Jarir’s net profit declines marginally to SAR 456.9 mln in H1 2021

13/07/2021 Argaam Exclusive

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Share Price

12.86
(0.16) (1.23 %)

Jarir Marketing Co. (JARIR)

Jarir Marketing Co. reported a net profit after Zakat and tax of SAR 456.9 million for H1 2021, a marginal decline from SAR 460.1 million in the prior-year period



Financials (M)

Item 6m 2020 6m 2021 Change‬
Revenues 4,714.13 4,545.67 (3.6 %)
Gross Income 631.20 599.60 (5.0 %)
Operating Income 483.42 472.89 (2.2 %)
Net Income 460.08 456.88 (0.7 %)
Average Shares 1,200.00 1,200.00 -
EPS (Riyals) 0.38 0.38 (0.7 %)

The decline was attributed to lower sales, which fell 3.6% year-on-year (YoY).

 

This was offset by a decrease in general and administrative expenses, along with lower selling and marketing expenses, and non-operating expenses. The firm also noted an increase in other income.



Current Quarter Comparison (M)

Compared With The
Item Q2 2020 Q2 2021 Change‬
Revenues 2,373.92 2,015.28 (15.1 %)
Gross Income 303.74 262.03 (13.7 %)
Operating Income 218.90 195.98 (10.5 %)
Net Income 208.39 189.24 (9.2 %)
Average Shares 1,200.00 1,200.00 -
EPS (Riyals) 0.17 0.16 (9.2 %)

In Q2 2021, Jarir’s net profit after Zakat and tax fell 9% YoY to SAR 189.2 million, due to lower online sales.

 

When compared to the previous quarter, Q2 2021 net profit slumped 29.3%.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
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
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
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
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
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
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
Q3 2018 1,932.08 17.0 % 338.56 16.5 % 288.00 16.8 % 0.24
Q4 2018 2,136.90 6.8 % 320.07 4.5 % 290.31 15.2 % 0.24
Q1 2019 1,886.64 18.0 % 302.14 24.5 % 233.69 6.7 % 0.19
Q2 2019 1,892.58 11.8 % 233.90 10.1 % 169.13 4.0 % 0.14
Q3 2019 2,251.23 16.5 % 389.14 14.9 % 304.97 5.9 % 0.25
Q4 2019 2,394.06 12.0 % 348.00 8.7 % 276.94 (4.6 %) 0.23
Q1 2020 2,340.22 24.0 % 327.46 8.4 % 251.69 7.7 % 0.21
Q2 2020 2,373.92 25.4 % 303.74 29.9 % 208.39 23.2 % 0.17
Q3 2020 2,037.85 (9.5 %) 334.46 (14.1 %) 255.24 (16.3 %) 0.21
Q4 2020 2,553.83 6.7 % 362.96 4.3 % 287.67 3.9 % 0.24
Q1 2021 2,530.39 8.1 % 337.57 3.1 % 267.64 6.3 % 0.22
Q2 2021 2,015.28 (15.1 %) 262.03 (13.7 %) 189.24 (9.2 %) 0.16

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
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 %
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 %
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 %
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 %
Q1 2018 15.10 % 12.90 % 12.55 %
Q2 2018 15.15 % 13.07 % 12.67 %
Q3 2018 15.23 % 13.18 % 12.76 %
Q4 2018 15.13 % 13.18 % 13.04 %
Q1 2019 15.34 % 13.45 % 12.74 %
Q2 2019 15.22 % 13.68 % 12.50 %
Q3 2019 15.25 % 13.76 % 12.22 %
Q4 2019 15.11 % 13.85 % 11.69 %
Q1 2020 14.63 % 13.37 % 11.29 %
Q2 2020 14.62 % 13.11 % 11.13 %
Q3 2020 14.36 % 12.93 % 10.85 %
Q4 2020 14.28 % 13.00 % 10.78 %
Q1 2021 14.10 % 12.87 % 10.73 %
Q2 2021 14.19 % 13.18 % 10.94 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2018 1,200.00 0.77 0.77 1.41
Q4 2018 1,200.00 0.80 0.80 1.42
Q1 2019 1,200.00 0.81 0.81 1.32
Q2 2019 1,200.00 0.82 0.82 1.27
Q3 2019 1,200.00 0.83 0.83 1.39
Q4 2019 1,200.00 0.82 0.82 1.37
Q1 2020 1,200.00 0.84 0.84 1.36
Q2 2020 1,200.00 0.87 0.87 1.36
Q3 2020 1,200.00 0.83 0.83 1.41
Q4 2020 1,200.00 0.84 0.84 1.44
Q1 2021 1,200.00 0.85 0.85 1.43
Q2 2021 1,200.00 0.83 0.83 1.37

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2018 17.87 17.87 9.76
Q4 2018 19.00 19.00 10.73
Q1 2019 19.48 19.48 11.98
Q2 2019 20.45 20.45 13.11
Q3 2019 19.00 19.00 11.36
Q4 2019 20.18 20.18 12.08
Q1 2020 15.29 15.29 9.39
Q2 2020 16.81 16.81 10.71
Q3 2020 22.66 22.66 13.32
Q4 2020 20.75 20.75 12.06
Q1 2021 21.43 21.43 12.77
Q2 2021 25.35 25.35 15.38

Business Segments (Million)

Compared With The
Period Retail sector Wholesale sector E-Commerce Other sectors
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
Q3 2018 1,667.00 158.00 - 107.00
Q4 2018 1,873.00 118.00 - 146.00
Q1 2019 1,723.00 66.00 - 98.00
Q3 2019 1,914.00 170.00 135.00 32.00
Q4 2019 2,149.00 93.00 120.20 32.50
Q1 2020 2,071.00 77.00 148.00 44.00
Q2 2020 1,780.00 44.00 520.00 30.00
Q3 2020 1,804.00 66.00 145.00 23.00
Q4 2020 2,089.00 38.00 404.00 23.00
Q1 2021 2,276.00 40.00 193.00 21.00
Q2 2021 1,811.00 28.00 150.00 27.00

Analysts Estimates (Million)

Item Q2 2021 (e) Q2 2021 (a) Change‬
Average 224.50 189.24 (15.7 %)

Estimates vs Actual (Million)

Item Q2 2021 (e) Q2 2021 (a) Change
AlJazira Capital 213.50 189.24 (11.4) %
SNB Capital 222.00 189.24 (14.8) %
Al Rajhi Capital 225.00 189.24 (15.9) %
Riyad Capital 229.00 189.24 (17.4) %
OSOOL AND BAKHEET 233.00 189.24 (18.8) %

Current
Market Cap (M Riyal) 15,432.00
Enterprise Value (EV) (M) 15,581.93
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) 16.34
P/E (TTM) 16.34
Price/book 9.03
Return on Average Assets (%) (TTM) 22.8
Return on Average Equity (%) (TTM) 54.2

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