Nadec’s H1 net profit edges up 1.7%

19/07/2016 Argaam Exclusive

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Share Price

National Agricultural Development Co. (NADEC)

National Agriculture Development Company (NADEC) – a producer of agriculture, wheat and dairy products – reported a net profit of SAR 62.3 million in the first half of 2016, a 1.7 percent year-on-year (YoY) rise attributed to lower cost of materials and higher selling price for agri-products, along with an improvement in operation efficiency.

Financials (M)

Item	6m 2015	6m 2016	Change‬
Revenues	1,228.97	1,147.94	(6.6 %)
Gross Income	467.64	447.54	(4.3 %)
Operating Income	86.74	90.50	4.3 %
Net Income	61.26	59.32	(3.2 %)
Average Shares	212.89	212.89	-
EPS (Riyals)	0.29	0.28	(3.2 %)

The company’s net profit for the second quarter rose 5.6 percent YoY to SAR 37 million. Earnings in first quarter stood at SAR 25.2 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2015	Q2 2016	Change‬
Revenues	689.65	638.59	(7.4 %)
Gross Income	258.42	245.44	(5.0 %)
Operating Income	49.92	52.82	5.8 %
Net Income	35.10	35.57	1.3 %
Average Shares	212.89	212.89	-
EPS (Riyals)	0.16	0.17	1.3 %

Item	Q1 2016	Q2 2016	Change‬
Revenues	509.36	638.59	25.4 %
Gross Income	202.88	245.44	21.0 %
Operating Income	39.53	52.82	33.6 %
Net Income	23.75	35.57	49.8 %
Average Shares	212.89	212.89	-
EPS (Riyals)	0.11	0.17	49.8 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2007	195.37	29.2 %	73.08	41.3 %	23.56	347.1 %	0.11
Q2 2007	294.84	19.7 %	95.70	22.1 %	22.89	18.1 %	0.11
Q3 2007	276.68	27.9 %	122.38	18.3 %	38.35	4.6 %	0.18
Q4 2007	315.24	32.5 %	115.43	25.1 %	(13.22)	(123.2 %)	(0.06)
2007	1,082.14	27.1 %	406.59	24.8 %	71.58	(39.5 %)	0.34
Q1 2008	259.00	32.6 %	89.04	21.8 %	4.08	(82.7 %)	0.02
Q2 2008	403.32	36.8 %	128.77	34.5 %	37.79	65.1 %	0.18
Q3 2008	358.36	29.5 %	143.94	17.6 %	31.64	(17.5 %)	0.15
Q4 2008	317.96	0.9 %	114.89	(0.5 %)	(4.71)	64.4 %	(0.02)
2008	1,338.63	23.7 %	476.62	17.2 %	68.80	(3.9 %)	0.32
Q1 2009	279.43	7.9 %	92.64	4.1 %	(4.37)	(207.1 %)	(0.02)
Q2 2009	390.91	(3.1 %)	100.65	(21.8 %)	(16.84)	(144.6 %)	(0.08)
Q3 2009	344.95	(3.7 %)	131.08	(8.9 %)	11.34	(64.2 %)	0.05
Q4 2009	319.22	0.4 %	94.08	(18.1 %)	(33.04)	(602.0 %)	(0.16)
2009	1,334.50	(0.3 %)	418.45	(12.2 %)	(42.91)	(162.4 %)	(0.20)
Q1 2010	318.88	14.1 %	108.92	17.6 %	3.82	187.6 %	0.02
Q2 2010	402.13	2.9 %	119.66	18.9 %	4.66	127.6 %	0.02
Q3 2010	353.50	2.5 %	134.21	2.4 %	15.94	40.6 %	0.07
Q4 2010	373.05	16.9 %	115.62	22.9 %	(13.96)	57.8 %	(0.07)
2010	1,447.56	8.5 %	478.41	14.3 %	10.46	124.4 %	0.05
Q1 2011	345.99	8.5 %	123.33	13.2 %	20.53	436.8 %	0.10
Q2 2011	430.32	7.0 %	137.27	14.7 %	19.49	318.5 %	0.09
Q3 2011	405.64	14.7 %	151.48	12.9 %	30.07	88.6 %	0.14
Q4 2011	375.71	0.7 %	137.77	19.2 %	21.20	251.9 %	0.10
2011	1,557.66	7.6 %	549.85	14.9 %	91.28	772.5 %	0.43
Q1 2012	368.00	6.4 %	139.45	13.1 %	21.48	4.6 %	0.10
Q2 2012	489.99	13.9 %	167.58	22.1 %	27.21	39.6 %	0.13
Q3 2012	456.77	12.6 %	180.18	18.9 %	32.67	8.7 %	0.15
Q4 2012	412.72	9.8 %	149.34	8.4 %	14.30	(32.5 %)	0.07
2012	1,727.47	10.9 %	636.54	15.8 %	95.66	4.8 %	0.45
Q1 2013	424.48	15.3 %	161.86	16.1 %	22.35	4.0 %	0.10
Q2 2013	543.00	10.8 %	184.49	10.1 %	30.00	10.3 %	0.14
Q3 2013	512.17	12.1 %	189.43	5.1 %	33.02	1.1 %	0.16
Q4 2013	448.44	8.7 %	168.89	13.1 %	14.81	3.6 %	0.07
2013	1,928.09	11.6 %	704.67	10.7 %	100.18	4.7 %	0.47
Q1 2014	484.04	14.0 %	181.66	12.2 %	24.77	10.9 %	0.12
Q2 2014	575.64	6.0 %	209.51	13.6 %	28.00	(6.7 %)	0.13
Q3 2014	504.62	(1.5 %)	202.12	6.7 %	34.41	4.2 %	0.16
Q4 2014	508.06	13.3 %	181.69	7.6 %	20.02	35.2 %	0.09
2014	2,072.36	7.5 %	774.97	10.0 %	107.20	7.0 %	0.50
Q1 2015	534.41	10.4 %	201.91	11.2 %	26.16	5.6 %	0.12
Q2 2015	689.65	19.8 %	258.42	23.3 %	35.10	25.4 %	0.16
Q3 2015	566.66	12.3 %	241.42	19.4 %	45.69	32.8 %	0.21
Q4 2015	553.18	8.9 %	248.35	36.7 %	34.37	71.7 %	0.16
2015	2,328.59	12.4 %	942.56	21.6 %	141.32	31.8 %	0.66
Q1 2016	509.36	(4.7 %)	202.88	0.5 %	23.75	(9.2 %)	0.11
Q2 2016	638.59	(7.4 %)	245.44	(5.0 %)	35.57	1.3 %	0.17

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2006	851.60	21.2 %	325.79	29.1 %	118.30	90.3 %	0.56
2007	1,082.14	27.1 %	406.59	24.8 %	71.58	(39.5 %)	0.34
2008	1,338.63	23.7 %	476.62	17.2 %	68.80	(3.9 %)	0.32
2009	1,334.50	(0.3 %)	418.45	(12.2 %)	(42.91)	(162.4 %)	(0.20)
2010	1,447.56	8.5 %	478.41	14.3 %	10.46	124.4 %	0.05
2011	1,557.66	7.6 %	549.85	14.9 %	91.28	772.5 %	0.43
2012	1,727.47	10.9 %	636.54	15.8 %	95.66	4.8 %	0.45
2013	1,928.09	11.6 %	704.67	10.7 %	100.18	4.7 %	0.47
2014	2,072.36	7.5 %	774.97	10.0 %	107.20	7.0 %	0.50
2015	2,328.59	12.4 %	942.56	21.6 %	141.32	31.8 %	0.66

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	38.75 %	21.69 %	11.18 %
Q2 2007	38.60 %	20.90 %	10.98 %
Q3 2007	38.16 %	20.47 %	10.49 %
Q4 2007	37.57 %	19.11 %	6.62 %
2007	37.57 %	19.11 %	6.61 %
Q1 2008	36.88 %	19.26 %	4.73 %
Q2 2008	36.33 %	20.22 %	5.51 %
Q3 2008	35.72 %	19.79 %	4.67 %
Q4 2008	35.61 %	19.23 %	4.55 %
2008	35.61 %	19.23 %	4.55 %
Q1 2009	35.34 %	18.95 %	3.67 %
Q2 2009	33.57 %	16.47 %	(0.39 %)
Q3 2009	32.95 %	16.22 %	(1.91 %)
Q4 2009	31.36 %	15.24 %	(3.33 %)
2009	31.36 %	15.24 %	(3.33 %)
Q1 2010	31.64 %	15.57 %	(2.73 %)
Q2 2010	32.76 %	16.95 %	(1.35 %)
Q3 2010	32.78 %	15.00 %	(1.12 %)
Q4 2010	33.05 %	14.96 %	0.20 %
2010	33.05 %	14.96 %	0.20 %
Q1 2011	33.42 %	15.14 %	1.37 %
Q2 2011	33.96 %	15.14 %	2.37 %
Q3 2011	33.94 %	16.49 %	3.18 %
Q4 2011	35.30 %	19.08 %	5.43 %
2011	35.30 %	19.08 %	5.43 %
Q1 2012	35.83 %	18.67 %	5.19 %
Q2 2012	36.37 %	18.81 %	5.59 %
Q3 2012	36.97 %	18.74 %	5.61 %
Q4 2012	36.85 %	17.78 %	5.02 %
2012	36.85 %	17.78 %	5.02 %
Q1 2013	36.94 %	17.69 %	5.05 %
Q2 2013	36.79 %	17.39 %	4.85 %
Q3 2013	36.20 %	17.13 %	4.65 %
Q4 2013	36.55 %	17.30 %	4.79 %
2013	36.55 %	17.30 %	4.79 %
Q1 2014	36.45 %	17.46 %	4.88 %
Q2 2014	37.10 %	17.35 %	4.92 %
Q3 2014	37.87 %	17.98 %	5.14 %
Q4 2014	37.40 %	18.12 %	5.17 %
2014	37.40 %	18.12 %	5.17 %
Q1 2015	37.46 %	18.15 %	5.12 %
Q2 2015	37.74 %	18.33 %	5.17 %
Q3 2015	38.43 %	18.61 %	5.52 %
Q4 2015	40.54 %	19.28 %	6.20 %
2015	40.48 %	18.76 %	6.24 %
Q1 2016	41.01 %	20.08 %	6.24 %
Q2 2016	41.37 %	21.22 %	6.55 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2006	38.26 %	21.45 %	9.62 %
2007	37.57 %	19.11 %	6.61 %
2008	35.61 %	19.23 %	4.55 %
2009	31.36 %	15.24 %	(3.33 %)
2010	33.05 %	14.96 %	0.20 %
2011	35.30 %	19.08 %	5.43 %
2012	36.85 %	17.78 %	5.02 %
2013	36.55 %	17.30 %	4.79 %
2014	37.40 %	18.12 %	5.17 %
2015	40.48 %	18.76 %	6.24 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	37.40 %	19.69 %	12.06 %
Q2 2007	32.46 %	15.94 %	7.76 %
Q3 2007	44.23 %	26.11 %	13.86 %
Q4 2007	36.62 %	15.58 %	(4.19 %)
Q1 2008	34.38 %	20.21 %	2.40 %
Q2 2008	31.93 %	19.81 %	9.35 %
Q3 2008	40.17 %	23.18 %	8.82 %
Q4 2008	36.13 %	13.24 %	(4.59 %)
Q1 2009	33.15 %	18.79 %	(1.76 %)
Q2 2009	25.75 %	11.28 %	(4.43 %)
Q3 2009	38.00 %	22.47 %	3.31 %
Q4 2009	29.47 %	9.17 %	(10.55 %)
Q1 2010	34.16 %	19.78 %	0.63 %
Q2 2010	29.76 %	16.16 %	0.38 %
Q3 2010	37.97 %	14.63 %	4.11 %
Q4 2010	30.99 %	9.87 %	(4.06 %)
Q1 2011	35.64 %	20.14 %	5.57 %
Q2 2011	31.90 %	16.11 %	3.94 %
Q3 2011	37.34 %	19.84 %	6.99 %
Q4 2011	36.67 %	20.70 %	5.30 %
Q1 2012	37.89 %	18.29 %	4.55 %
Q2 2012	34.20 %	16.90 %	5.44 %
Q3 2012	39.45 %	19.46 %	6.92 %
Q4 2012	36.18 %	16.49 %	2.84 %
Q1 2013	38.13 %	17.87 %	4.75 %
Q2 2013	33.98 %	15.95 %	4.73 %
Q3 2013	36.99 %	18.29 %	5.93 %
Q4 2013	37.66 %	17.27 %	3.63 %
Q1 2014	37.53 %	18.46 %	5.12 %
Q2 2014	36.40 %	15.64 %	4.86 %
Q3 2014	40.06 %	20.84 %	6.82 %
Q4 2014	35.76 %	17.91 %	3.94 %
Q1 2015	37.78 %	18.55 %	4.90 %
Q2 2015	37.47 %	16.63 %	5.09 %
Q3 2015	42.60 %	21.70 %	8.06 %
Q4 2015	44.89 %	20.81 %	6.93 %
Q1 2016	39.83 %	22.15 %	5.03 %
Q2 2016	38.43 %	20.40 %	6.11 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2007	212.89	0.64	0.47	4.88
Q2 2007	212.89	0.66	0.49	4.83
Q3 2007	212.89	0.67	0.49	4.83
Q4 2007	212.89	0.34	0.34	4.65
Q1 2008	212.89	0.24	0.25	4.66
Q2 2008	212.89	0.31	0.32	4.84
Q3 2008	212.89	0.28	0.29	4.99
Q4 2008	212.89	0.32	0.29	4.97
Q1 2009	212.89	0.28	0.23	4.74
Q2 2009	212.89	0.03	(0.02)	4.66
Q3 2009	212.89	(0.07)	(0.12)	4.72
Q4 2009	212.89	(0.20)	(0.21)	4.52
Q1 2010	212.89	(0.16)	(0.18)	4.60
Q2 2010	212.89	(0.06)	(0.09)	4.62
Q3 2010	212.89	(0.04)	(0.07)	4.70
Q4 2010	212.89	0.05	0.01	4.56
Q1 2011	212.89	0.13	0.09	4.66
Q2 2011	212.89	0.20	0.17	4.75
Q3 2011	212.89	0.26	0.23	4.89
Q4 2011	212.89	0.43	0.40	4.99
Q1 2012	212.89	0.43	0.38	4.88
Q2 2012	212.89	0.47	0.43	5.01
Q3 2012	212.89	0.48	0.45	5.02
Q4 2012	212.89	0.45	0.41	5.09
Q1 2013	212.89	0.45	0.42	5.19
Q2 2013	212.89	0.47	0.42	5.19
Q3 2013	212.89	0.47	0.41	5.34
Q4 2013	212.89	0.47	0.43	5.41
Q1 2014	212.89	0.48	0.46	5.53
Q2 2014	212.89	0.47	0.47	5.66
Q3 2014	212.89	0.48	0.49	5.82
Q4 2014	212.89	0.50	0.50	5.91
Q1 2015	212.89	0.51	0.51	5.87
Q2 2015	212.89	0.54	0.54	6.03
Q3 2015	212.89	0.60	0.60	6.25
Q4 2015	212.89	0.66	0.68	6.41
Q1 2016	212.89	0.65	0.68	6.48
Q2 2016	212.89	0.65	0.70	6.52

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2006	212.89	0.56	0.38	4.74
2007	212.89	0.34	0.34	4.65
2008	212.89	0.32	0.29	4.97
2009	212.89	(0.20)	(0.21)	4.52
2010	212.89	0.05	0.01	4.56
2011	212.89	0.43	0.40	4.99
2012	212.89	0.45	0.41	5.09
2013	212.89	0.47	0.43	5.41
2014	212.89	0.50	0.50	5.91
2015	212.89	0.66	0.68	6.41

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2007	24.27	33.09	3.19
Q2 2007	19.32	26.10	2.63
Q3 2007	22.38	30.11	3.09
Q4 2007	50.25	50.25	3.63
Q1 2008	64.99	62.43	3.41
Q2 2008	51.70	50.15	3.36
Q3 2008	47.08	45.54	2.67
Q4 2008	39.04	44.07	2.54
Q1 2009	41.40	50.15	2.48
Q2 2009	More than 100	NEG	3.37
Q3 2009	NEG	NEG	3.32
Q4 2009	NEG	NEG	2.98
Q1 2010	NEG	NEG	2.67
Q2 2010	NEG	NEG	2.23
Q3 2010	NEG	NEG	2.17
Q4 2010	More than 100	More than 100	2.28
Q1 2011	81.03	More than 100	2.22
Q2 2011	54.04	63.69	2.24
Q3 2011	39.67	44.99	2.14
Q4 2011	27.76	29.98	2.38
Q1 2012	30.50	34.33	2.71
Q2 2012	23.48	25.61	2.20
Q3 2012	26.19	28.32	2.51
Q4 2012	24.25	26.76	2.14
Q1 2013	23.86	25.56	2.08
Q2 2013	22.68	25.28	2.04
Q3 2013	24.64	27.93	2.16
Q4 2013	25.63	27.77	2.23
Q1 2014	33.06	34.94	2.88
Q2 2014	40.87	41.35	3.41
Q3 2014	44.06	43.45	3.63
Q4 2014	28.33	28.33	2.41
Q1 2015	35.79	35.79	3.11
Q2 2015	31.73	31.73	2.86
Q3 2015	25.57	25.57	2.44
Q4 2015	24.77	24.10	2.57
Q1 2016	16.88	16.20	1.70
Q2 2016	18.70	17.53	1.88

Period	P/E	Adjusted P/E	Price/book
2006	19.16	27.67	2.24
2007	50.25	50.25	3.63
2008	39.04	44.07	2.54
2009	NEG	NEG	2.98
2010	More than 100	More than 100	2.28
2011	27.76	29.98	2.38
2012	24.25	26.76	2.14
2013	25.63	27.77	2.23
2014	28.33	28.33	2.41
2015	24.77	24.10	2.57

Business Segments (Million)

Compared With The

Period	Diary and food production Sector	Agricultural Activity	Adjustments
Q1 2007	149.00	51.00	-
Q2 2007	188.00	122.00	-
Q3 2007	221.00	42.00	-
Q4 2007	203.00	107.00	-
Q1 2008	205.00	57.00	-
Q2 2008	256.00	152.00	-
Q3 2008	290.00	66.00	-
Q4 2008	243.00	70.00	-
Q1 2009	226.00	53.00	-
Q2 2009	268.00	125.00	-
Q3 2009	304.00	39.00	-
Q4 2009	260.00	60.00	-
Q1 2010	262.00	58.00	-
Q2 2010	296.00	114.00	-
Q3 2010	314.00	34.00	-
Q4 2010	282.00	88.00	-
Q1 2011	283.00	64.00	-
Q2 2011	320.00	124.00	-
Q3 2011	343.00	53.00	-
Q4 2011	304.00	67.00	-
Q1 2012	318.00	50.00	-
Q2 2012	374.00	121.00	-
Q3 2012	402.00	50.00	-
Q4 2012	352.00	60.00	-
Q1 2013	380.00	45.00	-
Q2 2013	419.00	124.00	-
Q3 2013	472.00	40.00	-
Q4 2013	396.00	52.00	-
Q1 2014	450.00	34.00	-
Q2 2014	494.00	82.00	-
Q3 2014	475.00	29.00	-
Q4 2014	457.00	51.00	-
Q1 2015	478.00	56.00	-
Q2 2015	563.00	134.00	-
Q3 2015	468.00	54.00	-
Q4 2015	514.00	62.00	-
Q1 2016	477.97	50.36	(18.98)
Q2 2016	557.12	153.10	(71.63)

Period	Diary and food production Sector	Agricultural Activity	Adjustments
2006	586.00	266.00	-
2007	761.00	322.00	-
2008	994.00	345.00	-
2009	1,058.00	277.00	-
2010	1,154.00	294.00	-
2011	1,250.00	308.00	-
2012	1,446.00	281.00	-
2013	1,667.00	261.00	-
2014	1,876.00	196.00	-
2015	2,023.00	306.00	-

Analysts Estimates (Million)

Item	Q2 2016 (e)	Q2 2016 (a)	Change‬
Average	33.00	35.57	7.78 %

Estimates vs Actual (Million)

Item	Q2 2016 (e)	Q2 2016 (a)	Change
Albilad Capital	33.00	35.57	7.8 %

Financial Ratios

	Current
Market Cap (M Riyal)	9,411.17
Enterprise Value (EV) (M)	8,308.65
Shares Outstanding ((M))	301.64
EPS ( Riyal) (TTM)	1.21
Book Value (BV) ( Riyal)	12.25
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	27.70
P/E (TTM)	25.73
Price/book	2.55
Return on Average Assets (%) (TTM)	7.8
Return on Average Equity (%) (TTM)	14.6

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Nadec’s H1 net profit edges up 1.7%

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Share Price

National Agricultural Development Co. (NADEC)

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) 2016 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Nadec’s H1 net profit edges up 1.7%

View other reports

Share Price

National Agricultural Development Co. (NADEC)

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 2016

Revenue by Business Segment (Latest) 2016 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)