Thimar’s 9M net profit plunges 85% on lower sales

24/12/2018 Argaam Exclusive

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Share Price

Thimar Development Holding Co.
13.96
0.00 0.00 %

Thimar Development Holding Co. (THIMAR)

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National Agriculture Marketing Co.’s (Thimar) net profit after zakat and tax slumped 84.8 percent year-on-year (YoY) to SAR 1 million in the first nine months of 2018, on lower sales and fierce competition with new market entrants.



Financials (M)

Item 9m 2017 9m 2018 Change‬
Revenues 115.52 58.67 (49.2 %)
Gross Income 35.64 16.83 (52.8 %)
Operating Income 6.79 3.60 (46.9 %)
Net Income 6.75 1.02 (84.8 %)
Average Shares 14.88 14.88 -
EPS (Riyals) 0.45 0.07 (84.8 %)

Q3 2018 net profit after zakat and tax tumbled 88.8 percent YoY to SAR 252,518 due to lower sales.

 

In the previous quarter, the company reported net profit of SAR 705,595.



Current Quarter Comparison (M)

Compared With The
Item Q3 2017 Q3 2018 Change‬
Revenues 39.21 17.25 (56.0 %)
Gross Income 14.35 4.91 (65.8 %)
Operating Income 3.12 1.69 (45.9 %)
Net Income 2.25 0.25 (88.7 %)
Average Shares 14.88 14.88 -
EPS (Riyals) 0.15 0.02 (88.7 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2009 35.50 13.6 % 5.71 (8.0 %) (1.51) (58.9 %) (0.10)
Q2 2009 32.64 (13.5 %) 2.25 (70.1 %) (4.31) (303.7 %) (0.29)
Q3 2009 33.43 (7.0 %) 3.78 (44.8 %) (2.21) 39.6 % (0.15)
Q4 2009 29.95 (27.2 %) 5.21 (17.6 %) (2.60) 66.4 % (0.17)
Q1 2010 25.17 (29.1 %) 5.40 (5.5 %) (1.51) (0.1 %) (0.10)
Q2 2010 16.88 (48.3 %) 6.08 170.7 % 0.15 103.4 % 0.01
Q3 2010 18.89 (43.5 %) 1.27 (66.5 %) (5.40) (144.3 %) (0.36)
Q4 2010 14.86 (50.4 %) (3.83) (173.5 %) (12.34) (374.5 %) (0.83)
Q1 2011 10.25 (59.3 %) 1.56 (71.1 %) (2.05) (35.7 %) (0.14)
Q2 2011 12.97 (23.1 %) 2.22 (63.5 %) (3.07) (2188.4 %) (0.21)
Q3 2011 16.56 (12.3 %) 2.52 99.2 % (1.06) 80.4 % (0.07)
Q4 2011 15.06 1.3 % 1.85 148.3 % 10.80 187.5 % 0.73
Q1 2012 15.82 54.4 % 2.99 91.8 % (0.87) 57.6 % (0.06)
Q2 2012 21.78 67.9 % 4.41 98.9 % 0.36 111.8 % 0.02
Q3 2012 22.38 35.1 % 4.43 75.7 % 0.60 157.1 % 0.04
Q4 2012 21.73 44.3 % 5.14 178.2 % 0.93 (91.3 %) 0.06
Q1 2013 24.11 52.4 % 4.49 50.2 % 2.56 394.6 % 0.17
Q2 2013 26.46 21.5 % 5.73 29.9 % 2.77 662.0 % 0.19
Q3 2013 27.44 22.6 % 5.55 25.3 % 3.05 405.8 % 0.21
Q4 2013 34.25 57.6 % 9.39 82.5 % 5.21 458.0 % 0.35
Q1 2014 44.65 85.2 % 8.62 91.9 % 6.01 134.4 % 0.40
Q2 2014 33.35 26.0 % 9.18 60.1 % 3.01 8.8 % 0.20
Q3 2014 31.21 13.7 % 8.73 57.1 % 3.43 12.4 % 0.23
Q4 2014 33.29 (2.8 %) 6.39 (31.9 %) 5.11 (1.9 %) 0.34
Q1 2015 27.87 (37.6 %) 9.80 13.7 % 38.86 546.7 % 2.61
Q2 2015 37.24 11.6 % 7.44 (18.9 %) 2.50 (16.9 %) 0.17
Q3 2015 32.98 5.7 % 7.86 (9.9 %) 1.39 (59.4 %) 0.09
Q4 2015 36.55 9.8 % 4.61 (27.8 %) 2.08 (59.3 %) 0.14
Q1 2016 37.37 34.1 % 8.46 (13.7 %) 2.28 (94.1 %) 0.15
Q2 2016 43.27 16.2 % 12.25 64.6 % 2.02 (19.1 %) 0.14
Q3 2016 33.80 2.5 % 7.77 (1.2 %) 1.30 (6.8 %) 0.09
Q4 2016 28.76 (21.3 %) 0.41 (91.2 %) (6.13) (394.2 %) (0.41)
Q1 2017 35.01 (6.3 %) 9.22 9.0 % 1.48 (35.3 %) 0.10
Q2 2017 41.30 (4.5 %) 12.07 (1.5 %) 3.03 49.7 % 0.20
Q3 2017 39.21 16.0 % 14.35 84.8 % 2.25 73.2 % 0.15
Q4 2017 21.10 (26.6 %) 0.26 (36.9 %) 1.41 123.1 % 0.09
Q1 2018 23.55 (32.7 %) 6.76 (26.7 %) 1.48 0.1 % 0.10
Q2 2018 17.87 (56.7 %) 5.17 (57.2 %) (0.71) (123.3 %) (0.05)
Q3 2018 17.25 (56.0 %) 4.91 (65.8 %) 0.25 (88.7 %) 0.02

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2009 17.55 % (0.86 %) (7.18 %)
Q2 2009 14.54 % (5.48 %) (11.86 %)
Q3 2009 12.65 % (7.66 %) (11.05 %)
Q4 2009 12.88 % (7.76 %) (8.09 %)
Q1 2010 13.72 % (9.04 %) (8.78 %)
Q2 2010 19.40 % (4.92 %) (5.86 %)
Q3 2010 19.74 % (7.82 %) (10.31 %)
Q4 2010 11.76 % (22.06 %) (25.21 %)
Q1 2011 8.34 % (27.83 %) (32.27 %)
Q2 2011 2.14 % (31.95 %) (40.13 %)
Q3 2011 4.52 % (28.76 %) (34.33 %)
Q4 2011 14.86 % (18.98 %) (26.86 %)
Q1 2012 15.86 % (14.98 %) (22.42 %)
Q2 2012 17.01 % (9.94 %) (14.61 %)
Q3 2012 18.24 % (4.51 %) (10.94 %)
Q4 2012 20.78 % 5.60 % 1.26 %
Q1 2013 20.54 % 6.43 % 2.46 %
Q2 2013 20.91 % 6.59 % 2.79 %
Q3 2013 20.98 % 6.70 % 3.04 %
Q4 2013 22.42 % 8.19 % 4.43 %
Q1 2014 22.06 % 8.79 % 5.59 %
Q2 2014 23.44 % 9.60 % 6.46 %
Q3 2014 25.04 % 9.98 % 6.77 %
Q4 2014 23.10 % 9.48 % 6.49 %
Q1 2015 27.12 % 11.28 % 8.11 %
Q2 2015 24.97 % 9.66 % 7.94 %
Q3 2015 23.97 % 9.19 % 7.61 %
Q4 2015 22.07 % 7.93 % 7.19 %
Q1 2016 19.69 % 6.22 % 5.73 %
Q2 2016 22.10 % 7.11 % 5.18 %
Q3 2016 21.92 % 7.89 % 5.09 %
Q4 2016 20.17 % 2.49 % (0.37 %)
Q1 2017 21.05 % 2.16 % (0.95 %)
Q2 2017 21.22 % 3.30 % (0.24 %)
Q3 2017 24.99 % 4.41 % 0.43 %
Q4 2017 26.28 % 11.74 % 5.97 %
Q1 2018 26.71 % 14.61 % 6.52 %
Q2 2018 26.08 % 12.59 % 4.35 %
Q3 2018 21.42 % 12.68 % 3.05 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2009 14.88 (0.73) (0.73) 5.27
Q2 2009 14.88 (1.16) (1.16) 4.98
Q3 2009 14.88 (1.06) (1.06) 4.88
Q4 2009 14.88 (0.71) (0.71) 4.63
Q1 2010 14.88 (0.71) (0.71) 4.53
Q2 2010 14.88 (0.42) (0.42) 4.54
Q3 2010 14.88 (0.63) (0.63) 4.22
Q4 2010 14.88 (1.28) (1.28) 2.18
Q1 2011 14.88 (1.32) (1.32) 2.09
Q2 2011 14.88 (1.54) (1.54) 1.83
Q3 2011 14.88 (1.24) (1.26) 1.76
Q4 2011 14.88 0.31 (0.99) 2.49
Q1 2012 14.88 0.39 (0.91) 2.40
Q2 2012 14.88 0.62 (0.68) 2.37
Q3 2012 14.88 0.73 (0.55) 2.40
Q4 2012 14.88 0.07 0.07 2.50
Q1 2013 14.88 0.30 0.15 3.11
Q2 2013 14.88 0.46 0.18 3.16
Q3 2013 14.88 0.63 0.20 3.25
Q4 2013 14.88 0.91 0.33 3.48
Q1 2014 14.88 1.15 0.50 3.72
Q2 2014 14.88 1.16 0.61 3.91
Q3 2014 14.88 1.19 0.65 4.12
Q4 2014 14.88 1.18 0.62 4.38
Q1 2015 14.88 3.39 0.69 6.95
Q2 2015 14.88 3.35 0.69 7.17
Q3 2015 14.88 3.22 0.67 7.22
Q4 2015 14.88 3.01 0.65 7.20
Q1 2016 14.88 0.55 0.55 7.35
Q2 2016 14.88 0.52 0.52 7.49
Q3 2016 14.88 0.52 0.52 7.56
Q4 2016 14.88 (0.04) (0.04) 7.17
Q1 2017 14.88 (0.09) (0.09) 7.27
Q2 2017 14.88 (0.02) (0.02) 7.48
Q3 2017 14.88 0.04 0.04 7.63
Q4 2017 14.88 0.55 0.55 7.76
Q1 2018 14.88 0.55 0.55 7.86
Q2 2018 14.88 0.30 0.30 7.81
Q3 2018 14.88 0.16 0.16 7.83

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 NEG NEG 3.88
Q2 2009 NEG NEG 9.56
Q3 2009 NEG NEG 8.72
Q4 2009 NEG NEG 10.44
Q1 2010 NEG NEG 10.25
Q2 2010 NEG NEG 5.64
Q3 2010 NEG NEG 6.00
Q4 2010 NEG NEG 11.39
Q1 2011 NEG NEG 10.87
Q2 2011 NEG NEG 13.12
Q3 2011 NEG NEG 14.10
Q4 2011 More than 50 NEG 11.26
Q1 2012 More than 50 NEG 16.23
Q2 2012 39.50 NEG 10.34
Q3 2012 42.28 NEG 12.91
Q4 2012 More than 50 More than 50 13.09
Q1 2013 More than 50 More than 50 12.19
Q2 2013 More than 50 More than 50 11.80
Q3 2013 More than 50 More than 50 10.93
Q4 2013 More than 50 More than 50 13.67
Q1 2014 More than 50 More than 50 28.84
Q2 2014 More than 50 More than 50 22.85
Q3 2014 More than 50 More than 50 25.19
Q4 2014 More than 50 More than 50 20.70
Q1 2015 27.01 More than 50 13.18
Q2 2015 25.79 More than 50 12.07
Q3 2015 13.95 More than 50 6.22
Q4 2015 15.00 More than 50 6.28
Q1 2016 More than 50 More than 50 5.00
Q2 2016 More than 50 More than 50 4.68
Q3 2016 49.67 49.67 3.39
Q4 2016 NEG NEG 5.88
Q1 2017 NEG NEG 5.81
Q2 2017 NEG NEG 4.83
Q3 2017 More than 50 More than 50 5.08
Q4 2017 More than 50 More than 50 4.39
Q1 2018 More than 50 More than 50 4.32
Q2 2018 More than 50 More than 50 4.40
Q3 2018 More than 50 More than 50 3.85

Business Segments (Million)

Compared With The
Period Meat sector Fruit and vegetable sector Other activities
Q1 2018 15.02 7.81 0.72
Q2 2018 5.92 11.80 0.15


Financial Ratios
Current
Market Cap (M Riyal) 349.00
Enterprise Value (EV) (M) 310.01
Shares Outstanding ((M)) 25.00
EPS ( Riyal) (TTM) (0.34)
Book Value (BV) ( Riyal) 1.15
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 12.10
Return on Average Assets (%) (TTM) (11.47 )
Return on Average Equity (%) (TTM) -
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