Al Jouf Agriculture posts lower net profit at SAR 5.2m in Q1 of 2014

31/03/2014 Argaam Exclusive

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Al-Jouf Agricultural Development Co. (ALJOUF)

Al-Jouf Agriculture Development Coompany, a producer of olive oil and agriculture products, reported SAR 5.2m net profit at the end of the first quarter of 2014, a 36% decrease compared to the same quarter last year, as shown in the following table:



Current Quarter Comparison (M)

Compared With The
Item Q1 2013 Q1 2014 Change‬
Revenues 38.00 46.84 23.2 %
Gross Income 14.30 15.94 11.5 %
Operating Income 3.97 5.49 38.3 %
Net Income 8.13 5.19 (36.1 %)
Average Shares 30.00 30.00 -
EPS (Riyals) 0.27 0.17 (36.1 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2005 11.46 (32.9 %) 2.76 (35.1 %) 0.53 (45.1 %) 0.02
Q2 2005 52.60 62.8 % 16.47 50.2 % 10.92 137.2 % 0.36
Q3 2005 45.49 (19.8 %) 14.38 (35.0 %) 3.65 (59.4 %) 0.12
Q4 2005 35.40 26.2 % 16.63 83.4 % (2.73) 33.8 % (0.09)
Q1 2006 8.73 (23.8 %) 2.60 (5.8 %) 9.70 1715.7 % 0.32
Q2 2006 17.52 (66.7 %) 8.59 (47.8 %) 1.61 (85.2 %) 0.05
Q3 2006 41.32 (9.2 %) 16.89 17.4 % 7.04 93.1 % 0.23
Q4 2006 106.58 201.0 % 57.27 244.4 % 21.53 890.0 % 0.72
Q1 2007 18.04 106.6 % 8.82 239.0 % 6.08 (37.3 %) 0.20
Q2 2007 17.62 0.6 % 9.98 16.2 % 4.26 164.6 % 0.14
Q3 2007 50.60 22.5 % 22.43 32.8 % 12.94 83.7 % 0.43
Q4 2007 102.82 (3.5 %) 53.23 (7.1 %) 26.37 22.5 % 0.88
Q1 2008 22.50 24.7 % 11.14 26.3 % 7.70 26.5 % 0.26
Q2 2008 41.78 137.1 % 22.65 126.9 % 12.42 191.3 % 0.41
Q3 2008 67.19 32.8 % 28.58 27.4 % 13.60 5.1 % 0.45
Q4 2008 81.31 (20.9 %) 37.22 (30.1 %) 20.71 (21.5 %) 0.69
Q1 2009 51.98 131.1 % 19.95 79.1 % 13.80 79.4 % 0.46
Q2 2009 39.33 (5.9 %) 18.77 (17.1 %) 11.40 (8.2 %) 0.38
Q3 2009 79.83 18.8 % 33.91 18.6 % 16.84 23.8 % 0.56
Q4 2009 94.74 16.5 % 31.33 (15.8 %) 20.91 1.0 % 0.70
Q1 2010 33.82 (34.9 %) 12.87 (35.5 %) 7.15 (48.2 %) 0.24
Q2 2010 35.70 (9.2 %) 17.50 (6.8 %) 12.00 5.2 % 0.40
Q3 2010 84.42 5.7 % 36.70 8.2 % 23.58 40.1 % 0.79
Q4 2010 92.95 (1.9 %) 35.53 13.4 % 23.53 12.5 % 0.78
Q1 2011 15.44 (54.3 %) 7.27 (43.5 %) 6.05 (15.4 %) 0.20
Q2 2011 50.37 41.1 % 23.51 34.4 % 15.13 26.1 % 0.50
Q3 2011 100.53 19.1 % 45.22 23.2 % 29.31 24.3 % 0.98
Q4 2011 126.15 35.7 % 50.38 41.8 % 34.13 45.1 % 1.14
Q1 2012 36.23 134.7 % 10.30 41.8 % 7.09 17.3 % 0.24
Q2 2012 55.63 10.4 % 27.24 15.9 % 20.24 33.8 % 0.67
Q3 2012 135.97 35.3 % 57.59 27.3 % 34.81 18.8 % 1.16
Q4 2012 116.71 (7.5 %) 54.71 8.6 % 39.54 15.8 % 1.32
Q1 2013 38.00 4.9 % 14.30 38.8 % 8.13 14.6 % 0.27
Q2 2013 71.34 28.2 % 33.41 22.7 % 23.07 14.0 % 0.77
Q3 2013 121.19 (10.9 %) 50.51 (12.3 %) 34.36 (1.3 %) 1.15
Q4 2013 110.47 (5.3 %) 54.31 (0.7 %) 36.51 (7.7 %) 1.22
Q1 2014 46.84 23.2 % 15.94 11.5 % 5.19 (36.1 %) 0.17

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 34.96 % 40.53 % 7.79 %
Q2 2005 33.89 % 43.09 % 10.97 %
Q3 2005 31.01 % 43.53 % 7.98 %
Q4 2005 34.66 % 28.33 % 8.53 %
Q1 2006 35.21 % 29.68 % 8.54 %
Q2 2006 39.40 % 34.16 % 4.39 %
Q3 2006 43.42 % 38.71 % 6.43 %
Q4 2006 49.01 % 50.92 % 29.20 %
Q1 2007 49.91 % 51.84 % 30.87 %
Q2 2007 50.64 % 52.35 % 31.28 %
Q3 2007 51.08 % 54.10 % 33.60 %
Q4 2007 49.96 % 51.49 % 26.26 %
Q1 2008 50.00 % 52.42 % 26.49 %
Q2 2008 50.27 % 51.32 % 27.30 %
Q3 2008 49.34 % 47.88 % 25.65 %
Q4 2008 46.81 % 45.41 % 25.58 %
Q1 2009 44.75 % 43.26 % 24.99 %
Q2 2009 43.58 % 42.68 % 24.82 %
Q3 2009 43.51 % 42.91 % 24.86 %
Q4 2009 39.10 % 37.95 % 23.86 %
Q1 2010 39.11 % 36.14 % 22.93 %
Q2 2010 39.17 % 36.55 % 23.51 %
Q3 2010 39.57 % 37.58 % 26.50 %
Q4 2010 41.55 % 41.04 % 28.38 %
Q1 2011 42.45 % 43.02 % 30.18 %
Q2 2011 42.36 % 42.63 % 29.65 %
Q3 2011 43.01 % 42.74 % 29.34 %
Q4 2011 43.21 % 41.35 % 28.93 %
Q1 2012 41.31 % 38.57 % 27.34 %
Q2 2012 41.80 % 38.93 % 29.18 %
Q3 2012 41.11 % 37.90 % 28.60 %
Q4 2012 43.49 % 40.21 % 29.44 %
Q1 2013 44.42 % 42.39 % 29.59 %
Q2 2013 44.20 % 43.07 % 28.49 %
Q3 2013 44.04 % 44.99 % 28.77 %
Q4 2013 44.73 % 45.52 % 27.67 %
Q1 2014 44.07 % 44.73 % 26.13 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 30.00 0.33 0.33 10.03
Q2 2005 30.00 0.54 0.54 10.39
Q3 2005 30.00 0.37 0.37 10.51
Q4 2005 30.00 0.41 0.41 10.59
Q1 2006 30.00 0.72 0.40 10.77
Q2 2006 30.00 0.41 0.16 10.80
Q3 2006 30.00 0.52 0.22 11.06
Q4 2006 30.00 1.33 1.69 12.68
Q1 2007 30.00 1.21 1.89 12.88
Q2 2007 30.00 1.30 1.91 13.03
Q3 2007 30.00 1.49 2.16 13.46
Q4 2007 30.00 1.66 1.66 14.34
Q1 2008 30.00 1.71 1.71 14.59
Q2 2008 30.00 1.98 1.98 14.60
Q3 2008 30.00 2.00 2.00 15.05
Q4 2008 30.00 1.81 1.81 15.74
Q1 2009 30.00 2.02 2.02 16.20
Q2 2009 30.00 1.98 1.98 16.58
Q3 2009 30.00 2.09 2.09 17.14
Q4 2009 30.00 2.10 2.12 17.82
Q1 2010 30.00 1.88 1.89 16.65
Q2 2010 30.00 1.90 1.91 17.05
Q3 2010 30.00 2.12 2.20 17.83
Q4 2010 30.00 2.21 2.34 18.60
Q1 2011 30.00 2.17 2.30 17.37
Q2 2011 30.00 2.28 2.40 17.87
Q3 2011 30.00 2.47 2.54 18.85
Q4 2011 30.00 2.82 2.82 19.99
Q1 2012 30.00 2.86 2.86 20.22
Q2 2012 30.00 3.03 3.10 19.17
Q3 2012 30.00 3.21 3.37 20.33
Q4 2012 30.00 3.39 3.38 21.65
Q1 2013 30.00 3.42 3.42 20.19
Q2 2013 30.00 3.52 3.44 20.96
Q3 2013 30.00 3.50 3.33 22.11
Q4 2013 30.00 3.40 3.14 23.32
Q1 2014 30.00 3.30 3.05 22.66

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 46.17 46.17 1.54
Q2 2005 44.48 44.48 2.33
Q3 2005 More than 50 More than 50 3.22
Q4 2005 More than 50 More than 50 5.01
Q1 2006 43.84 More than 50 2.92
Q2 2006 More than 50 More than 50 4.38
Q3 2006 More than 50 More than 50 5.53
Q4 2006 17.55 13.76 1.84
Q1 2007 23.16 14.83 2.17
Q2 2007 17.48 11.85 1.74
Q3 2007 18.07 12.50 2.01
Q4 2007 17.32 17.32 2.00
Q1 2008 12.97 12.97 1.52
Q2 2008 11.27 11.27 1.53
Q3 2008 7.92 7.92 1.05
Q4 2008 7.66 7.66 0.88
Q1 2009 7.27 7.27 0.91
Q2 2009 9.48 9.48 1.13
Q3 2009 9.66 9.66 1.18
Q4 2009 11.47 11.38 1.35
Q1 2010 12.19 12.08 1.37
Q2 2010 10.02 9.93 1.11
Q3 2010 9.62 9.29 1.14
Q4 2010 11.56 10.93 1.37
Q1 2011 10.17 9.60 1.27
Q2 2011 9.67 9.15 1.23
Q3 2011 9.76 9.50 1.28
Q4 2011 10.84 10.84 1.53
Q1 2012 12.52 12.52 1.77
Q2 2012 10.30 10.06 1.63
Q3 2012 11.19 10.64 1.77
Q4 2012 10.70 10.72 1.67
Q1 2013 10.08 10.10 1.71
Q2 2013 11.25 11.51 1.89
Q3 2013 12.96 13.64 2.05
Q4 2013 12.22 13.22 1.78
Q1 2014 12.98 14.08 1.89

Current
Market Cap (M Riyal) 1,569.00
Enterprise Value (EV) (M) 1,796.46
Shares Outstanding ((M)) 30.00
EPS ( Riyal) (TTM) 2.07
Book Value (BV) ( Riyal) 23.95
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 29.63
P/E (TTM) 25.32
Price/book 2.18
Return on Average Assets (%) (TTM) 6.1
Return on Average Equity (%) (TTM) 8.9

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