
2015	6,375.38	11.9 %	972.03	9.7 %	828.47	11.1 %	0.69
2016	6,122.56	(4.0 %)	875.76	(9.9 %)	734.31	(11.4 %)	0.61
2017	6,941.94	13.4 %	1,037.24	18.4 %	867.66	18.2 %	0.72

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	17.06 %	14.32 %	13.28 %
Q2 2009	17.79 %	14.97 %	13.72 %
Q3 2009	18.50 %	15.33 %	14.03 %
Q4 2009	19.03 %	15.78 %	14.64 %
2009	19.03 %	15.78 %	14.64 %
Q1 2010	18.70 %	15.42 %	14.32 %
Q2 2010	17.91 %	14.74 %	13.93 %
Q3 2010	17.27 %	14.34 %	13.68 %
Q4 2010	16.64 %	13.78 %	13.29 %
2010	16.64 %	13.78 %	13.29 %
Q1 2011	16.47 %	13.70 %	13.24 %
Q2 2011	15.90 %	13.17 %	12.76 %
Q3 2011	15.44 %	12.82 %	12.50 %
Q4 2011	15.28 %	12.72 %	12.37 %
2011	15.28 %	12.72 %	12.37 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2008	17.26 %	14.42 %	13.21 %
2009	19.03 %	15.78 %	14.64 %
2010	16.64 %	13.78 %	13.29 %
2011	15.28 %	12.72 %	12.37 %
2012	14.98 %	12.59 %	12.30 %
2013	15.15 %	12.70 %	12.46 %
2014	15.56 %	13.18 %	13.08 %
2015	15.25 %	13.19 %	12.99 %
2016	14.30 %	12.30 %	12.06 %
2017	14.94 %	12.73 %	12.39 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	19.11 %	16.69 %	16.23 %
Q2 2009	17.88 %	14.59 %	12.64 %
Q3 2009	20.23 %	16.59 %	15.21 %
Q4 2009	18.89 %	15.21 %	14.28 %
Q1 2010	17.97 %	15.34 %	14.90 %
Q2 2010	14.71 %	11.88 %	11.28 %
Q3 2010	17.25 %	14.64 %	13.99 %
Q4 2010	16.38 %	13.03 %	12.76 %
Q1 2011	17.20 %	14.85 %	14.46 %
Q2 2011	13.20 %	10.52 %	10.18 %
Q3 2011	15.22 %	12.92 %	12.65 %
Q4 2011	15.53 %	12.62 %	12.18 %
Q1 2012	15.90 %	13.84 %	13.73 %
Q2 2012	12.88 %	10.50 %	10.04 %
Q3 2012	16.25 %	13.94 %	13.51 %
Q4 2012	14.65 %	11.86 %	11.66 %
Q1 2013	15.85 %	13.94 %	13.60 %
Q2 2013	13.03 %	10.56 %	10.03 %
Q3 2013	16.41 %	14.18 %	13.96 %
Q4 2013	15.21 %	11.98 %	12.12 %
Q1 2014	16.80 %	14.93 %	14.39 %
Q2 2014	13.47 %	10.84 %	10.49 %
Q3 2014	16.64 %	14.55 %	14.23 %
Q4 2014	15.17 %	12.30 %	12.99 %
Q1 2015	14.85 %	13.20 %	12.94 %
Q2 2015	13.61 %	11.25 %	11.02 %
Q3 2015	16.50 %	14.64 %	14.22 %
Q4 2015	15.99 %	13.53 %	13.65 %
Q1 2016	15.15 %	12.79 %	12.34 %
Q2 2016	11.70 %	9.10 %	9.09 %
Q3 2016	16.63 %	14.89 %	14.59 %
Q4 2016	13.65 %	12.07 %	12.01 %
Q1 2017	14.51 %	13.23 %	12.99 %
Q2 2017	12.16 %	9.21 %	8.86 %
Q3 2017	17.60 %	15.38 %	14.93 %
Q4 2017	15.32 %	12.92 %	12.59 %
Q1 2018	15.17 %	13.99 %	13.70 %
Q2 2018	12.55 %	10.12 %	9.60 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2009	1,200.00	0.29	0.29	0.55
Q2 2009	1,200.00	0.29	0.29	0.55
Q3 2009	1,200.00	0.29	0.29	0.57
Q4 2009	1,200.00	0.31	0.31	0.60
Q1 2010	1,200.00	0.32	0.32	0.62
Q2 2010	1,200.00	0.32	0.32	0.61
Q3 2010	1,200.00	0.33	0.33	0.64
Q4 2010	1,200.00	0.33	0.33	0.66
Q1 2011	1,200.00	0.35	0.35	0.71
Q2 2011	1,200.00	0.37	0.37	0.70
Q3 2011	1,200.00	0.41	0.41	0.76
Q4 2011	1,200.00	0.43	0.43	0.76
Q1 2012	1,200.00	0.45	0.45	0.81
Q2 2012	1,200.00	0.46	0.46	0.79
Q3 2012	1,200.00	0.46	0.46	0.86
Q4 2012	1,200.00	0.47	0.47	0.86
Q1 2013	1,200.00	0.49	0.49	0.91
Q2 2013	1,200.00	0.50	0.50	0.90
Q3 2013	1,200.00	0.53	0.53	0.97
Q4 2013	1,200.00	0.54	0.54	0.98
Q1 2014	1,200.00	0.56	0.56	1.04
Q2 2014	1,200.00	0.57	0.57	1.02
Q3 2014	1,200.00	0.58	0.58	1.10
Q4 2014	1,200.00	0.62	0.62	1.13
Q1 2015	1,200.00	0.66	0.66	1.20
Q2 2015	1,200.00	0.68	0.68	1.16
Q3 2015	1,200.00	0.69	0.69	1.23
Q4 2015	1,200.00	0.69	0.69	1.25
Q1 2016	1,200.00	0.63	0.63	1.23
Q2 2016	1,200.00	0.61	0.61	1.23
Q3 2016	1,200.00	0.61	0.61	1.29
Q4 2016	1,200.00	0.61	0.62	1.25
Q1 2017	1,200.00	0.65	0.65	1.27
Q2 2017	1,200.00	0.67	0.67	1.23
Q3 2017	1,200.00	0.69	0.69	1.33
Q4 2017	1,200.00	0.72	0.72	1.36
Q1 2018	1,200.00	0.72	0.71	1.35
Q2 2018	1,200.00	0.73	0.73	1.30

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2008	1,200.00	0.28	0.28	0.57
2009	1,200.00	0.31	0.31	0.60
2010	1,200.00	0.33	0.33	0.66
2011	1,200.00	0.43	0.43	0.76
2012	1,200.00	0.47	0.47	0.86
2013	1,200.00	0.54	0.54	0.98
2014	1,200.00	0.62	0.62	1.13
2015	1,200.00	0.69	0.69	1.25
2016	1,200.00	0.61	0.62	1.25
2017	1,200.00	0.72	0.72	1.36

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2009	14.84	14.84	7.72
Q2 2009	15.10	15.10	8.01
Q3 2009	15.54	15.54	7.93
Q4 2009	14.31	14.31	7.40
Q1 2010	15.09	15.09	7.75
Q2 2010	16.07	16.07	8.51
Q3 2010	15.88	15.88	8.22
Q4 2010	15.07	15.07	7.57
Q1 2011	13.70	13.70	6.72
Q2 2011	15.96	15.96	8.34
Q3 2011	13.95	13.95	7.48
Q4 2011	16.29	16.29	9.22
Q1 2012	17.10	17.10	9.48
Q2 2012	16.51	16.51	9.54
Q3 2012	16.57	16.57	8.99
Q4 2012	16.35	16.35	9.08
Q1 2013	16.73	16.73	8.95
Q2 2013	19.12	19.12	10.74
Q3 2013	21.98	21.98	11.93
Q4 2013	21.91	21.91	12.20
Q1 2014	27.52	27.52	14.86
Q2 2014	25.93	25.93	14.50
Q3 2014	25.92	25.92	13.78
Q4 2014	22.43	22.43	12.30
Q1 2015	25.01	25.01	13.73
Q2 2015	24.53	24.53	14.28
Q3 2015	19.60	19.60	10.94
Q4 2015	17.37	17.37	9.57
Q1 2016	13.47	13.47	6.90
Q2 2016	14.55	14.55	7.19
Q3 2016	11.47	11.41	5.38
Q4 2016	14.14	14.07	6.91
Q1 2017	15.56	15.48	7.95
Q2 2017	16.44	16.51	8.93
Q3 2017	16.68	16.83	8.70
Q4 2017	15.22	15.35	8.12
Q1 2018	18.40	18.56	9.86
Q2 2018	18.18	18.18	10.24

Period	P/E	Adjusted P/E	Price/book
2008	15.51	15.51	7.51
2009	14.31	14.31	7.40
2010	15.07	15.07	7.57
2011	16.29	16.29	9.22
2012	16.35	16.35	9.08
2013	21.91	21.91	12.20
2014	22.43	22.43	12.30
2015	17.37	17.37	9.57
2016	14.15	14.07	6.91
2017	15.22	15.35	8.12

Business Segments (Million)

Compared With The

Period	Retail sector	Wholesale sector	Other sectors
Q1 2009	562.00	100.00	-
Q2 2009	530.00	43.00	-
Q3 2009	501.00	95.00	-
Q4 2009	663.00	61.00	-
Q1 2010	678.00	117.00	-
Q2 2010	627.00	45.00	-
Q3 2010	623.00	113.00	-
Q4 2010	753.00	59.00	-
Q1 2011	827.00	119.00	-
Q2 2011	917.00	51.00	-
Q3 2011	1,067.00	142.00	-
Q4 2011	960.00	64.00	-
Q1 2012	1,070.00	126.00	-
Q2 2012	1,009.00	57.00	-
Q3 2012	1,034.00	156.00	-
Q4 2012	1,092.00	90.00	-
Q1 2013	1,224.00	106.00	-
Q2 2013	1,203.00	55.00	-
Q3 2013	1,173.00	161.00	-
Q4 2013	1,229.00	92.00	-
Q1 2014	1,275.00	124.00	-
Q2 2014	1,230.00	59.00	-
Q3 2014	1,252.00	175.00	-
Q4 2014	1,486.00	98.00	-
Q1 2015	1,783.00	127.00	-
Q2 2015	1,345.00	60.00	-
Q3 2015	1,367.00	169.00	-
Q4 2015	1,397.00	127.00	-
Q1 2016	1,293.00	85.00	39.00
Q2 2016	1,303.00	50.00	38.00
Q3 2016	1,326.00	150.00	45.00
Q4 2016	1,673.00	71.00	50.00
Q1 2017	1,530.00	133.00	42.00
Q2 2017	1,497.00	43.00	45.00
Q3 2017	1,446.00	154.00	52.00
Q4 2017	1,772.00	121.00	107.00
Q1 2018	1,487.00	61.00	51.00
Q2 2018	1,596.00	35.00	63.00

Period	Retail sector	Wholesale sector	Other sectors
2008	2,231.20	288.72	-
2009	2,256.00	299.00	-
2010	2,681.00	334.00	-
2011	3,771.00	376.00	-
2012	4,205.00	429.00	-
2013	4,829.00	414.00	-
2014	5,243.00	456.00	-
2015	5,892.00	483.00	-
2016	5,595.00	356.00	172.00
2017	6,245.00	451.00	246.00

Analysts Estimates (Million)

Item	Q2 2018 (e)	Q2 2018 (a)	Change‬
Average	151.96	162.59	7.00 %

Estimates vs Actual (Million)

Item	Q2 2018 (e)	Q2 2018 (a)	Change
Sico	163.00	162.59	(0.3) %
Albilad Capital	154.00	162.59	5.6 %
Riyad Capital	154.00	162.59	5.6 %
Al Rajhi Capital	151.00	162.59	7.7 %
OSOOL AND BAKHEET	149.00	162.59	9.1 %
SNB Capital	147.00	162.59	10.6 %
AlJazira Capital	145.70	162.59	11.6 %

Financial Ratios

	Current
Market Cap (M Riyal)	15,480.00
Enterprise Value (EV) (M)	15,629.93
Shares Outstanding ((M))	1,200.00
EPS ( Riyal) (TTM)	0.79
Book Value (BV) ( Riyal)	1.42
Par Value ( Riyal)	1.00
Adjusted P/E (Last12)	16.39
P/E (TTM)	16.39
Price/book	9.05
Return on Average Assets (%) (TTM)	22.8
Return on Average Equity (%) (TTM)	54.2

Jarir Marketing Co. (JARIR)

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Jarir’s profit rises 3% in H1 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 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Jarir Marketing Co. (JARIR)

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Jarir’s profit rises 3% in H1 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) Q2 2018

Revenue by Business Segment (Latest) 2018 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Jarir Marketing Co. (JARIR)

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Business Segments (Million)