NADEC profit surges to SAR 213.2M in H1 2024; Q2 at SAR 111.9M

21/07/2024 Argaam Exclusive

National Agricultural Development Co. (NADEC) reported an over two-fold increase in H1 2024 net profit to SAR 213.2 million, compared with SAR 102.8 million a year earlier



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 1,535.27 1,647.64 7.3 %
Gross Income 574.03 621.28 8.2 %
Operating Income 152.72 214.61 40.5 %
Net Income 102.82 213.21 107.4 %
Average Shares 212.89 301.64 41.7 %
EPS (Riyals) 0.48 0.71 46.4 %

The company’s revenue grew by 7.32% year-on-year (YoY) mainly due to higher sales of dairy and food processing segment by 2.04%, and, revenue of SAR 92.78 million from the new protein segment. However, this increase was partially offset by a decrease in agriculture sales by 21.87%.

 

The ratio of cost of sales to revenue decreased by 0.32% YoY on higher selling prices.

 

In H1 2023, a provision of SAR 40.50 million was set for the other doubtful receivables, but no such provision in H1 2024. The previous period also included fixed assets impairment losses of SAR 10.61 million against depreciable assets.

 

Treasury income reached SAR 42.74 million on Murabaha bank deposits made from unused rights issue proceeds in the current period and no such income available in similar period last year.

 

In addition, financing cost fell by 47.48% YoY on lower borrowings.

 

Selling and marketing expenses increased by 3.33% YoY due to higher distribution costs. General and administrative expenses also rose by 38.24% YoY on increase in employee costs. In addition, Zakat expenses grew by SAR 19.50 million YoY.

 

The second-quarter net earnings jumped 72% to SAR 111.9 million, from SAR 65.1 million in Q2 2023.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 785.86 790.06 0.5 %
Gross Income 295.88 298.57 0.9 %
Operating Income 86.88 105.07 20.9 %
Net Income 65.13 111.88 71.8 %
Average Shares 212.89 301.64 41.7 %
EPS (Riyals) 0.31 0.37 21.2 %

Revenue increased by 0.53% YoY in Q2 2024, while, the ratio of cost of sales to revenue decreased by 0.14% YoY.

 

Selling and marketing expenses fell by 7.47% YoY. General and administrative expenses increased by 30.82% YoY. Zakat expenses rose by SAR 5.15 million compared to the similar quarter in last year.

 

The company posted a treasury income of SAR 21.52 million earned on Murabaha bank deposits made from unused rights issue proceeds in the current quarter and no such income available in similar quarter last year.

 

Sequentially, NADEC’s net profits grew by 10.4% from SAR 101.3 million in Q1 2024.

 

Shareholders’ equity, no minority interest, rose to SAR 3.80 billion as of June 30, 2024, from SAR 1.39 billion in the year-earlier period.

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Share Price

National Agricultural Development Co.
24.22
(0.12) (0.49 %)

National Agricultural Development Co. (NADEC)

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Financial Ratios
Current
Market Cap (M Riyal) 7,305.72
Enterprise Value (EV) (M) 6,032.22
Shares Outstanding ((M)) 301.64
EPS ( Riyal) (TTM) 1.49
Book Value (BV) ( Riyal) 13.00
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 17.21
P/E (TTM) 16.21
Price/book 1.86
Return on Average Assets (%) (TTM) 9.3
Return on Average Equity (%) (TTM) 16.7
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 534.41 10.4 % 201.91 11.2 % 36.82 7.0 %
Q2 2015 689.65 19.8 % 258.42 23.3 % 49.92 44.2 %
Q3 2015 566.66 12.3 % 241.42 19.4 % 56.31 15.6 %
Q4 2015 553.18 8.9 % 248.35 36.7 % 43.29 44.1 %
Q1 2016 509.36 (4.7 %) 202.88 0.5 % 39.53 7.4 %
Q2 2016 638.59 (7.4 %) 245.44 (5.0 %) 52.82 5.8 %
Q3 2016 550.24 (2.9 %) 203.74 (15.6 %) 52.15 (7.4 %)
Q4 2016 478.32 (13.5 %) 186.58 (24.9 %) 30.39 (29.8 %)
Q1 2017 481.94 (5.4 %) 183.29 (9.7 %) 23.14 (41.5 %)
Q2 2017 578.64 (9.4 %) 203.13 (17.2 %) 28.67 (45.7 %)
Q3 2017 510.76 (7.2 %) 179.16 (12.1 %) 26.24 (49.7 %)
Q4 2017 461.14 (3.6 %) 165.50 (11.3 %) 1.98 (93.5 %)
Q1 2018 474.09 (1.6 %) 162.54 (11.3 %) 19.36 (16.3 %)
Q2 2018 559.72 (3.3 %) 212.38 4.6 % 39.58 38.1 %
Q3 2018 574.71 12.5 % 221.26 23.5 % 58.99 124.8 %
Q4 2018 487.52 5.7 % 178.90 8.1 % 12.54 534.4 %
Q1 2019 530.47 11.9 % 203.27 25.1 % 42.88 121.5 %
Q2 2019 604.19 7.9 % 227.57 7.2 % 53.48 35.1 %
Q3 2019 578.45 0.7 % 218.31 (1.3 %) 62.51 6.0 %
Q4 2019 512.15 5.1 % 195.44 9.2 % 33.01 163.2 %
Q1 2020 559.15 5.4 % 202.47 (0.4 %) 36.07 (15.9 %)
Q2 2020 608.06 0.6 % 211.64 (7.0 %) 33.04 (38.2 %)
Q3 2020 587.23 1.5 % 182.87 (16.2 %) 10.01 (84.0 %)
Q4 2020 548.62 7.1 % 128.87 (34.1 %) (14.98) (145.4 %)
Q1 2021 540.96 (3.3 %) 174.60 (13.8 %) 24.66 (31.6 %)
Q2 2021 548.74 (9.8 %) 167.19 (21.0 %) 11.52 (65.1 %)
Q3 2021 610.76 4.0 % 180.66 (1.2 %) 24.74 147.2 %
Q4 2021 571.86 4.2 % 108.40 (15.9 %) (67.24) (348.9 %)
Q1 2022 613.53 13.4 % 191.19 9.5 % 34.98 41.8 %
Q2 2022 707.75 29.0 % 191.37 14.5 % 37.43 224.9 %
Q3 2022 702.67 15.0 % 220.39 22.0 % 48.97 97.9 %
Q4 2022 670.30 17.2 % 205.39 89.5 % 38.17 156.8 %
Q1 2023 749.41 22.1 % 278.15 45.5 % 65.84 88.2 %
Q2 2023 785.86 11.0 % 295.88 54.6 % 86.88 132.1 %
Q3 2023 861.10 22.5 % 323.61 46.8 % 97.63 99.4 %
Q4 2023 800.60 19.4 % 286.11 39.3 % 87.73 129.8 %
Q1 2024 857.58 14.4 % 322.71 16.0 % 109.54 66.4 %
Q2 2024 790.06 0.5 % 298.57 0.9 % 105.07 20.9 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2015 26.16 5.6 % 0.12 - 26.16 0.12
Q2 2015 35.10 25.4 % 0.16 - 35.10 0.16
Q3 2015 45.69 32.8 % 0.21 - 45.69 0.21
Q4 2015 34.37 71.7 % 0.16 (3.97) 38.35 0.18
Q1 2016 23.75 (9.2 %) 0.11 (1.86) 25.60 0.12
Q2 2016 35.57 1.3 % 0.17 (3.45) 39.02 0.18
Q3 2016 28.65 (37.3 %) 0.13 (4.88) 33.53 0.16
Q4 2016 6.26 (81.8 %) 0.03 (10.85) 17.11 0.08
Q1 2017 4.34 (81.7 %) 0.02 - 4.34 0.02
Q2 2017 25.89 (27.2 %) 0.12 22.00 3.89 0.02
Q3 2017 17.33 (39.5 %) 0.08 7.69 9.63 0.05
Q4 2017 (7.61) (221.5 %) (0.04) - (7.61) (0.04)
Q1 2018 (5.02) (215.9 %) (0.02) - (5.02) (0.02)
Q2 2018 19.51 (24.6 %) 0.09 - 19.51 0.09
Q3 2018 35.13 102.8 % 0.17 - 35.13 0.17
Q4 2018 (47.88) (529.4 %) (0.22) (52.68) 4.79 0.02
Q1 2019 (3.67) 26.9 % (0.02) (20.77) 17.10 0.08
Q2 2019 7.07 (63.8 %) 0.03 (24.71) 31.77 0.15
Q3 2019 49.32 40.4 % 0.23 2.35 46.97 0.22
Q4 2019 (60.01) (25.3 %) (0.28) (79.80) 19.79 0.09
Q1 2020 18.19 595.3 % 0.09 - 18.19 0.09
Q2 2020 131.63 1763.1 % 0.62 111.61 20.01 0.09
Q3 2020 (44.89) (191.0 %) (0.21) (43.89) (1.01) 0.00
Q4 2020 (69.27) (15.4 %) (0.33) (57.25) (12.02) (0.06)
Q1 2021 6.37 (65.0 %) 0.03 - 6.37 0.03
Q2 2021 (17.35) (113.2 %) (0.08) - (17.35) (0.08)
Q3 2021 3.21 107.2 % 0.02 - 3.21 0.02
Q4 2021 (277.26) (300.3 %) (1.30) (148.59) (128.66) (0.60)
Q1 2022 15.12 137.6 % 0.07 - 15.12 0.07
Q2 2022 27.49 258.5 % 0.13 - 27.49 0.13
Q3 2022 27.75 763.6 % 0.13 - 27.75 0.13
Q4 2022 25.12 109.1 % 0.12 - 25.12 0.12
Q1 2023 37.69 149.2 % 0.18 - 37.69 0.18
Q2 2023 65.13 136.9 % 0.31 - 65.13 0.31
Q3 2023 75.27 171.2 % 0.35 - 75.27 0.35
Q4 2023 123.98 393.6 % 0.41 26.00 97.98 0.32
Q1 2024 101.33 168.9 % 0.34 - 101.33 0.34
Q2 2024 111.88 71.8 % 0.37 - 111.88 0.37

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2015 37.46 % 18.15 % 5.12 %
Q2 2015 37.74 % 18.33 % 5.17 %
Q3 2015 38.43 % 18.61 % 5.52 %
Q4 2015 40.54 % 19.28 % 6.20 %
Q1 2016 41.01 % 20.08 % 6.24 %
Q2 2016 41.37 % 21.22 % 6.55 %
Q3 2016 39.99 % 21.73 % 6.06 %
Q4 2016 38.53 % 22.08 % 5.30 %
Q1 2017 38.11 % 22.18 % 4.37 %
Q2 2017 37.18 % 21.65 % 2.82 %
Q3 2017 36.70 % 21.04 % 1.71 %
Q4 2017 35.97 % 20.18 % 0.50 %
Q1 2018 35.08 % 19.38 % 0.04 %
Q2 2018 35.88 % 19.59 % 0.82 %
Q3 2018 36.80 % 19.85 % 2.03 %
Q4 2018 36.98 % 19.22 % 2.60 %
Q1 2019 37.90 % 19.55 % 3.56 %
Q2 2019 37.83 % 19.83 % 4.04 %
Q3 2019 37.63 % 19.99 % 4.57 %
Q4 2019 37.96 % 21.11 % 5.20 %
Q1 2020 37.44 % 20.91 % 5.18 %
Q2 2020 36.67 % 20.23 % 4.65 %
Q3 2020 34.96 % 17.94 % 2.51 %
Q4 2020 31.52 % 15.49 % 1.09 %
Q1 2021 30.55 % 14.84 % 0.58 %
Q2 2021 29.36 % 13.99 % (1.08 %)
Q3 2021 28.96 % 14.30 % (0.88 %)
Q4 2021 27.76 % 11.60 % (6.00 %)
Q1 2022 27.61 % 11.42 % (5.44 %)
Q2 2022 26.82 % 11.44 % (3.31 %)
Q3 2022 27.40 % 11.63 % (2.25 %)
Q4 2022 30.00 % 14.77 % 3.54 %
Q1 2023 31.63 % 14.93 % 4.17 %
Q2 2023 34.38 % 16.11 % 5.35 %
Q3 2023 35.97 % 16.93 % 6.63 %
Q4 2023 37.03 % 17.91 % 8.64 %
Q1 2024 37.16 % 18.79 % 10.28 %
Q2 2024 37.20 % 19.43 % 11.68 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 212.89 0.51 0.51 5.87
Q2 2015 212.89 0.54 0.54 6.03
Q3 2015 212.89 0.60 0.60 6.25
Q4 2015 212.89 0.66 0.68 6.41
Q1 2016 212.89 0.65 0.68 6.48
Q2 2016 212.89 0.65 0.70 6.52
Q3 2016 212.89 0.57 0.64 6.66
Q4 2016 212.89 0.44 0.54 6.66
Q1 2017 212.89 0.35 0.44 6.68
Q2 2017 212.89 0.31 0.28 6.70
Q3 2017 212.89 0.25 0.16 6.78
Q4 2017 212.89 0.19 0.05 6.70
Q1 2018 212.89 0.14 0.00 6.67
Q2 2018 212.89 0.11 0.08 6.76
Q3 2018 212.89 0.20 0.20 6.93
Q4 2018 212.89 0.01 0.26 6.79
Q1 2019 212.89 0.01 0.36 6.78
Q2 2019 212.89 (0.04) 0.42 6.81
Q3 2019 212.89 0.02 0.47 7.04
Q4 2019 212.89 (0.03) 0.54 6.77
Q1 2020 212.89 0.07 0.55 6.85
Q2 2020 212.89 0.65 0.49 7.47
Q3 2020 212.89 0.21 0.27 7.26
Q4 2020 212.89 0.17 0.12 6.94
Q1 2021 212.89 0.11 0.06 6.97
Q2 2021 212.89 (0.59) (0.11) 6.89
Q3 2021 212.89 (0.36) (0.09) 6.91
Q4 2021 212.89 (1.34) (0.64) 5.62
Q1 2022 212.89 (1.30) (0.60) 5.69
Q2 2022 212.89 (1.09) (0.39) 5.82
Q3 2022 212.89 (0.97) (0.27) 5.95
Q4 2022 212.89 0.45 0.45 6.08
Q1 2023 212.89 0.55 0.55 6.26
Q2 2023 212.89 0.73 0.73 6.57
Q3 2023 212.89 0.95 0.95 6.92
Q4 2023 301.64 1.00 0.92 11.91
Q1 2024 301.64 1.21 1.13 12.25
Q2 2024 301.64 1.37 1.28 12.62

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2015 35.79 35.79 3.11
Q2 2015 31.73 31.73 2.86
Q3 2015 25.57 25.57 2.44
Q4 2015 24.77 24.10 2.57
Q1 2016 16.88 16.20 1.70
Q2 2016 18.70 17.53 1.88
Q3 2016 17.66 15.83 1.52
Q4 2016 30.52 24.95 2.03
Q1 2017 45.43 36.17 2.39
Q2 2017 49.85 55.16 2.28
Q3 2017 66.87 More than 100 2.49
Q4 2017 97.21 More than 100 2.72
Q1 2018 More than 100 More than 100 3.30
Q2 2018 More than 100 More than 100 2.98
Q3 2018 90.13 90.13 2.57
Q4 2018 More than 100 64.96 2.44
Q1 2019 More than 100 42.34 2.25
Q2 2019 NEG 32.71 2.00
Q3 2019 More than 100 31.49 2.11
Q4 2019 NEG 28.65 2.30
Q1 2020 More than 100 22.52 1.80
Q2 2020 28.94 38.36 2.53
Q3 2020 More than 100 81.02 2.99
Q4 2020 More than 100 More than 100 2.90
Q1 2021 More than 100 More than 100 3.06
Q2 2021 NEG NEG 3.95
Q3 2021 NEG NEG 3.58
Q4 2021 NEG NEG 3.66
Q1 2022 NEG NEG 3.60
Q2 2022 NEG NEG 3.65
Q3 2022 NEG NEG 2.93
Q4 2022 30.80 30.80 2.27
Q1 2023 33.73 33.73 2.99
Q2 2023 38.21 38.21 4.26
Q3 2023 33.67 33.67 4.64
Q4 2023 27.81 30.43 2.34
Q1 2024 23.92 25.75 2.37
Q2 2024 22.78 24.31 2.47

Business Segments (Million)

Compared With The
Period Diary and food production Sector Agricultural Activity Protein. Adjustments
Q1 2015 478.00 56.00 - -
Q2 2015 563.00 134.00 - -
Q3 2015 468.00 54.00 - -
Q4 2015 514.00 62.00 - -
Q1 2016 477.97 50.36 - (18.98)
Q2 2016 557.12 153.10 - (71.63)
Q3 2016 501.92 130.07 - (81.74)
Q4 2016 440.00 115.34 - (77.02)
Q1 2017 454.05 49.71 - (21.83)
Q2 2017 522.99 155.92 - (100.26)
Q3 2017 463.36 140.82 - (93.43)
Q4 2017 419.96 116.16 - (74.98)
Q1 2018 435.05 72.91 - (33.88)
Q2 2018 485.11 149.04 - (74.44)
Q3 2018 506.35 155.11 - (86.76)
Q4 2018 460.47 65.34 - (38.29)
Q1 2019 502.12 50.71 - (22.36)
Q2 2019 559.68 59.21 - (14.69)
Q3 2019 542.40 55.99 - (19.94)
Q4 2019 495.71 33.58 - (17.15)
Q1 2020 529.79 48.62 - (19.26)
Q2 2020 572.05 49.27 - (13.26)
Q3 2020 557.70 54.97 - (25.44)
Q4 2020 502.70 68.38 - (22.46)
Q3 2021 587.74 46.93 - (23.91)
Q4 2021 540.45 44.65 - (13.24)
Q1 2022 596.91 33.17 - (16.55)
Q2 2022 660.80 62.49 - (15.54)
Q3 2022 687.01 24.59 - (8.93)
Q4 2022 655.77 23.08 - (8.55)
Q1 2023 749.16 11.43 - (11.18)
Q2 2023 736.85 63.62 - (14.62)
Q3 2023 836.54 34.97 - (10.41)
Q4 2023 757.54 57.80 - (14.75)
Q1 2024 804.74 16.93 48.88 (12.97)
Q2 2024 737.57 43.31 43.90 (34.72)

Analysts Estimates (Million)

Item Q2 2024 (e) Q2 2024 (a) Change‬
Average 100.25 111.88 11.60 %

Estimates vs Actual (Million)

Item Q2 2024 (e) Q2 2024 (a) Change
Al Rajhi Capital 116.00 111.88 (3.5) %
YAQEEN 104.00 111.88 7.6 %
Hermes 101.00 111.88 10.8 %
United Securities Company 80.00 111.88 39.9 %

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