NADEC’s net profit up 4% in 9M 2018

07/11/2018 Argaam Exclusive

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Share Price

National Agricultural Development Co. (NADEC)

National Agricultural Development Company (NADEC) reported a net profit of SAR 49.6 million in the first nine months of 2018, a 4.3 percent year-on-year (YoY) rise attributed to 2.3 percent higher sales revenue, lower selling and marketing expenses.

Financials (M)

Item	9m 2017	9m 2018	Change‬

Profit for third quarter stood at SAR 35.1 million, more than doubled YoY, driven by a 12.5 percent increase in sales revenue on strong demand for the company’s dairy products.

Gross profit also jumped by 23.50 percent during the three-month period despite higher selling and marketing expenses.

On a sequential quarter basis, profit for the period rose 80.06 percent, on higher revenue and lower general and administrative expenses (G&As).

Current Quarter Comparison (M)

Compared With The

Item	Q3 2017	Q3 2018	Change‬

Item	Q2 2018	Q3 2018	Change‬
Revenues	559.72	574.71	2.7 %
Gross Income	212.38	221.26	4.2 %
Operating Income	39.58	58.99	49.0 %
Net Income	19.51	35.13	80.1 %
Average Shares	212.89	212.89	-
EPS (Riyals)	0.09	0.17	80.1 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q3 2016	550.24	(2.9 %)	203.74	(15.6 %)	28.65	(37.3 %)	0.13
Q4 2016	478.32	(13.5 %)	186.58	(24.9 %)	6.26	(81.8 %)	0.03
2016	2,176.49	(6.5 %)	837.86	(11.1 %)	94.23	(33.3 %)	0.44
Q1 2017	-	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-	-
2017	-	-	-	-	-	-	-
Q1 2018	474.09	-	162.54	-	(5.02)	-	(0.02)
Q2 2018	559.72	-	212.38	-	19.51	-	0.09
Q3 2018	574.71	-	221.26	-	35.13	-	0.17

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2016	2,176.49	(6.5 %)	837.86	(11.1 %)	94.23	(33.3 %)	0.44
2017	-	-	-	-	-	-	-

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2016	39.99 %	21.73 %	6.06 %
Q4 2016	38.53 %	22.08 %	5.30 %
2016	38.50 %	21.99 %	5.30 %
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	-	-	-
Q1 2018	35.08 %	19.38 %	0.04 %
Q2 2018	35.88 %	19.59 %	0.82 %
Q3 2018	36.80 %	19.85 %	2.03 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2016	38.50 %	21.99 %	5.30 %
2017	-	-	-

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2016	37.03 %	23.81 %	6.09 %
Q4 2016	39.01 %	22.24 %	3.58 %
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	34.28 %	19.22 %	(1.06 %)
Q2 2018	37.95 %	19.06 %	3.49 %
Q3 2018	38.50 %	22.24 %	6.11 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q3 2016	212.89	0.57	0.64	6.66
Q4 2016	212.89	0.44	0.54	6.66
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	212.89	0.14	0.00	6.67
Q2 2018	212.89	0.11	0.08	6.76
Q3 2018	212.89	0.20	0.20	6.93

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2016	212.89	0.44	0.54	6.66
2017	-	-	-	-

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2009	41.40	More than 50	2.48
Q2 2009	More than 50	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 50	More than 50	2.28
Q1 2011	More than 50	More than 50	2.22
Q2 2011	More than 50	More than 50	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
Q3 2016	17.66	15.83	1.52
Q4 2016	30.52	24.95	2.03
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	More than 50	More than 50	3.30
Q2 2018	More than 50	More than 50	2.98
Q3 2018	More than 50	More than 50	2.57

Period	P/E	Adjusted P/E	Price/book
2008	39.04	44.07	2.54
2009	NEG	NEG	2.98
2010	More than 50	More than 50	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
2016	30.52	24.95	2.03
2017	-	-	-

Business Segments (Million)

Compared With The

Period	Diary and food production Sector	Agricultural Activity	Adjustments
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)
Q3 2016	501.92	130.07	(81.74)
Q4 2016	412.51	(106.54)	-
Q1 2017	454.05	49.71	(21.83)
Q2 2017	522.99	155.92	(100.26)
Q3 2017	463.36	140.82	(93.43)
Q4 2017	419.96	116.16	(74.98)
Q1 2018	435.05	72.91	(33.88)
Q2 2018	485.11	149.04	(74.44)
Q3 2018	506.35	155.11	(86.76)

Period	Diary and food production Sector	Agricultural Activity	Adjustments
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	-
2016	1,949.52	226.98	-
2017	1,860.36	462.61	(290.49)

Financial Ratios

	Current
Market Cap (M Riyal)	9,712.81
Enterprise Value (EV) (M)	8,610.29
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)	28.59
P/E (TTM)	26.56
Price/book	2.63
Return on Average Assets (%) (TTM)	7.8
Return on Average Equity (%) (TTM)	14.6

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NADEC’s net profit up 4% in 9M 2018

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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) 2018 Q3

Financial Ratios

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NADEC’s net profit up 4% in 9M 2018

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) Q3 2018

Revenue by Business Segment (Latest) 2018 Q3

Financial Ratios

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Business Segments (Million)