Almarai's net profit rises 14.9% to SAR 1.4 bln in nine-months 2015

08/10/2015 Argaam Exclusive

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Share Price

54.60
(0.30) (0.55 %)

Almarai Co. (ALMARAI)

 

Almarai Company, one of the largest fresh dairy producers in the Gulf region, reported a net profit of SAR 1.432 billion for the first nine months of 2015, a 14.9 percent increase from the same period last year mainly due to a growth in sales in the poultry, bakery, dairy, and juice segments.



Financials (M)

Item 9m 2014 9m 2015 Change‬
Revenues 9,274.81 10,210.42 10.1 %
Gross Income 3,458.83 3,944.90 14.1 %
Operating Income 1,474.05 1,689.54 14.6 %
Net Income 1,246.31 1,432.01 14.9 %
Average Shares 1,000.00 1,000.00 -
EPS (Riyals) 1.25 1.43 14.9 %

 

The company reported a net profit of SAR 595.1 million in Q3-2015, a 10.33 percent increase compared to the same quarter last year; and a 12.2 percent increase from the previous quarter’s SAR 530.4 million.



Current Quarter Comparison (M)

Compared With The
Item Q3 2014 Q3 2015 Change‬
Revenues 3,269.37 3,523.58 7.8 %
Gross Income 1,390.72 1,446.52 4.0 %
Operating Income 644.74 672.71 4.3 %
Net Income 539.44 595.12 10.3 %
Average Shares 1,000.00 1,000.00 -
EPS (Riyals) 0.54 0.60 10.3 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2006 621.47 31.5 % 226.70 23.5 % 90.59 16.2 % 0.10
Q2 2006 700.66 34.2 % 272.62 29.0 % 121.79 21.4 % 0.14
Q3 2006 717.13 31.0 % 284.27 27.6 % 122.56 21.5 % 0.14
Q4 2006 717.68 18.9 % 291.10 27.1 % 129.79 21.4 % 0.15
Q1 2007 806.93 29.8 % 311.69 37.5 % 122.84 35.6 % 0.13
Q2 2007 905.74 29.3 % 371.16 36.1 % 165.28 35.7 % 0.17
Q3 2007 1,012.39 41.2 % 416.51 46.5 % 186.06 51.8 % 0.20
Q4 2007 1,044.77 45.6 % 393.98 35.3 % 193.09 48.8 % 0.20
Q1 2008 1,119.07 38.7 % 416.26 33.5 % 162.20 32.0 % 0.17
Q2 2008 1,247.52 37.7 % 514.53 38.6 % 235.23 42.3 % 0.25
Q3 2008 1,388.53 37.2 % 572.86 37.5 % 293.68 57.8 % 0.31
Q4 2008 1,274.78 22.0 % 495.31 25.7 % 219.16 13.5 % 0.23
Q1 2009 1,326.08 18.5 % 508.25 22.1 % 197.37 21.7 % 0.21
Q2 2009 1,447.12 16.0 % 591.31 14.9 % 287.10 22.0 % 0.30
Q3 2009 1,547.44 11.4 % 697.63 21.8 % 363.43 23.8 % 0.38
Q4 2009 1,548.17 21.4 % 568.61 14.8 % 248.82 13.5 % 0.26
Q1 2010 1,559.49 17.6 % 570.03 12.2 % 234.10 18.6 % 0.23
Q2 2010 1,738.87 20.2 % 701.13 18.6 % 343.06 19.5 % 0.34
Q3 2010 1,833.74 18.5 % 796.45 14.2 % 424.51 16.8 % 0.42
Q4 2010 1,798.82 16.2 % 668.31 17.5 % 283.76 14.0 % 0.28
Q1 2011 1,743.57 11.8 % 634.15 11.2 % 235.25 0.5 % 0.24
Q2 2011 2,012.85 15.8 % 776.81 10.8 % 349.26 1.8 % 0.35
Q3 2011 2,105.28 14.8 % 861.72 8.2 % 429.70 1.2 % 0.43
Q4 2011 2,089.29 16.1 % 723.84 8.3 % 125.31 (55.8 %) 0.13
Q1 2012 2,040.35 17.0 % 707.30 11.5 % 242.12 2.9 % 0.24
Q2 2012 2,524.14 25.4 % 921.72 18.7 % 379.52 8.7 % 0.38
Q3 2012 2,672.99 27.0 % 1,012.19 17.5 % 449.97 4.7 % 0.45
Q4 2012 2,645.52 26.6 % 869.87 20.2 % 369.03 194.5 % 0.37
Q1 2013 2,411.03 18.2 % 827.80 17.0 % 255.09 5.4 % 0.26
Q2 2013 2,873.88 13.9 % 1,034.49 12.2 % 398.23 4.9 % 0.40
Q3 2013 2,926.09 9.5 % 1,104.95 9.2 % 475.62 5.7 % 0.48
Q4 2013 3,008.18 13.7 % 995.50 14.4 % 373.27 1.2 % 0.37
Q1 2014 2,718.92 12.8 % 918.95 11.0 % 273.58 7.2 % 0.27
Q2 2014 3,286.52 14.4 % 1,149.16 11.1 % 433.29 8.8 % 0.43
Q3 2014 3,269.37 11.7 % 1,390.72 25.9 % 539.44 13.4 % 0.54
Q4 2014 3,330.76 10.7 % 1,133.79 13.9 % 428.03 14.7 % 0.43
Q1 2015 3,037.31 11.7 % 1,110.34 20.8 % 306.48 12.0 % 0.31
Q2 2015 3,649.52 11.0 % 1,388.04 20.8 % 530.42 22.4 % 0.53
Q3 2015 3,523.58 7.8 % 1,446.52 4.0 % 595.12 10.3 % 0.60

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2006 38.77 % 25.85 % 17.37 %
Q2 2006 38.45 % 25.74 % 16.99 %
Q3 2006 38.31 % 25.38 % 16.72 %
Q4 2006 38.98 % 25.70 % 16.86 %
Q1 2007 39.41 % 25.92 % 16.89 %
Q2 2007 39.98 % 27.32 % 17.17 %
Q3 2007 40.39 % 28.53 % 17.54 %
Q4 2007 39.61 % 29.08 % 17.70 %
Q1 2008 39.15 % 28.79 % 17.31 %
Q2 2008 39.36 % 28.40 % 17.55 %
Q3 2008 39.53 % 28.73 % 18.42 %
Q4 2008 39.74 % 25.34 % 18.10 %
Q1 2009 39.93 % 24.95 % 18.05 %
Q2 2009 39.87 % 26.48 % 18.34 %
Q3 2009 40.97 % 24.82 % 19.07 %
Q4 2009 40.31 % 26.70 % 18.69 %
Q1 2010 39.78 % 26.57 % 18.57 %
Q2 2010 39.68 % 25.16 % 18.60 %
Q3 2010 39.46 % 27.32 % 18.72 %
Q4 2010 39.47 % 27.21 % 18.55 %
Q1 2011 39.35 % 26.97 % 18.08 %
Q2 2011 38.92 % 26.49 % 17.50 %
Q3 2011 38.39 % 25.84 % 16.94 %
Q4 2011 37.69 % 25.62 % 16.35 %
Q1 2012 37.22 % 25.26 % 15.84 %
Q2 2012 36.70 % 26.67 % 15.26 %
Q3 2012 36.08 % 26.90 % 14.55 %
Q4 2012 35.53 % 27.71 % 14.58 %
Q1 2013 35.42 % 28.17 % 14.18 %
Q2 2013 35.31 % 27.64 % 13.89 %
Q3 2013 35.34 % 27.93 % 13.80 %
Q4 2013 35.32 % 27.87 % 13.39 %
Q1 2014 35.17 % 27.75 % 13.01 %
Q2 2014 34.91 % 27.35 % 12.86 %
Q3 2014 36.26 % 27.32 % 13.02 %
Q4 2014 36.43 % 27.38 % 13.12 %
Q1 2015 37.02 % 27.31 % 13.21 %
Q2 2015 37.80 % 27.58 % 14.18 %
Q3 2015 37.51 % 27.73 % 14.32 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2006 869.57 0.46 0.46 1.75
Q2 2006 869.57 0.48 0.48 1.89
Q3 2006 869.57 0.51 0.51 2.03
Q4 2006 869.57 0.53 0.53 2.18
Q1 2007 947.83 0.52 0.52 2.66
Q2 2007 947.83 0.57 0.57 2.83
Q3 2007 947.83 0.64 0.64 3.03
Q4 2007 947.83 0.70 0.70 3.22
Q1 2008 947.83 0.75 0.75 3.45
Q2 2008 947.83 0.82 0.82 3.91
Q3 2008 947.83 0.93 0.93 3.94
Q4 2008 947.83 0.96 0.96 3.82
Q1 2009 960.87 0.98 0.98 3.60
Q2 2009 960.87 1.04 1.04 4.04
Q3 2009 960.87 1.11 1.11 4.37
Q4 2009 960.87 1.14 1.14 5.38
Q1 2010 1,000.00 1.13 1.13 5.58
Q2 2010 1,000.00 1.19 1.19 5.37
Q3 2010 1,000.00 1.25 1.25 5.88
Q4 2010 1,000.00 1.29 1.29 6.13
Q1 2011 1,000.00 1.29 1.29 6.40
Q2 2011 1,000.00 1.29 1.29 6.19
Q3 2011 1,000.00 1.30 1.30 6.46
Q4 2011 1,000.00 1.14 1.30 6.72
Q1 2012 1,000.00 1.15 1.31 7.18
Q2 2012 1,000.00 1.18 1.34 6.87
Q3 2012 1,000.00 1.20 1.36 7.26
Q4 2012 1,000.00 1.44 1.44 7.55
Q1 2013 1,000.00 1.45 1.45 7.76
Q2 2013 1,000.00 1.47 1.47 7.66
Q3 2013 1,000.00 1.50 1.50 8.07
Q4 2013 1,000.00 1.50 1.50 8.44
Q1 2014 1,000.00 1.52 1.50 8.76
Q2 2014 1,000.00 1.56 1.53 8.53
Q3 2014 1,000.00 1.62 1.60 8.99
Q4 2014 1,000.00 1.67 1.65 9.19
Q1 2015 1,000.00 1.71 1.71 9.37
Q2 2015 1,000.00 1.80 1.88 9.62
Q3 2015 1,000.00 1.86 1.94 9.99

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2006 38.97 38.97 10.23
Q2 2006 40.46 40.46 10.36
Q3 2006 29.87 29.87 7.48
Q4 2006 17.26 17.26 4.23
Q1 2007 17.26 17.26 3.40
Q2 2007 19.24 19.24 3.88
Q3 2007 16.33 16.33 3.44
Q4 2007 20.68 20.68 4.52
Q1 2008 22.84 22.84 4.94
Q2 2008 24.67 24.67 5.17
Q3 2008 19.43 19.43 4.60
Q4 2008 17.73 17.73 4.46
Q1 2009 18.63 18.63 5.16
Q2 2009 18.00 18.00 4.69
Q3 2009 18.36 18.36 4.73
Q4 2009 17.34 17.34 3.53
Q1 2010 19.60 19.60 3.98
Q2 2010 18.48 18.48 4.09
Q3 2010 18.64 18.64 3.97
Q4 2010 20.03 20.03 4.20
Q1 2011 17.11 17.11 3.44
Q2 2011 16.85 16.85 3.52
Q3 2011 15.27 15.27 3.07
Q4 2011 20.03 17.56 3.40
Q1 2012 23.02 20.20 3.68
Q2 2012 21.89 19.27 3.75
Q3 2012 23.45 20.68 3.87
Q4 2012 17.67 17.67 3.37
Q1 2013 18.55 18.55 3.48
Q2 2013 19.13 19.13 3.68
Q3 2013 21.99 21.99 4.08
Q4 2013 21.02 21.02 3.74
Q1 2014 25.51 25.87 4.43
Q2 2014 27.08 27.45 4.94
Q3 2014 29.93 30.32 5.39
Q4 2014 27.56 27.91 5.02
Q1 2015 30.66 30.66 5.59
Q2 2015 29.98 28.72 5.62
Q3 2015 27.25 26.13 5.07

Business Segments (Million)

Compared With The
Period Dairy & Juice Poultry Project Bakeries Productions Others.. Arable and Horticulture
Q1 2007 719.26 - 87.68 - -
Q2 2007 814.17 - 91.57 - -
Q3 2007 917.02 - 95.37 - -
Q4 2007 950.59 - 94.19 - -
Q1 2008 1,015.44 - 103.62 - -
Q2 2008 1,111.43 - 136.09 - -
Q3 2008 1,247.44 - 141.09 - -
Q4 2008 1,140.78 - 134.00 - -
Q1 2009 1,191.73 - 134.35 - -
Q2 2009 1,286.67 - 160.45 - -
Q3 2009 1,394.68 - 152.76 - -
Q4 2009 1,304.66 44.50 170.55 - 28.46
Q1 2010 1,341.86 35.96 178.26 - 3.42
Q2 2010 1,455.52 42.24 216.58 - 24.54
Q3 2010 1,578.11 49.87 202.10 - 3.65
Q4 2010 1,510.39 48.07 224.28 - 16.09
Q1 2011 1,467.84 63.47 211.39 - 0.88
Q2 2011 1,658.98 81.66 249.07 - 23.14
Q3 2011 1,777.55 75.03 228.42 - 24.28
Q4 2011 1,688.44 99.05 277.49 - 24.31
Q1 2012 1,635.68 95.40 293.54 - 15.73
Q2 2012 2,031.54 119.06 324.96 - 48.58
Q3 2012 2,203.10 127.43 302.85 - 39.61
Q4 2012 2,102.29 162.46 369.30 0.08 11.39
Q1 2013 1,901.16 162.12 340.90 6.85 -
Q2 2013 2,209.27 202.71 369.48 92.41 -
Q3 2013 2,354.11 212.94 324.76 34.29 -
Q4 2013 2,371.27 214.56 409.97 12.37 -
Q1 2014 2,125.60 211.10 373.32 8.91 -
Q2 2014 2,547.67 250.35 399.27 89.24 -
Q3 2014 2,603.15 273.64 365.99 26.59 -
Q4 2014 2,625.49 287.67 394.33 23.27 -
Q1 2015 2,353.44 308.98 355.53 19.36 -
Q2 2015 2,869.02 313.95 396.35 70.21 -
Q3 2015 2,756.98 314.83 399.51 52.27 -

Analysts Estimates (Million)

Item Q3 2015 (e) Q3 2015 (a) Change‬
Average 585.69 595.12 1.61 %

Estimates vs Actual (Million)

Item Q3 2015 (e) Q3 2015 (a) Change
SFC 595.00 595.12 0.0 %
OSOOL AND BAKHEET 598.10 595.12 (0.5) %
Alistithmar Capital 605.80 595.12 (1.8) %
AlJazira Capital 577.20 595.12 3.1 %
Riyad Capital 567.00 595.12 5.0 %
KASB Capital 557.40 595.12 6.8 %
SNB Capital 649.00 595.12 (8.3) %
Albilad Capital 536.00 595.12 11.0 %

Current
Market Cap (M Riyal) 54,600.00
Enterprise Value (EV) (M) 63,737.56
Shares Outstanding ((M)) 1,000.00
EPS ( Riyal) (TTM) 2.11
Book Value (BV) ( Riyal) 18.34
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 25.92
P/E (TTM) 25.92
Price/book 2.98
Return on Average Assets (%) (TTM) 6.2
Return on Average Equity (%) (TTM) 11.8

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