Financial Results : Al-Jouf Agricultural 2024 profit leaps 22% to SAR 75.3M; Q4 at SAR 8.2M

Al-Jouf Agricultural 2024 profit leaps 22% to SAR 75.3M; Q4 at SAR 8.2M

26/02/2025 Argaam Exclusive

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Al-Jouf Agricultural Development Co. posted a 22% profit leap in 2024 to SAR 75.3 million, compared to SAR 62 million in the year-earlier period.



Financials (M)

Item 2023 2024 Change‬
Revenues 426.44 582.79 36.7 %
Gross Income 126.35 176.72 39.9 %
Operating Income 56.17 84.77 50.9 %
Net Income 61.97 75.30 21.5 %
Average Shares 30.00 30.00 -
Earnings Per Share before unusual items (Riyals) 1.66 2.51 51.0 %
EPS (Riyal) 2.07 2.51 21.5 %

Full-year earnings were driven by a SAR 156 million increase in sales and improved productivity of cultivated areas.

 

However, Al-Jouf Agricultural reported lower profit from agricultural products and higher selling, distribution and general administrative expenses.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 114.52 162.19 41.6 %
Gross Income 26.52 33.15 25.0 %
Operating Income 8.40 10.00 19.0 %
Net Income 16.48 8.17 (50.4 %)
Average Shares 30.00 30.00 -
Earnings Per Share before unusual items (Riyal) 0.25 0.27 9.4 %
EPS (Riyal) 0.55 0.27 (50.4 %)

The fourth-quarter net earnings dropped 50.4% to SAR 8.2 million from SAR 16.48 million in Q4 2023.

 

On a sequential basis, the bottom line fell 56.2% from SAR 18.64 million in Q3 2024.

 

Shareholders’ equity, no minority interest, rose to SAR 754.9 million as of Dec. 31, 2024, from SAR 718.6 million a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 53.18 13.5 % 18.28 14.7 % 8.23 50.0 %
Q2 2015 74.26 7.4 % 31.70 (4.4 %) 20.51 (11.6 %)
Q3 2015 123.03 (0.9 %) 57.47 12.1 % 44.78 17.3 %
Q4 2015 118.49 7.5 % 14.56 (71.7 %) (0.36) (101.0 %)
Q1 2016 56.31 5.9 % 19.17 4.8 % 10.01 21.6 %
Q2 2016 74.58 0.4 % 34.78 9.7 % 23.71 15.6 %
Q3 2016 120.83 (1.8 %) 47.45 (17.4 %) 34.45 (23.1 %)
Q4 2016 128.50 8.4 % 30.82 111.7 % 4.17 1268.6 %
Q1 2017 48.20 (14.4 %) 13.26 (30.8 %) 7.17 (28.4 %)
Q2 2017 67.21 (9.9 %) 22.25 (36.0 %) 11.63 (51.0 %)
Q3 2017 114.03 (5.6 %) 23.46 (50.6 %) 12.78 (62.9 %)
Q4 2017 76.18 (40.7 %) 15.42 (50.0 %) (1.16) (127.7 %)
Q1 2018 41.64 (13.6 %) (14.92) (212.6 %) (23.50) (427.8 %)
Q2 2018 79.94 18.9 % 43.12 93.8 % 29.61 154.6 %
Q3 2018 126.24 10.7 % 44.18 88.3 % 26.88 110.3 %
Q4 2018 111.12 45.9 % 31.00 101.0 % 16.56 1533.8 %
Q1 2019 49.64 19.2 % 16.00 207.2 % 7.52 132.0 %
Q2 2019 44.69 (44.1 %) 9.39 (78.2 %) 1.26 (95.7 %)
Q3 2019 66.98 (46.9 %) 5.74 (87.0 %) (5.41) (120.1 %)
Q4 2019 63.13 (43.2 %) 9.37 (69.8 %) (5.12) (130.9 %)
Q1 2020 46.13 (7.1 %) 19.16 19.8 % 11.76 56.4 %
Q2 2020 71.97 61.0 % 28.98 208.7 % 20.07 1487.7 %
Q3 2020 49.05 (26.8 %) 4.77 (16.9 %) (8.03) (48.4 %)
Q4 2020 56.06 (11.2 %) 11.38 21.4 % (9.22) (79.9 %)
Q1 2021 61.36 33.0 % 12.48 (34.9 %) 3.79 (67.8 %)
Q2 2021 55.70 (22.6 %) 16.75 (42.2 %) 3.40 (83.0 %)
Q3 2021 99.81 103.5 % 18.93 297.2 % 5.41 167.4 %
Q4 2021 95.79 70.9 % 20.34 78.8 % 7.23 178.5 %
Q1 2022 60.41 (1.6 %) 31.88 155.5 % 17.90 372.7 %
Q2 2022 64.03 14.9 % 20.14 20.2 % 7.49 120.0 %
Q3 2022 135.35 35.6 % 44.00 132.4 % 21.49 297.0 %
Q4 2022 82.21 (14.2 %) 24.27 19.3 % 9.82 35.8 %
Q1 2023 104.44 72.9 % 37.81 18.6 % 21.43 19.7 %
Q2 2023 57.90 (9.6 %) 18.98 (5.8 %) 4.90 (34.6 %)
Q3 2023 149.57 10.5 % 43.04 (2.2 %) 21.43 (0.3 %)
Q4 2023 114.52 39.3 % 26.52 9.3 % 8.40 (14.4 %)
Q1 2024 160.47 53.6 % 60.08 58.9 % 37.12 73.2 %
Q2 2024 113.09 95.3 % 38.83 104.6 % 17.09 248.8 %
Q3 2024 147.05 (1.7 %) 44.66 3.8 % 20.40 (4.8 %)
Q4 2024 162.19 41.6 % 33.15 25.0 % 10.00 19.0 %
2024 582.79 36.7 % 176.72 39.9 % 84.77 50.9 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2015 8.62 66.1 % 0.29 - 8.62 0.29
Q2 2015 20.16 (27.4 %) 0.67 - 20.16 0.67
Q3 2015 43.35 16.7 % 1.45 - 43.35 1.45
Q4 2015 0.26 (99.3 %) 0.01 - 0.26 0.01
Q1 2016 8.81 2.2 % 0.29 - 8.81 0.29
Q2 2016 22.93 13.7 % 0.76 - 22.93 0.76
Q3 2016 32.89 (24.1 %) 1.10 - 32.89 1.10
Q4 2016 3.53 1240.7 % 0.12 - 3.53 0.12
Q1 2017 8.11 (8.0 %) 0.27 - 8.11 0.27
Q2 2017 7.71 (66.4 %) 0.26 (2.50) 10.21 0.34
Q3 2017 11.47 (65.1 %) 0.38 - 11.47 0.38
Q4 2017 (1.69) (148.0 %) (0.06) - (1.69) (0.06)
Q1 2018 (23.96) (395.4 %) (0.80) - (23.96) (0.80)
Q2 2018 26.05 237.9 % 0.87 - 26.05 0.87
Q3 2018 22.55 96.6 % 0.75 - 22.55 0.75
Q4 2018 11.11 757.0 % 0.37 - 11.11 0.37
Q1 2019 6.53 127.3 % 0.22 - 6.53 0.22
Q2 2019 1.16 (95.5 %) 0.04 - 1.16 0.04
Q3 2019 (6.43) (128.5 %) (0.21) - (6.43) (0.21)
Q4 2019 (22.06) (298.6 %) (0.74) (16.44) (5.62) (0.19)
Q1 2020 6.54 0.2 % 0.22 - 6.54 0.22
Q2 2020 11.87 920.0 % 0.40 - 11.87 0.40
Q3 2020 7.65 218.9 % 0.25 25.46 (17.81) (0.59)
Q4 2020 1.76 108.0 % 0.06 - 1.76 0.06
Q1 2021 3.84 (41.4 %) 0.13 - 3.84 0.13
Q2 2021 3.45 (71.0 %) 0.11 - 3.45 0.11
Q3 2021 3.32 (56.6 %) 0.11 - 3.32 0.11
Q4 2021 6.77 284.4 % 0.23 - 6.77 0.23
Q1 2022 15.23 297.0 % 0.51 - 15.23 0.51
Q2 2022 6.83 98.2 % 0.23 - 6.83 0.23
Q3 2022 19.84 497.8 % 0.66 - 19.84 0.66
Q4 2022 9.17 35.3 % 0.31 - 9.17 0.31
Q1 2023 20.08 31.8 % 0.67 - 20.08 0.67
Q2 2023 4.69 (31.2 %) 0.16 - 4.69 0.16
Q3 2023 20.72 4.4 % 0.69 3.08 17.63 0.59
Q4 2023 16.48 79.8 % 0.55 9.02 7.46 0.25
Q1 2024 32.92 64.0 % 1.10 - 32.92 1.10
Q2 2024 15.56 231.6 % 0.52 - 15.56 0.52
Q3 2024 18.64 (10.0 %) 0.62 - 18.64 0.62
Q4 2024 8.17 (50.4 %) 0.27 - 8.17 0.27
2024 75.30 21.5 % 2.51 - 75.30 2.51

Profitability

Period Gross Margin Adjusted EBITDA margin Net Margin Before Unusual Items
Q1 2015 43.24 % 48.65 % 31.00 %
Q2 2015 42.22 % 47.30 % 28.46 %
Q3 2015 44.08 % 49.60 % 30.26 %
Q4 2015 33.07 % 38.57 % 19.62 %
Q1 2016 33.03 % 39.44 % 19.51 %
Q2 2016 33.83 % 40.83 % 20.23 %
Q3 2016 31.32 % 38.76 % 17.53 %
Q4 2016 34.78 % 32.03 % 17.92 %
Q1 2017 33.95 % 32.41 % 18.13 %
Q2 2017 31.20 % 31.24 % 15.01 %
Q3 2017 25.09 % 26.65 % 9.31 %
Q4 2017 24.34 % 33.60 % 9.20 %
Q1 2018 15.45 % 22.16 % (1.33 %)
Q2 2018 21.52 % 27.29 % 3.81 %
Q3 2018 27.10 % 30.56 % 7.09 %
Q4 2018 28.80 % 35.35 % 9.96 %
Q1 2019 36.60 % 42.45 % 18.05 %
Q2 2019 30.32 % 34.34 % 12.47 %
Q3 2019 22.80 % 25.49 % 4.54 %
Q4 2019 18.04 % 19.14 % (1.94 %)
Q1 2020 19.76 % 19.77 % (1.97 %)
Q2 2020 25.48 % 24.20 % 2.56 %
Q3 2020 27.05 % 24.30 % (2.18 %)
Q4 2020 28.80 % 22.30 % 1.06 %
Q1 2021 24.16 % 17.28 % (0.14 %)
Q2 2021 20.42 % 10.69 % (3.95 %)
Q3 2021 21.81 % 13.53 % 4.53 %
Q4 2021 21.91 % 17.38 % 5.56 %
Q1 2022 28.20 % 22.36 % 9.23 %
Q2 2022 28.52 % 23.50 % 10.05 %
Q3 2022 32.72 % 26.22 % 13.69 %
Q4 2022 35.17 % 28.46 % 14.93 %
Q1 2023 32.70 % 26.71 % 14.48 %
Q2 2023 32.92 % 27.31 % 14.16 %
Q3 2023 31.49 % 26.91 % 13.08 %
Q4 2023 29.63 % 24.76 % 11.69 %
2023 29.63 % 24.76 % 11.69 %
Q1 2024 30.80 % 25.48 % 13.00 %
Q2 2024 31.33 % 26.88 % 13.69 %
Q3 2024 31.79 % 27.29 % 13.94 %
Q4 2024 30.32 % 27.37 % 12.92 %
2024 30.32 % 27.39 % 12.92 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2015 30.00 3.69 3.69 25.28
Q2 2015 30.00 3.43 3.43 25.90
Q3 2015 30.00 3.64 3.64 27.34
Q4 2015 30.00 2.41 2.41 25.72
Q1 2016 30.00 2.42 2.42 27.30
Q2 2016 30.00 2.51 2.51 23.67
Q3 2016 30.00 2.16 2.16 24.76
Q4 2016 30.00 2.27 2.27 22.90
Q1 2017 30.00 2.25 2.25 26.15
Q2 2017 30.00 1.74 1.82 24.45
Q3 2017 30.00 1.03 1.11 24.84
Q4 2017 30.00 0.85 0.94 22.84
Q1 2018 30.00 (0.22) (0.13) 22.04
Q2 2018 30.00 0.40 0.40 21.91
Q3 2018 30.00 0.77 0.77 22.66
Q4 2018 30.00 1.19 1.19 23.14
Q1 2019 30.00 2.21 2.21 23.36
Q2 2019 30.00 1.38 1.38 21.90
Q3 2019 30.00 0.41 0.41 21.68
Q4 2019 30.00 (0.69) (0.15) 20.87
Q1 2020 30.00 (0.69) (0.14) 21.09
Q2 2020 30.00 (0.34) 0.21 20.99
Q3 2020 30.00 0.13 (0.17) 20.74
Q4 2020 30.00 0.93 0.08 20.27
Q1 2021 30.00 0.84 (0.01) 20.40
Q2 2021 30.00 0.56 (0.29) 20.51
Q3 2021 30.00 0.41 0.41 20.62
Q4 2021 30.00 0.58 0.58 20.92
Q1 2022 30.00 0.96 0.96 21.43
Q2 2022 30.00 1.07 1.07 21.66
Q3 2022 30.00 1.62 1.62 21.82
Q4 2022 30.00 1.70 1.70 22.25
Q1 2023 30.00 1.86 1.86 22.42
Q2 2023 30.00 1.79 1.79 22.58
Q3 2023 30.00 1.82 1.72 23.27
Q4 2023 30.00 2.07 1.66 23.95
Q1 2024 30.00 2.49 2.09 24.80
Q2 2024 30.00 2.86 2.45 24.82
Q3 2024 30.00 2.79 2.49 24.94
Q4 2024 30.00 2.51 2.51 25.16

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2015 11.37 11.37 1.66
Q2 2015 13.45 13.45 1.78
Q3 2015 10.67 10.67 1.42
Q4 2015 13.82 13.82 1.30
Q1 2016 9.69 9.69 0.86
Q2 2016 11.92 11.92 1.27
Q3 2016 12.91 12.91 1.13
Q4 2016 15.31 15.31 1.52
Q1 2017 13.85 13.85 1.19
Q2 2017 16.72 15.95 1.19
Q3 2017 27.35 25.30 1.13
Q4 2017 35.95 32.75 1.34
Q1 2018 NEG NEG 1.36
Q2 2018 66.80 66.80 1.21
Q3 2018 29.82 29.82 1.01
Q4 2018 18.12 18.12 0.93
Q1 2019 10.42 10.42 0.98
Q2 2019 17.42 17.42 1.10
Q3 2019 51.79 51.79 0.99
Q4 2019 NEG NEG 1.07
Q1 2020 NEG NEG 0.92
Q2 2020 NEG More than 100 1.40
Q3 2020 More than 100 NEG 1.90
Q4 2020 39.56 More than 100 1.81
Q1 2021 97.81 NEG 4.01
Q2 2021 More than 100 NEG 4.11
Q3 2021 More than 100 More than 100 3.70
Q4 2021 More than 100 More than 100 2.79
Q1 2022 57.88 57.88 2.59
Q2 2022 43.11 43.11 2.13
Q3 2022 26.69 26.69 1.98
Q4 2022 26.08 26.08 2.00
Q1 2023 27.80 27.80 2.31
Q2 2023 29.79 29.79 2.37
Q3 2023 26.62 28.22 2.08
Q4 2023 23.72 29.48 2.05
Q1 2024 22.09 26.36 2.22
Q2 2024 24.23 28.21 2.79
Q3 2024 22.96 25.74 2.57
Q4 2024 23.74 23.74 2.37

Business Segments (Million)

Compared With The
Period Agricultural activity - Manufacturing Agricultural activity - plants
Q3 2016 22.23 98.61
Q4 2016 29.74 98.76
Q1 2017 31.56 16.64
Q2 2017 26.73 40.48
Q3 2017 10.73 103.30
Q4 2017 8.45 67.73
Q1 2018 17.81 23.83
Q2 2018 10.37 69.56
Q3 2018 35.75 90.49
Q4 2018 43.58 67.54
Q1 2019 36.93 12.71
Q2 2019 27.75 16.94
Q3 2019 28.81 38.17
Q4 2019 28.93 34.21
Q1 2020 37.25 8.88
Q2 2020 62.12 9.85
Q3 2020 19.73 29.32
Q4 2020 35.81 20.26
Q1 2021 48.07 13.30
Q2 2021 35.13 20.57
Q3 2021 36.19 63.62
Q4 2021 53.03 42.76
Q1 2022 59.35 1.06
Q2 2022 43.18 20.85
Q3 2022 43.75 91.60
Q4 2022 39.01 43.20
Q1 2023 93.94 10.50
Q2 2023 36.13 21.77
Q3 2023 58.46 91.11
Q4 2023 46.63 67.89
Q1 2024 150.80 9.67
Q2 2024 106.51 6.57
Q3 2024 117.26 29.79
Q4 2024 125.03 37.16


Financial Ratios
Current
Market Cap (M Riyal) 1,506.00
Enterprise Value (EV) (M Riyal) 1,810.47
Shares Outstanding ((M)) 30.00
EPS ( Riyal) (TTM) 2.71
Book Value (BV) ( Riyal) 26.63
Par Value ( Riyal) 10.00
Recurring P/E 18.53
P/E (TTM) 18.53
Price/book 1.88
Return on Average Assets (%) (TTM) 6.6
Return on Average Equity (%) (TTM) 10.5
EV/adj EBITDA 10.85
EV/Revenues 2.54
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Share Price

Al-Jouf Agricultural Development Co.
50.20
(0.25) (0.50 %)

Al-Jouf Agricultural Development Co. (ALJOUF)

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