Savola posts higher net profit at SAR 683m in I2 of 2013

Savola posts higher net profit at SAR 683m in I2 of 2013

30/06/2013 Argaam Exclusive

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Savola Group, Saudi Arabia's largest non-petrochemical industrial group, reported SAR 683m net profit at the end of the first half of 2013, a 17% increase compared to the same period last year, as shown in the following table:



Financials (M)

Item 6m 2012 6m 2013 Change‬
Revenues 13,578.05 13,913.19 2.5 %
Gross Income 2,189.10 2,654.23 21.2 %
Operating Income 764.57 1,081.05 41.4 %
Net Income 583.63 682.96 17.0 %
Average Shares 225.71 229.55 1.7 %
EPS (Riyals) 2.59 2.98 15.1 %


Current Quarter Comparison (M)

Compared With The
Item Q2 2012 Q2 2013 Change‬
Revenues 6,989.08 6,723.33 (3.8 %)
Gross Income 1,193.39 1,263.61 5.9 %
Operating Income 449.42 479.79 6.8 %
Net Income 341.32 387.76 13.6 %
Average Shares 225.71 229.55 1.7 %
EPS (Riyals) 1.51 1.69 11.7 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2004 1,118.14 19.2 % 200.46 17.4 % 50.19 27.0 %
Q2 2004 1,237.71 31.2 % 223.39 42.1 % 69.89 441.5 %
Q3 2004 1,234.73 18.2 % 212.83 0.7 % 41.42 (37.8 %)
Q4 2004 2,011.40 67.4 % 281.48 6.6 % 61.07 (36.8 %)
Q1 2005 1,551.24 38.7 % 240.86 20.2 % 61.30 22.1 %
Q2 2005 1,613.39 30.4 % 277.00 24.0 % 64.13 (8.2 %)
Q3 2005 1,844.23 49.4 % 353.95 66.3 % 58.34 40.8 %
Q4 2005 1,903.17 (5.4 %) 339.86 20.7 % 122.01 99.8 %
Q1 2006 1,922.71 23.9 % 318.93 32.4 % 86.47 41.1 %
Q2 2006 2,147.77 33.1 % 377.16 36.2 % 79.98 24.7 %
Q3 2006 2,560.31 38.8 % 454.49 28.4 % 136.45 133.9 %
Q4 2006 2,465.90 29.6 % 392.78 15.6 % 176.07 44.3 %
Q1 2007 2,247.62 16.9 % 378.12 18.6 % 103.94 20.2 %
Q2 2007 2,752.38 28.2 % 410.19 8.8 % 39.90 (50.1 %)
Q3 2007 2,779.50 8.6 % 463.44 2.0 % 142.74 4.6 %
Q4 2007 2,630.03 6.7 % 451.93 15.1 % 120.79 (31.4 %)
Q1 2008 2,996.43 33.3 % 481.74 27.4 % 95.58 (8.0 %)
Q2 2008 3,312.54 20.4 % 549.44 33.9 % 157.35 294.4 %
Q3 2008 3,919.41 41.0 % 511.13 10.3 % 117.37 (17.8 %)
Q4 2008 3,593.00 36.6 % 272.02 (39.8 %) (144.50) (219.6 %)
Q1 2009 3,635.04 21.3 % 616.32 27.9 % 149.77 56.7 %
Q2 2009 4,356.80 31.5 % 776.33 41.3 % 211.70 34.5 %
Q3 2009 5,103.67 30.2 % 947.50 85.4 % 374.01 218.7 %
Q4 2009 4,821.69 34.2 % 767.16 182.0 % 209.47 245.0 %
Q1 2010 4,778.78 31.5 % 804.53 30.5 % 177.30 18.4 %
Q2 2010 4,868.07 11.7 % 709.82 (8.6 %) 135.85 (35.8 %)
Q3 2010 5,657.53 10.9 % 906.14 (4.4 %) 297.28 (20.5 %)
Q4 2010 5,725.10 18.7 % 994.74 29.7 % 331.52 58.3 %
Q1 2011 5,641.74 18.1 % 866.33 7.7 % 209.35 18.1 %
Q2 2011 6,312.58 29.7 % 959.88 35.2 % 277.91 104.6 %
Q3 2011 6,816.63 20.5 % 981.97 8.4 % 307.72 3.5 %
Q4 2011 6,424.75 12.2 % 1,162.55 16.9 % 468.45 41.3 %
Q1 2012 6,588.97 16.8 % 995.71 14.9 % 315.15 50.5 %
Q2 2012 6,989.08 10.7 % 1,193.39 24.3 % 449.42 61.7 %
Q3 2012 6,869.78 0.8 % 1,161.19 18.3 % 432.29 40.5 %
Q4 2012 6,943.66 8.1 % 1,411.28 21.4 % 607.10 29.6 %
Q1 2013 7,189.86 9.1 % 1,390.62 39.7 % 601.26 90.8 %
Q2 2013 6,723.33 (3.8 %) 1,263.61 5.9 % 479.79 6.8 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2004 66.16 29.2 % 0.33 - 66.16 0.33
Q2 2004 89.99 25.5 % 0.45 - 89.99 0.45
Q3 2004 104.03 34.0 % 0.52 - 104.03 0.52
Q4 2004 242.20 141.0 % 1.21 - 155.67 0.78
Q1 2005 106.06 60.3 % 0.53 - 106.06 0.53
Q2 2005 112.54 25.1 % 0.56 - 112.54 0.56
Q3 2005 791.42 660.7 % 3.94 - 791.42 3.94
Q4 2005 192.16 (20.7 %) 0.96 - 20.45 0.10
Q1 2006 135.80 28.0 % 0.60 - 135.80 0.60
Q2 2006 245.97 118.6 % 1.09 - 245.97 1.09
Q3 2006 533.78 (32.6 %) 2.36 - 533.78 2.36
Q4 2006 233.03 21.3 % 1.03 - 122.88 0.54
Q1 2007 137.46 1.2 % 0.61 - 137.46 0.61
Q2 2007 763.77 210.5 % 3.38 - 763.77 3.38
Q3 2007 151.39 (71.6 %) 0.67 - 151.39 0.67
Q4 2007 177.41 (23.9 %) 0.79 - 177.41 0.79
Q1 2008 250.48 82.2 % 1.11 - 250.48 1.11
Q2 2008 257.69 (66.3 %) 1.14 - 257.69 1.14
Q3 2008 158.04 4.4 % 0.70 - 158.04 0.70
Q4 2008 (463.85) (361.5 %) (2.06) - (463.85) (2.06)
Q1 2009 192.55 (23.1 %) 0.85 - 192.55 0.85
Q2 2009 212.50 (17.5 %) 0.94 - 212.50 0.94
Q3 2009 277.89 75.8 % 1.23 - 277.89 1.23
Q4 2009 268.62 157.9 % 1.19 318.12 (49.50) (0.22)
Q1 2010 394.04 104.6 % 1.75 198.06 195.98 0.87
Q2 2010 207.65 (2.3 %) 0.92 1.01 206.64 0.92
Q3 2010 282.99 1.8 % 1.25 1.90 281.10 1.25
Q4 2010 2.02 (99.2 %) 0.01 (117.84) 119.86 0.53
Q1 2011 165.16 (58.1 %) 0.73 - 165.16 0.73
Q2 2011 230.74 11.1 % 1.02 - 230.74 1.02
Q3 2011 307.89 8.8 % 1.36 - 307.89 1.36
Q4 2011 498.59 24607.3 % 2.21 152.78 345.81 1.53
Q1 2012 242.31 46.7 % 1.07 - 242.31 1.07
Q2 2012 341.32 47.9 % 1.51 - 341.32 1.51
Q3 2012 405.22 31.6 % 1.80 - 405.22 1.80
Q4 2012 413.36 (17.1 %) 1.83 46.65 366.71 1.62
Q1 2013 295.20 21.8 % 1.29 - 295.20 1.29
Q2 2013 387.76 13.6 % 1.69 - 387.76 1.69

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2004 19.34 % 8.93 % 4.78 %
Q2 2004 19.54 % 9.50 % 4.87 %
Q3 2004 18.79 % 8.80 % 5.23 %
Q4 2004 16.39 % 7.22 % 7.42 %
Q1 2005 15.88 % 7.13 % 7.55 %
Q2 2005 15.79 % 6.85 % 7.46 %
Q3 2005 16.43 % 6.71 % 16.60 %
Q4 2005 17.53 % 8.51 % 14.91 %
Q1 2006 17.71 % 8.45 % 14.56 %
Q2 2006 17.78 % 8.26 % 15.27 %
Q3 2006 17.46 % 8.58 % 10.97 %
Q4 2006 16.97 % 8.19 % 11.42 %
Q1 2007 17.01 % 8.21 % 11.04 %
Q2 2007 16.31 % 8.57 % 15.54 %
Q3 2007 16.05 % 8.40 % 11.47 %
Q4 2007 16.37 % 7.79 % 11.82 %
Q1 2008 16.20 % 7.36 % 12.04 %
Q2 2008 16.61 % 7.05 % 7.14 %
Q3 2008 15.51 % 6.35 % 6.56 %
Q4 2008 13.13 % 7.49 % 1.46 %
Q1 2009 13.48 % 7.68 % 1.00 %
Q2 2009 14.03 % 8.25 % 0.64 %
Q3 2009 15.65 % 9.45 % 1.31 %
Q4 2009 17.34 % 9.16 % 3.54 %
Q1 2010 17.29 % 8.89 % 3.34 %
Q2 2010 16.50 % 8.17 % 3.22 %
Q3 2010 15.84 % 7.64 % 3.15 %
Q4 2010 16.24 % 8.34 % 3.82 %
Q1 2011 15.88 % 8.17 % 3.53 %
Q2 2011 15.97 % 8.13 % 3.41 %
Q3 2011 15.52 % 7.78 % 3.36 %
Q4 2011 15.76 % 7.23 % 4.17 %
Q1 2012 15.68 % 7.39 % 4.31 %
Q2 2012 16.16 % 7.80 % 4.61 %
Q3 2012 16.79 % 8.26 % 4.97 %
Q4 2012 17.38 % 8.64 % 4.95 %
Q1 2013 18.42 % 9.48 % 5.03 %
Q2 2013 18.85 % 9.69 % 5.25 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2004 200.72 1.57 1.03 9.00
Q2 2004 200.72 1.67 1.12 9.16
Q3 2004 200.72 1.80 1.25 9.37
Q4 2004 200.72 2.50 2.07 10.32
Q1 2005 200.72 2.70 2.27 10.54
Q2 2005 200.72 2.81 2.38 10.53
Q3 2005 200.72 6.24 5.81 14.36
Q4 2005 200.72 5.99 5.13 14.87
Q1 2006 225.71 5.46 4.70 23.84
Q2 2006 225.71 6.05 5.29 24.14
Q3 2006 225.71 4.91 4.15 26.51
Q4 2006 225.71 5.09 4.60 26.95
Q1 2007 225.71 5.10 4.61 27.67
Q2 2007 225.71 7.39 6.90 29.10
Q3 2007 225.71 5.70 5.21 29.76
Q4 2007 225.71 5.45 5.45 31.71
Q1 2008 225.71 5.95 5.95 31.14
Q2 2008 225.71 3.71 3.71 32.33
Q3 2008 225.71 3.74 3.74 30.66
Q4 2008 225.71 0.90 0.90 28.31
Q1 2009 225.71 0.64 0.64 28.69
Q2 2009 225.71 0.44 0.44 29.08
Q3 2009 225.71 0.97 0.97 29.67
Q4 2009 225.71 4.22 2.81 30.84
Q1 2010 225.71 5.11 2.82 32.64
Q2 2010 225.71 5.09 2.80 31.53
Q3 2010 225.71 5.11 2.81 32.05
Q4 2010 225.71 3.93 3.56 31.10
Q1 2011 225.71 2.91 3.42 31.07
Q2 2011 225.71 3.02 3.53 31.65
Q3 2011 225.71 3.13 3.65 32.25
Q4 2011 225.71 5.33 4.65 34.21
Q1 2012 225.71 5.67 4.99 36.71
Q2 2012 225.71 6.16 5.48 35.23
Q3 2012 225.71 6.59 5.91 36.09
Q4 2012 225.71 6.21 6.01 36.71
Q1 2013 229.55 6.34 6.14 35.32
Q2 2013 229.55 6.54 6.34 35.91

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2004 8.57 13.16 1.50
Q2 2004 10.65 15.89 1.94
Q3 2004 13.13 18.91 2.52
Q4 2004 11.11 13.42 2.70
Q1 2005 14.67 17.45 3.76
Q2 2005 26.33 31.09 7.03
Q3 2005 13.29 14.28 5.78
Q4 2005 16.03 18.70 6.46
Q1 2006 17.94 20.84 4.11
Q2 2006 12.92 14.78 3.24
Q3 2006 13.76 16.28 2.55
Q4 2006 5.75 6.36 1.09
Q1 2007 4.95 5.47 0.91
Q2 2007 3.26 3.49 0.83
Q3 2007 4.21 4.60 0.81
Q4 2007 5.49 5.49 0.94
Q1 2008 4.53 4.53 0.86
Q2 2008 8.16 8.16 0.94
Q3 2008 6.48 6.48 0.79
Q4 2008 22.54 22.54 0.71
Q1 2009 26.62 26.62 0.59
Q2 2009 42.26 42.26 0.64
Q3 2009 24.43 24.43 0.80
Q4 2009 5.98 8.99 0.82
Q1 2010 5.84 10.57 0.91
Q2 2010 5.75 10.46 0.93
Q3 2010 5.59 10.16 0.89
Q4 2010 6.80 7.51 0.86
Q1 2011 7.99 6.81 0.75
Q2 2011 7.53 6.43 0.72
Q3 2011 6.94 5.95 0.67
Q4 2011 4.50 5.15 0.70
Q1 2012 5.07 5.75 0.78
Q2 2012 4.71 5.29 0.82
Q3 2012 4.90 5.47 0.90
Q4 2012 5.38 5.56 0.91
Q1 2013 5.38 5.55 0.98
Q2 2013 6.03 6.22 1.12

Business Segments (Million)

Compared With The
Period Food sector Retail sector Investments Plastic Manufacturing & Whole sale sector Disposals
Q1 2004 - 476.37 - - 641.77 -
Q2 2004 - 493.52 - - 744.19 -
Q3 2004 - 512.82 - - 721.91 -
Q4 2004 - 609.77 15.43 - 1,386.20 -
Q1 2005 - 545.17 1.46 - 1,004.61 -
Q2 2005 - 599.24 2.61 - 1,011.55 -
Q3 2005 - 625.13 (4.06) - 1,223.17 -
Q4 2005 - 719.34 15.59 - 1,168.24 -
Q1 2006 - 700.35 1.14 - 1,221.22 -
Q2 2006 - 770.00 (1.14) - 1,378.91 -
Q3 2006 - 869.50 - - 1,690.81 -
Q4 2006 - 821.28 - - 1,644.62 -
Q1 2007 - 843.56 3.19 - 1,400.87 -
Q2 2007 - 934.88 (0.79) - 1,818.30 -
Q3 2007 - 1,201.16 6.11 - 1,572.23 -
Q4 2007 - 1,245.18 (3.68) - 1,388.53 -
Q1 2008 - 1,216.75 - - 1,779.67 -
Q2 2008 - 1,315.45 20.17 - 1,976.92 -
Q3 2008 - 1,614.46 10.08 - 2,294.87 -
Q4 2008 - 1,972.98 (30.25) - 1,650.27 -
Q1 2009 - 1,835.58 - - 1,799.46 -
Q2 2009 - 1,895.71 - - 2,461.09 -
Q3 2009 - 2,108.28 - - 2,995.40 -
Q4 2009 - 2,080.53 - - 2,741.16 -
Q1 2010 - 1,871.14 - - 2,907.64 -
Q2 2010 - 1,902.50 - - 2,965.56 -
Q3 2010 - 2,245.91 - - 3,411.62 -
Q4 2010 12,026.53 2,163.12 154.59 883.98 (9284.82) (218.30)
Q1 2011 3,296.45 2,161.01 32.59 209.36 - (57.66)
Q2 2011 3,875.14 2,216.41 26.04 261.85 - (68.54)
Q3 2011 4,069.58 2,489.74 34.65 274.60 - (50.26)
Q4 2011 3,982.74 2,314.39 29.54 255.73 - (157.65)
Q1 2012 4,068.67 2,329.29 20.45 236.24 - (65.67)
Q2 2012 4,327.47 2,427.10 19.71 290.20 - (75.41)
Q3 2012 3,915.84 2,722.23 19.71 273.72 - (61.72)
Q4 2012 4,076.70 2,677.90 78.67 253.03 - (142.63)
Q1 2013 4,386.49 2,606.25 19.29 249.06 - (71.22)
Q2 2013 3,859.23 2,635.50 19.29 304.51 - (95.20)


Financial Ratios
Current
Market Cap (M Riyal) 9,165.00
Enterprise Value (EV) (M) 10,397.10
Shares Outstanding ((M)) 300.00
EPS ( Riyal) (TTM) 2.97
Book Value (BV) ( Riyal) 49.09
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 11.75
P/E (TTM) 10.27
Price/book 0.62
Return on Average Assets (%) (TTM) 2.8
Return on Average Equity (%) (TTM) 7.7
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Share Price

Savola Group
30.55
2.75 9.89 %

Savola Group (SAVOLA GROUP)

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