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Entaj posts 57% profit decline to SAR 27.1M in 2024, loses SAR 6.3M in Q4
Arabian Co. for Agricultural and Industrial Investments (Entaj) reported net earnings of SAR 27.1 million for 2024, a decline of 57% from SAR 62.7 million a year earlier.
Financials (Million Riyal)
| Item | 2023 | 2024 | Change |
|---|---|---|---|
| Revenues | 1,099.35 | 1,279.70 | 16.4 % |
| Gross Income | 230.30 | 187.54 | (18.6 %) |
| Operating Income | 75.09 | 38.83 | (48.3 %) |
| Net Income | 62.66 | 27.10 | (56.8 %) |
| Average Shares | 30.00 | 30.00 | - |
| Earnings Per Share before unusual items (Riyals) | 2.09 | 1.03 | (50.7 %) |
| EPS (Riyal) | 2.09 | 0.90 | (56.8 %) |
This came amid higher depreciation, which resulted in a SAR 25 million financial impact. This was due to the company’s capacity expansion and higher finance costs on lower interest capitalization (fueled a SAR 9 million financial impact).
Furthermore, the company allocated a SAR 8 million incremental provisions for bio assets, primarily due to the fair-value reassessment and the impairment on day-old chicks.
Excluding the depreciation impact, earnings before interest, taxes, depreciation, and amortization (EBITDA) would have reached SAR 127.2 million, marking a 3.7% year-on-year (YoY) increase.
This came despite Entaj’s 13.2% YoY revenue growth to SAR 1.24 billion in 2024, given the elevated poultry sales. This was also supported by the company’s intense focus on modern trade and investments in production capacity expansion, besides work to enhance logistics capabilities and strengthen sales resources.
Current Quarter Comparison (Million Riyal)
| Item | Q4 2023 | Q4 2024 | Change |
|---|---|---|---|
| Revenues | 307.87 | 320.30 | 4.0 % |
| Gross Income | 86.44 | 18.40 | (78.7 %) |
| Operating Income | 43.91 | (12.25) | (127.9 %) |
| Net Income | 41.23 | (6.28) | (115.2 %) |
| Average Shares | 30.00 | 30.00 | - |
| Earnings Per Share before unusual items (Riyal) | 1.37 | (0.08) | (106.1 %) |
| EPS (Riyal) | 1.37 | (0.21) | (115.2 %) |
In Q4 2024, the company turned to a net loss of SAR 6.3 million, against profits of SAR 41.23 million in Q4 2023.
Entaj posted a bottom line of SAR 4.39 million in Q3 2024.
Total shareholders' equity, no minority interest, reached SAR 460.6 million as of Dec. 31, 2024, up from SAR 436.6 million a year before.
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Share Price
Arabian Company for Agricultural and Industrial Investment (ENTAJ)
| Current | |
| Market Cap (M Riyal) | 766.80 |
| Enterprise Value (EV) (M Riyal) | 1,455.89 |
| Shares Outstanding ((M)) | 30.00 |
| Recurring EPS ( Riyal) (TTM) | (1.96) |
| Book Value (BV) ( Riyal) | 10.62 |
| Par Value ( Riyal) | 10.00 |
| Recurring P/E | Neg |
| P/E (TTM) | NEG |
| Price/book | 2.41 |
| Return on Average Assets (%) (TTM) | (3.43 ) |
| Return on Average Equity (%) (TTM) | (14.89 ) |
| EV/adj EBITDA | 11.64 |
| EV/Revenues | 1.02 |
Financial results (Million Riyal)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2024 | 350.33 | 24.8 % | 72.35 | 24.9 % | 26.11 | 17.0 % |
| Q2 2024 | 300.72 | 24.6 % | 61.29 | 65.8 % | 13.40 | 1831.5 % |
| Q3 2024 | 308.35 | 14.5 % | 35.51 | (27.5 %) | 11.57 | 41.7 % |
| Q4 2024 | 320.30 | 4.0 % | 18.40 | (78.7 %) | (12.25) | (127.9 %) |
| 2024 | 1,279.70 | 16.4 % | 187.54 | (18.6 %) | 38.83 | (48.3 %) |
Profit Performance (Million Riyal)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| Q1 2024 | 21.97 | 36.5 % | 0.73 | - | 21.97 | 0.73 |
| Q2 2024 | 7.02 | 416.0 % | 0.23 | - | 7.02 | 0.23 |
| Q3 2024 | 4.39 | (42.0 %) | 0.15 | - | 4.39 | 0.15 |
| Q4 2024 | (6.28) | (115.2 %) | (0.21) | (3.78) | (2.50) | (0.08) |
| 2024 | 27.10 | (56.8 %) | 0.90 | (3.78) | 30.88 | 1.03 |
Profitability
| Period | Gross Margin | Adjusted EBITDA margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2023 | - | - | - |
| Q2 2023 | - | - | - |
| Q3 2023 | - | - | - |
| Q4 2023 | 20.95 % | 10.59 % | 5.70 % |
| 2023 | 20.95 % | 10.59 % | 5.70 % |
| Q1 2024 | 20.93 % | 10.65 % | 5.86 % |
| Q2 2024 | 21.90 % | 11.88 % | 6.33 % |
| Q3 2024 | 20.17 % | 12.31 % | 5.89 % |
| Q4 2024 | 14.65 % | 8.42 % | 2.41 % |
| 2024 | 14.65 % | 8.42 % | 2.41 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2024 | 30.00 | 2.28 | 2.28 | 15.29 |
| Q2 2024 | 30.00 | 2.59 | 2.59 | 15.55 |
| Q3 2024 | 30.00 | 2.49 | 2.49 | 15.60 |
| Q4 2024 | 30.00 | 0.90 | 1.03 | 15.35 |
Multiple Ratios (End of Period Price)
| Period | P/E | Recurring P/E | Price/book |
|---|---|---|---|
| Q1 2024 | - | - | - |
| Q2 2024 | - | - | - |
| Q3 2024 | - | - | - |
| Q4 2024 | - | - | - |
Business Segments (Million Riyal)
Q3 2024
| Period | Poultry sales | Table egg sales | Live birds sales | Red meat sales | Secondary product sales | Hatchery Services Sales | Refrigerator sales | Other sales |
|---|---|---|---|---|---|---|---|---|
| Q1 2024 | 336.91 | 2.29 | - | 0.42 | 8.00 | 2.71 | - | - |
| Q2 2024 | 273.92 | 6.94 | 9.71 | 0.19 | 7.47 | 2.47 | - | - |
| Q3 2024 | 283.71 | 13.26 | 1.00 | 0.11 | 9.53 | 0.75 | - | - |
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