Tabuk Agriculture posts lower net profit at SAR 4m in I2 of 2013

30/06/2013 Argaam Exclusive

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Share Price

Tabuk Agricultural Development Co.
18.24
(0.06) (0.33 %)

Tabuk Agricultural Development Co. (TADCO)

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Tabuk Agriculture Development Company, reported SAR 4m net profit at the end of the first half of 2013, a 62% decrease compared to the same period last year, as shown in the following table:



Financials (M)

Item 6m 2012 6m 2013 Change‬
Revenues 49.51 49.33 (0.4 %)
Gross Income 24.68 20.38 (17.4 %)
Operating Income 10.52 4.52 (57.0 %)
Net Income 10.59 4.01 (62.1 %)
Average Shares 22.48 22.48 -
EPS (Riyals) 0.47 0.18 (62.1 %)


Current Quarter Comparison (M)

Compared With The
Item Q2 2012 Q2 2013 Change‬
Revenues 33.95 38.50 13.4 %
Gross Income 17.23 15.50 (10.0 %)
Operating Income 7.27 3.10 (57.3 %)
Net Income 7.03 2.50 (64.5 %)
Average Shares 22.48 22.48 -
EPS (Riyals) 0.31 0.11 (64.5 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2004 20.18 234.3 % 10.15 259.7 % 6.37 210.8 % 0.28
Q2 2004 36.70 117.0 % 14.97 114.8 % 7.28 889.1 % 0.32
Q3 2004 27.95 5.0 % 9.66 12.0 % (2.41) (480.5 %) (0.11)
Q4 2004 45.95 (37.2 %) 24.17 (25.3 %) 9.54 (26.8 %) 0.42
Q1 2005 43.00 113.1 % 20.03 97.3 % 15.52 143.6 % 0.69
Q2 2005 25.21 (31.3 %) 12.56 (16.1 %) 4.27 (41.4 %) 0.19
Q3 2005 25.13 (10.1 %) 10.50 8.7 % (2.52) (4.6 %) (0.11)
Q4 2005 36.85 (19.8 %) 19.28 (20.2 %) 25.55 167.8 % 1.14
Q1 2006 44.99 4.6 % 16.93 (15.5 %) 16.72 7.7 % 0.74
Q2 2006 24.85 (1.4 %) 10.23 (18.5 %) 0.91 (78.6 %) 0.04
Q3 2006 32.10 27.7 % 13.92 32.5 % (3.06) (21.7 %) (0.14)
Q4 2006 48.26 31.0 % 29.18 51.3 % 10.83 (57.6 %) 0.48
Q1 2007 50.09 11.3 % 19.46 14.9 % 15.22 (9.0 %) 0.68
Q2 2007 26.40 6.3 % 14.01 36.9 % 3.72 307.7 % 0.17
Q3 2007 29.30 (8.7 %) 15.44 10.9 % (1.31) 57.3 % (0.06)
Q4 2007 39.86 (17.4 %) 20.81 (28.7 %) 2.56 (76.3 %) 0.11
Q1 2008 62.11 24.0 % 23.99 23.3 % 19.31 26.9 % 0.86
Q2 2008 32.11 21.6 % 15.71 12.1 % 2.99 (19.6 %) 0.13
Q3 2008 34.78 18.7 % 14.14 (8.4 %) (3.24) (147.6 %) (0.14)
Q4 2008 38.92 (2.4 %) 20.24 (2.7 %) 4.51 76.0 % 0.20
Q1 2009 49.45 (20.4 %) 14.55 (39.4 %) 10.00 (48.2 %) 0.44
Q2 2009 24.19 (24.7 %) 9.23 (41.3 %) (0.07) (102.5 %) 0.00
Q3 2009 34.48 (0.8 %) 10.32 (27.0 %) (1.62) 49.9 % (0.07)
Q4 2009 59.69 53.4 % 18.88 (6.7 %) (1.26) (127.9 %) (0.06)
Q1 2010 9.82 (80.1 %) 5.03 (65.4 %) (2.54) (125.4 %) (0.11)
Q2 2010 32.03 32.4 % 14.99 62.4 % 5.45 7459.5 % 0.24
Q3 2010 33.58 (2.6 %) 10.86 5.2 % 1.23 175.9 % 0.05
Q4 2010 75.08 25.8 % 26.87 42.3 % 7.48 694.0 % 0.33
Q1 2011 20.69 110.7 % 11.57 130.2 % 8.21 422.8 % 0.37
Q2 2011 39.31 22.7 % 21.14 41.1 % 10.03 84.1 % 0.45
Q3 2011 71.23 112.1 % 35.81 229.9 % 18.00 1361.1 % 0.80
Q4 2011 42.54 (43.3 %) 12.47 (53.6 %) (3.13) (141.9 %) (0.14)
Q1 2012 15.56 (24.8 %) 7.46 (35.6 %) 3.55 (56.7 %) 0.16
Q2 2012 33.95 (13.6 %) 17.23 (18.5 %) 7.03 (29.9 %) 0.31
Q3 2012 67.83 (4.8 %) 28.14 (21.4 %) 8.55 (52.5 %) 0.38
Q4 2012 38.74 (8.9 %) 17.21 38.0 % (9.19) (193.7 %) (0.41)
Q1 2013 10.83 (30.4 %) 4.88 (34.5 %) 1.51 (57.4 %) 0.07
Q2 2013 38.50 13.4 % 15.50 (10.0 %) 2.50 (64.5 %) 0.11

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2004 42.45 % 29.57 % 15.18 %
Q2 2004 42.19 % 29.45 % 17.44 %
Q3 2004 42.49 % 28.48 % 15.37 %
Q4 2004 45.07 % 32.53 % 15.90 %
Q1 2005 44.81 % 33.30 % 19.49 %
Q2 2005 46.73 % 32.74 % 18.95 %
Q3 2005 48.28 % 34.08 % 19.25 %
Q4 2005 47.91 % 28.40 % 32.90 %
Q1 2006 44.84 % 26.87 % 33.31 %
Q2 2006 43.20 % 26.11 % 30.85 %
Q3 2006 43.49 % 24.57 % 28.91 %
Q4 2006 46.78 % 30.53 % 16.91 %
Q1 2007 46.87 % 30.95 % 15.39 %
Q2 2007 48.82 % 32.82 % 17.02 %
Q3 2007 50.69 % 35.14 % 18.47 %
Q4 2007 47.87 % 31.56 % 13.86 %
Q1 2008 47.09 % 31.88 % 15.40 %
Q2 2008 46.48 % 30.96 % 14.42 %
Q3 2008 44.21 % 28.89 % 12.81 %
Q4 2008 44.12 % 30.33 % 14.04 %
Q1 2009 41.63 % 26.99 % 9.19 %
Q2 2009 39.47 % 26.38 % 7.60 %
Q3 2009 36.95 % 27.50 % 8.71 %
Q4 2009 31.57 % 20.80 % 4.20 %
Q1 2010 33.90 % 17.24 % (4.29 %)
Q2 2010 36.19 % 19.53 % 0.02 %
Q3 2010 36.82 % 21.61 % 2.13 %
Q4 2010 38.36 % 25.21 % 7.72 %
Q1 2011 39.83 % 29.68 % 13.86 %
Q2 2011 41.76 % 31.25 % 15.98 %
Q3 2011 46.24 % 33.70 % 21.19 %
Q4 2011 46.61 % 33.31 % 19.05 %
Q1 2012 45.58 % 31.07 % 16.87 %
Q2 2012 44.68 % 29.72 % 15.59 %
Q3 2012 40.83 % 24.09 % 10.01 %
Q4 2012 44.87 % 23.43 % 8.30 %
Q1 2013 44.57 % 23.32 % 7.21 %
Q2 2013 42.16 % 20.36 % 4.09 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2004 22.48 0.92 0.92 16.06
Q2 2004 22.48 1.22 1.22 16.36
Q3 2004 22.48 1.08 1.08 16.25
Q4 2004 22.48 0.92 0.92 16.01
Q1 2005 22.48 1.33 1.33 16.67
Q2 2005 22.48 1.20 1.20 17.78
Q3 2005 22.48 1.19 1.19 17.99
Q4 2005 22.48 1.91 1.91 17.21
Q1 2006 22.48 1.96 1.96 17.45
Q2 2006 22.48 1.81 1.81 17.24
Q3 2006 22.48 1.78 1.78 17.02
Q4 2006 22.48 1.13 1.13 16.32
Q1 2007 22.48 1.06 1.06 16.93
Q2 2007 22.48 1.19 1.19 17.06
Q3 2007 22.48 1.27 1.27 17.05
Q4 2007 22.48 0.90 0.90 16.93
Q1 2008 22.48 1.08 1.08 17.02
Q2 2008 22.48 1.05 1.05 17.20
Q3 2008 22.48 0.96 0.96 16.87
Q4 2008 22.48 1.05 1.05 16.44
Q1 2009 22.48 0.63 0.63 16.71
Q2 2009 22.48 0.50 0.50 16.73
Q3 2009 22.48 0.57 0.57 16.69
Q4 2009 22.48 0.31 0.31 15.95
Q1 2010 22.48 (0.24) (0.24) 15.74
Q2 2010 22.48 0.00 0.00 15.93
Q3 2010 22.48 0.13 0.13 15.99
Q4 2010 22.48 0.52 0.52 15.88
Q1 2011 22.48 0.99 0.99 16.09
Q2 2011 22.48 1.20 1.20 16.52
Q3 2011 22.48 1.94 1.94 17.30
Q4 2011 22.48 1.47 1.47 16.51
Q1 2012 22.48 1.27 1.27 16.48
Q2 2012 22.48 1.13 1.13 16.74
Q3 2012 22.48 0.71 0.71 17.13
Q4 2012 22.48 0.44 0.58 16.23
Q1 2013 22.48 0.35 0.49 16.39
Q2 2013 22.48 0.15 0.28 16.25

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2004 35.94 35.94 2.07
Q2 2004 31.54 31.54 2.34
Q3 2004 More than 50 More than 50 3.49
Q4 2004 48.83 48.83 2.82
Q1 2005 29.14 29.14 2.33
Q2 2005 More than 50 More than 50 5.24
Q3 2005 More than 50 More than 50 5.59
Q4 2005 More than 50 More than 50 7.95
Q1 2006 38.83 38.83 4.36
Q2 2006 More than 50 More than 50 7.07
Q3 2006 More than 50 More than 50 9.67
Q4 2006 More than 50 More than 50 3.57
Q1 2007 More than 50 More than 50 4.49
Q2 2007 More than 50 More than 50 4.19
Q3 2007 More than 50 More than 50 5.78
Q4 2007 More than 50 More than 50 5.20
Q1 2008 More than 50 More than 50 3.30
Q2 2008 More than 50 More than 50 3.50
Q3 2008 37.10 37.10 2.12
Q4 2008 26.78 26.78 1.71
Q1 2009 46.85 46.85 1.78
Q2 2009 More than 50 More than 50 2.55
Q3 2009 More than 50 More than 50 2.34
Q4 2009 More than 50 More than 50 2.60
Q1 2010 NEG NEG 2.55
Q2 2010 More than 50 More than 50 1.91
Q3 2010 More than 50 More than 50 1.70
Q4 2010 More than 50 More than 50 1.85
Q1 2011 31.36 31.36 1.94
Q2 2011 32.63 32.63 2.37
Q3 2011 21.63 21.63 2.43
Q4 2011 34.77 34.77 3.10
Q1 2012 44.88 44.88 3.45
Q2 2012 34.53 34.53 2.34
Q3 2012 More than 50 More than 50 2.83
Q4 2012 More than 50 More than 50 2.98
Q1 2013 More than 50 More than 50 3.30
Q2 2013 More than 50 More than 50 3.92


Financial Ratios
Current
Market Cap (M Riyal) 714.46
Enterprise Value (EV) (M) 720.97
Shares Outstanding ((M)) 39.17
EPS ( Riyal) (TTM) 2.06
Book Value (BV) ( Riyal) 8.38
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) 8.84
Price/book 2.18
Return on Average Assets (%) (TTM) 17.5
Return on Average Equity (%) (TTM) 28.9
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