Saudi Marketing Co. (Farm Superstores) reported a net profit of SAR 52.6 million for the first half of 2016, a 15 percent year-on-year (YoY) drop attributed to higher general and administrative expenses and a SAR 2.9 million plunge in sales at its affiliates. The company also cited a drop in wholesale houseware products, as well as the impact of discounts given to customers in light of current market conditions.
| Item | 6m 2015 | 6m 2016 | Change |
|---|---|---|---|
| Revenues | 969.29 | 1,007.05 | 3.9 % |
| Gross Income | 227.58 | 255.84 | 12.4 % |
| Operating Income | 66.82 | 57.42 | (14.1 %) |
| Net Income | 61.91 | 52.63 | (15.0 %) |
| Average Shares | 45.00 | 45.00 | - |
| EPS (Riyals) | 1.38 | 1.17 | (15.0 %) |
Net profit for the second quarter fell 17.2 percent YoY to SAR 27.17 million due to lower sales of household and entertainment segments, a drop in sales volumes at its affiliates, and higher net costs and non-operating expenses. Compared during the first quarter of 2016, Q2 net earnings rose 6.7 percent on higher revenues and increased net operating profit.
| Item | Q2 2015 | Q2 2016 | Change |
|---|---|---|---|
| Revenues | 513.81 | 524.82 | 2.1 % |
| Gross Income | 123.00 | 130.10 | 5.8 % |
| Operating Income | 34.21 | 28.69 | (16.1 %) |
| Net Income | 32.83 | 27.17 | (17.2 %) |
| Average Shares | 45.00 | 45.00 | - |
| EPS (Riyals) | 0.73 | 0.60 | (17.2 %) |
| Item | Q1 2016 | Q2 2016 | Change |
|---|---|---|---|
| Revenues | 482.23 | 524.82 | 8.8 % |
| Gross Income | 112.15 | 130.10 | 16.0 % |
| Operating Income | 28.73 | 28.69 | (0.2 %) |
| Net Income | 25.45 | 27.17 | 6.8 % |
| Average Shares | 45.00 | 45.00 | - |
| EPS (Riyals) | 0.57 | 0.60 | 6.8 % |
| Period | Revenues | Change | Gross Income | Change | Net Income | Change | EPS(Riyal) |
|---|---|---|---|---|---|---|---|
| Q1 2007 | - | - | - | - | - | - | - |
| Q2 2007 | - | - | - | - | - | - | - |
| Q3 2007 | - | - | - | - | - | - | - |
| Q4 2007 | - | - | - | - | - | - | - |
| 2007 | - | - | - | - | - | - | - |
| Q1 2008 | - | - | - | - | - | - | - |
| Q2 2008 | - | - | - | - | - | - | - |
| Q3 2008 | - | - | - | - | - | - | - |
| Q4 2008 | - | - | - | - | - | - | - |
| 2008 | - | - | - | - | - | - | - |
| Q1 2009 | - | - | - | - | - | - | - |
| Q2 2009 | - | - | - | - | - | - | - |
| Q3 2009 | - | - | - | - | - | - | - |
| Q4 2009 | - | - | - | - | - | - | - |
| 2009 | 899.12 | - | 195.73 | - | 45.31 | - | 1.01 |
| Q1 2010 | - | - | - | - | - | - | - |
| Q2 2010 | - | - | - | - | - | - | - |
| Q3 2010 | - | - | - | - | - | - | - |
| Q4 2010 | - | - | - | - | - | - | - |
| 2010 | 1,025.78 | 14.1 % | 204.37 | 4.4 % | 56.10 | 23.8 % | 1.25 |
| Q1 2011 | - | - | - | - | - | - | - |
| Q2 2011 | 303.99 | - | 62.21 | - | 17.35 | - | 0.39 |
| Q3 2011 | 330.91 | - | 68.92 | - | 14.92 | - | 0.33 |
| Q4 2011 | 350.17 | - | 50.81 | - | 19.48 | - | 0.43 |
| 2011 | 1,253.14 | 22.2 % | 235.73 | 15.3 % | 66.57 | 18.7 % | 1.48 |
| Q1 2012 | 342.36 | - | 64.04 | - | 18.86 | - | 0.42 |
| Q2 2012 | 350.01 | 15.1 % | 78.29 | 25.8 % | 18.76 | 8.1 % | 0.42 |
| Q3 2012 | 384.15 | 16.1 % | 84.23 | 22.2 % | 23.52 | 57.7 % | 0.52 |
| Q4 2012 | 419.14 | 19.7 % | 72.64 | 43.0 % | 17.63 | (9.5 %) | 0.39 |
| 2012 | 1,495.67 | 19.4 % | 299.19 | 26.9 % | 78.76 | 18.3 % | 1.75 |
| Q1 2013 | 391.22 | 14.3 % | 87.02 | 35.9 % | 24.68 | 30.9 % | 0.55 |
| Q2 2013 | 397.65 | 13.6 % | 89.20 | 13.9 % | 21.38 | 14.0 % | 0.48 |
| Q3 2013 | 413.71 | 7.7 % | 89.95 | 6.8 % | 22.21 | (5.6 %) | 0.49 |
| Q4 2013 | 423.76 | 1.1 % | 87.89 | 21.0 % | 26.87 | 52.4 % | 0.60 |
| 2013 | 1,626.34 | 8.7 % | 354.06 | 18.3 % | 95.15 | 20.8 % | 2.11 |
| Q1 2014 | 405.04 | 3.5 % | 93.24 | 7.2 % | 27.54 | 11.6 % | 0.61 |
| Q2 2014 | 475.21 | 19.5 % | 103.31 | 15.8 % | 29.13 | 36.2 % | 0.65 |
| Q3 2014 | 409.88 | (0.9 %) | 103.87 | 15.5 % | 24.70 | 11.2 % | 0.55 |
| Q4 2014 | 450.89 | 6.4 % | 102.85 | 17.0 % | 23.11 | (14.0 %) | 0.51 |
| 2014 | 1,740.72 | 7.0 % | 402.98 | 13.8 % | 104.48 | 9.8 % | 2.32 |
| Q1 2015 | 455.49 | 12.5 % | 104.58 | 12.2 % | 29.08 | 5.6 % | 0.65 |
| Q2 2015 | 513.81 | 8.1 % | 123.00 | 19.1 % | 32.83 | 12.7 % | 0.73 |
| Q3 2015 | 448.70 | 9.5 % | 120.48 | 16.0 % | 28.95 | 17.2 % | 0.64 |
| Q4 2015 | 474.32 | 5.2 % | 108.13 | 5.1 % | 16.28 | (29.5 %) | 0.36 |
| 2015 | 1,892.32 | 8.7 % | 456.19 | 13.2 % | 107.15 | 2.6 % | 2.38 |
| Q1 2016 | 482.23 | 5.9 % | 112.15 | 7.2 % | 25.45 | (12.5 %) | 0.57 |
| Q2 2016 | 524.82 | 2.1 % | 130.10 | 5.8 % | 27.17 | (17.2 %) | 0.60 |
| Period | Revenues | Change | Gross Income | Change | Net Income | Change | EPS(Riyal) |
|---|---|---|---|---|---|---|---|
| 2006 | - | - | - | - | - | - | - |
| 2007 | - | - | - | - | - | - | - |
| 2008 | - | - | - | - | - | - | - |
| 2009 | 899.12 | - | 195.73 | - | 45.31 | - | 1.01 |
| 2010 | 1,025.78 | 14.1 % | 204.37 | 4.4 % | 56.10 | 23.8 % | 1.25 |
| 2011 | 1,253.14 | 22.2 % | 235.73 | 15.3 % | 66.57 | 18.7 % | 1.48 |
| 2012 | 1,495.67 | 19.4 % | 299.19 | 26.9 % | 78.76 | 18.3 % | 1.75 |
| 2013 | 1,626.34 | 8.7 % | 354.06 | 18.3 % | 95.15 | 20.8 % | 2.11 |
| 2014 | 1,740.72 | 7.0 % | 402.98 | 13.8 % | 104.48 | 9.8 % | 2.32 |
| 2015 | 1,892.32 | 8.7 % | 456.19 | 13.2 % | 107.15 | 2.6 % | 2.38 |
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2007 | - | - | - |
| Q2 2007 | - | - | - |
| Q3 2007 | - | - | - |
| Q4 2007 | - | - | - |
| 2007 | - | - | - |
| Q1 2008 | - | - | - |
| Q2 2008 | - | - | - |
| Q3 2008 | - | - | - |
| Q4 2008 | - | - | - |
| 2008 | - | - | - |
| Q1 2009 | - | - | - |
| Q2 2009 | - | - | - |
| Q3 2009 | - | - | - |
| Q4 2009 | - | - | - |
| 2009 | 21.77 % | 7.23 % | 5.04 % |
| Q1 2010 | - | - | - |
| Q2 2010 | - | - | - |
| Q3 2010 | - | - | - |
| Q4 2010 | - | - | - |
| 2010 | 19.92 % | 7.73 % | 5.47 % |
| Q1 2011 | - | - | - |
| Q2 2011 | - | - | - |
| Q3 2011 | - | - | - |
| Q4 2011 | - | - | - |
| 2011 | 18.81 % | 6.93 % | 5.31 % |
| Q1 2012 | 18.53 % | 6.38 % | 5.32 % |
| Q2 2012 | 19.08 % | 6.99 % | 5.24 % |
| Q3 2012 | 19.44 % | 7.31 % | 5.65 % |
| Q4 2012 | 20.00 % | 6.66 % | 5.27 % |
| 2012 | 20.00 % | 6.66 % | 5.27 % |
| Q1 2013 | 20.86 % | 6.92 % | 5.48 % |
| Q2 2013 | 20.92 % | 6.91 % | 5.48 % |
| Q3 2013 | 20.89 % | 6.70 % | 5.30 % |
| Q4 2013 | 21.77 % | 7.62 % | 5.85 % |
| 2013 | 21.77 % | 7.62 % | 5.85 % |
| Q1 2014 | 21.97 % | 7.70 % | 5.98 % |
| Q2 2014 | 21.80 % | 7.85 % | 6.16 % |
| Q3 2014 | 22.66 % | 8.26 % | 6.32 % |
| Q4 2014 | 23.16 % | 8.27 % | 6.00 % |
| 2014 | 23.15 % | 8.27 % | 6.00 % |
| Q1 2015 | 23.14 % | 8.40 % | 5.92 % |
| Q2 2015 | 23.73 % | 8.60 % | 6.00 % |
| Q3 2015 | 24.13 % | 9.07 % | 6.29 % |
| Q4 2015 | 24.11 % | 8.39 % | 5.81 % |
| 2015 | 24.11 % | 8.39 % | 5.81 % |
| Q1 2016 | 24.17 % | 8.14 % | 5.54 % |
| Q2 2016 | 24.40 % | 7.86 % | 5.21 % |
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| 2006 | - | - | - |
| 2007 | - | - | - |
| 2008 | - | - | - |
| 2009 | 21.77 % | 7.23 % | 5.04 % |
| 2010 | 19.92 % | 7.73 % | 5.47 % |
| 2011 | 18.81 % | 6.93 % | 5.31 % |
| 2012 | 20.00 % | 6.66 % | 5.27 % |
| 2013 | 21.77 % | 7.62 % | 5.85 % |
| 2014 | 23.15 % | 8.27 % | 6.00 % |
| 2015 | 24.11 % | 8.39 % | 5.81 % |
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2007 | - | - | - |
| Q2 2007 | - | - | - |
| Q3 2007 | - | - | - |
| Q4 2007 | - | - | - |
| Q1 2008 | - | - | - |
| Q2 2008 | - | - | - |
| Q3 2008 | - | - | - |
| Q4 2008 | - | - | - |
| Q1 2009 | - | - | - |
| Q2 2009 | - | - | - |
| Q3 2009 | - | - | - |
| Q4 2009 | - | - | - |
| Q1 2010 | - | - | - |
| Q2 2010 | - | - | - |
| Q3 2010 | - | - | - |
| Q4 2010 | - | - | - |
| Q1 2011 | - | - | - |
| Q2 2011 | 20.46 % | - | 5.71 % |
| Q3 2011 | 20.83 % | 6.32 % | 4.51 % |
| Q4 2011 | 14.51 % | 6.71 % | 5.56 % |
| Q1 2012 | 18.70 % | 7.61 % | 5.51 % |
| Q2 2012 | 22.37 % | 7.29 % | 5.36 % |
| Q3 2012 | 21.93 % | 7.62 % | 6.12 % |
| Q4 2012 | 17.33 % | 4.48 % | 4.21 % |
| Q1 2013 | 22.24 % | 8.51 % | 6.31 % |
| Q2 2013 | 22.43 % | 7.20 % | 5.38 % |
| Q3 2013 | 21.74 % | 6.74 % | 5.37 % |
| Q4 2013 | 20.74 % | 8.04 % | 6.34 % |
| Q1 2014 | 23.02 % | 8.82 % | 6.80 % |
| Q2 2014 | 21.74 % | 7.82 % | 6.13 % |
| Q3 2014 | 25.34 % | 8.45 % | 6.03 % |
| Q4 2014 | 22.81 % | 8.08 % | 5.12 % |
| Q1 2015 | 22.96 % | 9.26 % | 6.38 % |
| Q2 2015 | 23.94 % | 8.61 % | 6.39 % |
| Q3 2015 | 26.85 % | 10.39 % | 7.27 % |
| Q4 2015 | 22.80 % | 5.41 % | 3.24 % |
| Q1 2016 | 23.26 % | 8.22 % | 5.28 % |
| Q2 2016 | 24.79 % | 7.59 % | 5.18 % |
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2007 | - | - | - | - |
| Q2 2007 | - | - | - | - |
| Q3 2007 | - | - | - | - |
| Q4 2007 | - | - | - | - |
| Q1 2008 | - | - | - | - |
| Q2 2008 | - | - | - | - |
| Q3 2008 | - | - | - | - |
| Q4 2008 | - | - | - | - |
| Q1 2009 | - | - | - | - |
| Q2 2009 | - | - | - | - |
| Q3 2009 | - | - | - | - |
| Q4 2009 | - | - | - | - |
| Q1 2010 | - | - | - | - |
| Q2 2010 | - | - | - | - |
| Q3 2010 | - | - | - | - |
| Q4 2010 | - | - | - | - |
| Q1 2011 | - | - | - | - |
| Q2 2011 | 45.00 | - | - | 7.10 |
| Q3 2011 | 45.00 | - | - | 7.60 |
| Q4 2011 | 45.00 | - | - | 7.73 |
| Q1 2012 | 45.00 | 1.57 | 1.57 | 8.15 |
| Q2 2012 | 45.00 | 1.60 | 1.60 | 8.56 |
| Q3 2012 | 45.00 | 1.79 | 1.79 | 9.09 |
| Q4 2012 | 45.00 | 1.75 | 1.75 | 9.20 |
| Q1 2013 | 45.00 | 1.88 | 1.88 | 8.43 |
| Q2 2013 | 45.00 | 1.94 | 1.94 | 8.90 |
| Q3 2013 | 45.00 | 1.91 | 1.91 | 9.40 |
| Q4 2013 | 45.00 | 2.11 | 2.11 | 8.72 |
| Q1 2014 | 45.00 | 2.18 | 2.18 | 9.33 |
| Q2 2014 | 45.00 | 2.35 | 2.35 | 9.97 |
| Q3 2014 | 45.00 | 2.41 | 2.41 | 10.52 |
| Q4 2014 | 45.00 | 2.32 | 2.32 | 11.04 |
| Q1 2015 | 45.00 | 2.36 | 2.36 | 11.68 |
| Q2 2015 | 45.00 | 2.44 | 2.44 | 11.25 |
| Q3 2015 | 45.00 | 2.53 | 2.61 | 11.89 |
| Q4 2015 | 45.00 | 2.38 | 2.44 | 12.22 |
| Q1 2016 | 45.00 | 2.30 | 2.36 | 12.63 |
| Q2 2016 | 45.00 | 2.17 | 2.24 | 13.24 |
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 2006 | - | - | - | - |
| 2007 | - | - | - | - |
| 2008 | - | - | - | - |
| 2009 | 45.00 | 1.01 | 1.01 | 5.55 |
| 2010 | 45.00 | 1.25 | 1.25 | 6.38 |
| 2011 | 45.00 | 1.48 | 1.48 | 7.73 |
| 2012 | 45.00 | 1.75 | 1.75 | 9.20 |
| 2013 | 45.00 | 2.11 | 2.11 | 8.72 |
| 2014 | 45.00 | 2.32 | 2.32 | 11.04 |
| 2015 | 45.00 | 2.38 | 2.44 | 12.22 |
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2007 | - | - | - |
| Q2 2007 | - | - | - |
| Q3 2007 | - | - | - |
| Q4 2007 | - | - | - |
| Q1 2008 | - | - | - |
| Q2 2008 | - | - | - |
| Q3 2008 | - | - | - |
| Q4 2008 | - | - | - |
| Q1 2009 | - | - | - |
| Q2 2009 | - | - | - |
| Q3 2009 | - | - | - |
| Q4 2009 | - | - | - |
| Q1 2010 | - | - | - |
| Q2 2010 | - | - | - |
| Q3 2010 | - | - | - |
| Q4 2010 | - | - | - |
| Q1 2011 | - | - | - |
| Q2 2011 | - | - | - |
| Q3 2011 | - | - | - |
| Q4 2011 | - | - | - |
| Q1 2012 | - | - | - |
| Q2 2012 | - | - | - |
| Q3 2012 | - | - | - |
| Q4 2012 | - | - | - |
| Q1 2013 | - | - | - |
| Q2 2013 | - | - | - |
| Q3 2013 | - | - | - |
| Q4 2013 | - | - | - |
| Q1 2014 | 22.00 | 22.00 | 5.14 |
| Q2 2014 | 27.20 | 27.20 | 6.41 |
| Q3 2014 | 30.58 | 30.58 | 6.99 |
| Q4 2014 | 27.42 | 27.42 | 5.77 |
| Q1 2015 | 24.69 | 24.69 | 4.98 |
| Q2 2015 | 24.25 | 24.25 | 5.26 |
| Q3 2015 | 20.03 | 19.40 | 4.27 |
| Q4 2015 | 20.10 | 19.60 | 3.92 |
| Q1 2016 | 16.72 | 16.29 | 3.04 |
| Q2 2016 | 19.46 | 18.92 | 3.20 |
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| 2006 | - | - | - |
| 2007 | - | - | - |
| 2008 | - | - | - |
| 2009 | - | - | - |
| 2010 | - | - | - |
| 2011 | - | - | - |
| 2012 | - | - | - |
| 2013 | - | - | - |
| 2014 | 27.42 | 27.42 | 5.77 |
| 2015 | 20.10 | 19.60 | 3.92 |
| Item | Q2 2016 (e) | Q2 2016 (a) | Change |
|---|---|---|---|
| Average | 30.83 | 27.17 | (11.9 %) |
| Item | Q2 2016 (e) | Q2 2016 (a) | Change |
|---|---|---|---|
| Albilad Capital | 29.00 | 27.17 | (6.3) % |
| OSOOL AND BAKHEET | 29.30 | 27.17 | (7.3) % |
| KASB Capital | 34.20 | 27.17 | (20.5) % |
| Current | |
| Market Cap (M Riyal) | 1,071.00 |
| Enterprise Value (EV) (M) | 1,608.91 |
| Shares Outstanding ((M)) | 45.00 |
| EPS ( Riyal) (TTM) | 0.47 |
| Book Value (BV) ( Riyal) | 14.84 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 46.17 |
| P/E (TTM) | More than 50 |
| Price/book | 1.60 |
| Return on Average Assets (%) (TTM) | 0.9 |
| Return on Average Equity (%) (TTM) | 3.2 |
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