SADAFCO profit leaps 50% to SAR 327.6M in 9M 2023/24, Q3 at SAR 104.6M

08/02/2024 Argaam Exclusive

Saudia Dairy and Foodstuff Co. (SADAFCO) reported a net profit of SAR 327.6 million for the nine-month period ended Dec. 31, 2023, a 50% increase from SAR 218.3 million in the year-earlier period.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 1,979.82 2,091.79 5.7 %
Gross Income 621.46 719.00 15.7 %
Operating Income 278.66 332.55 19.3 %
Net Income 218.33 313.46 43.6 %
Average Shares 32.50 32.50 -
EPS (Riyals) 6.72 9.64 43.6 %

The profit rise was fueled by a 10.8% year-on-year (YoY) hike in sales, mainly due to higher sales volumes and market share across all segments.

 

The gross profit margin grew to 38.8% in the current period, from 33.5% a year earlier, due to lower raw material costs, besides a favorable product and category mix and cost efficiency at factories.

 

General and administrative expenses remained marginally lower than last year as a result of the oversight and controls on expenditure.

 

The Q3 2023/24 net earnings leapt 33% YoY to SAR 104.6 million, as dairy and foodstuff sales grew by 4.4% YoY on focused distribution and sound marketing investments. The frozen and ambient products categories rose by 14.9% and 2.8% YoY during the same period.

 

The company also posted a healthy gross margin of 37.5% in Q3 2023/24 versus 32.4% last year. General and administrative expenses also remained flat YoY at 4.5% during the same period.

 

On a sequential basis, Q3 2023/24 net profit dropped 8.6% from SAR 114.47 million.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 654.00 744.36 13.8 %
Gross Income 195.97 282.33 44.1 %
Operating Income 75.63 137.81 82.2 %
Net Income 78.45 114.47 45.9 %
Average Shares 32.50 32.50 -
EPS (Riyals) 2.41 3.52 45.9 %

Shareholders’ equity, after minority interest, stood at SAR 1.90 billion by the end of the nine-month period, compared to SAR 1.66 billion in the year-earlier period.

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Share Price

Saudia Dairy and Foodstuff Co.
336.40
(9.60) (2.77 %)

Saudia Dairy and Foodstuff Co. (SADAFCO)

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Financial Ratios
Current
Market Cap (M Riyal) 10,933.00
Enterprise Value (EV) (M) 10,337.85
Shares Outstanding ((M)) 32.50
EPS ( Riyal) (TTM) 15.25
Book Value (BV) ( Riyal) 52.86
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 22.25
P/E (TTM) 22.05
Price/book 6.36
Return on Average Assets (%) (TTM) 18.7
Return on Average Equity (%) (TTM) 28.2
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 463.61 8.4 % 137.24 6.8 % 38.28 3.0 %
Q2 2014 431.30 13.6 % 129.56 3.6 % 51.69 0.1 %
Q3 2014 447.79 24.8 % 126.94 7.6 % 31.68 (23.3 %)
Q4 2014 464.18 20.1 % 158.54 30.4 % 33.95 (36.9 %)
Q1 2015 520.68 12.3 % 179.73 31.0 % 62.22 62.6 %
Q2 2015 481.93 11.7 % 166.21 28.3 % 58.10 12.4 %
Q3 2015 496.12 10.8 % 171.89 35.4 % 72.07 127.5 %
Q4 2015 484.04 4.3 % 190.80 20.3 % 83.28 145.3 %
Q1 2016 475.74 (8.6 %) 192.24 7.0 % 85.43 37.3 %
Q2 2016 445.03 (7.7 %) 171.79 3.4 % 82.49 42.0 %
Q3 2016 436.09 (12.1 %) 158.98 (7.5 %) 71.13 (1.3 %)
Q4 2016 430.00 (11.2 %) 167.25 (12.3 %) 73.57 (11.7 %)
Q1 2017 452.83 (4.8 %) 175.18 (8.9 %) 80.98 (5.2 %)
Q2 2017 441.31 (0.8 %) 171.32 (0.3 %) 75.95 (7.9 %)
Q3 2017 419.93 (3.7 %) 149.44 (6.0 %) 62.60 (12.0 %)
Q4 2017 378.61 (11.9 %) 137.73 (17.7 %) 55.89 (24.0 %)
Q1 2018 410.17 (9.4 %) 133.52 (23.8 %) 50.36 (37.8 %)
Q2 2018 476.62 8.0 % 145.83 (14.9 %) 54.54 (28.2 %)
Q3 2018 462.67 10.2 % 139.80 (6.5 %) 55.20 (11.8 %)
Q4 2018 463.50 22.4 % 161.15 17.0 % 61.89 10.7 %
Q1 2019 485.23 18.3 % 156.47 17.2 % 61.13 21.4 %
Q2 2019 521.08 9.3 % 176.78 21.2 % 67.22 23.3 %
Q3 2019 488.47 5.6 % 176.12 26.0 % 72.58 31.5 %
Q4 2019 561.31 21.1 % 179.81 11.6 % 86.83 40.3 %
Q1 2020 565.99 16.6 % 183.30 17.1 % 75.76 23.9 %
Q2 2020 535.40 2.7 % 176.92 0.1 % 72.52 7.9 %
Q3 2020 482.02 (1.3 %) 160.80 (8.7 %) 63.42 (12.6 %)
Q4 2020 521.98 (7.0 %) 172.81 (3.9 %) 64.83 (25.3 %)
Q1 2021 492.40 (13.0 %) 150.47 (17.9 %) 43.78 (42.2 %)
Q2 2021 530.08 (1.0 %) 161.54 (8.7 %) 57.69 (20.5 %)
Q3 2021 519.91 7.9 % 160.10 (0.4 %) 59.25 (6.6 %)
Q4 2021 627.94 20.3 % 184.52 6.8 % 69.85 7.7 %
Q1 2022 631.33 28.2 % 202.21 34.4 % 89.38 104.1 %
Q2 2022 694.49 31.0 % 223.29 38.2 % 113.66 97.0 %
Q3 2022 654.00 25.8 % 195.97 22.4 % 75.63 27.6 %
Q4 2022 - - - - - -
Q1 2023 668.20 5.8 % 201.25 (0.5 %) 90.55 1.3 %
Q2 2023 679.23 (2.2 %) 235.42 5.4 % 104.19 (8.3 %)
Q3 2023 744.36 13.8 % 282.33 44.1 % 137.81 82.2 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 34.03 3.5 % 1.05 - 34.03 1.05
Q2 2014 47.63 2.6 % 1.47 - 47.63 1.47
Q3 2014 30.10 (22.2 %) 0.93 - 30.10 0.93
Q4 2014 29.19 (43.6 %) 0.90 - 29.19 0.90
Q1 2015 58.29 71.3 % 1.79 - 58.29 1.79
Q2 2015 53.91 13.2 % 1.66 - 53.91 1.66
Q3 2015 68.13 126.4 % 2.10 - 68.13 2.10
Q4 2015 79.88 173.7 % 2.46 - 79.88 2.46
Q1 2016 81.15 39.2 % 2.50 - 81.15 2.50
Q2 2016 80.85 50.0 % 2.49 - 80.85 2.49
Q3 2016 67.84 (0.4 %) 2.09 - 67.84 2.09
Q4 2016 73.84 (7.6 %) 2.27 - 73.84 2.27
Q1 2017 77.07 (5.0 %) 2.37 - 77.07 2.37
Q2 2017 75.16 (7.0 %) 2.31 - 75.16 2.31
Q3 2017 58.52 (13.7 %) 1.80 - 58.52 1.80
Q4 2017 50.13 (32.1 %) 1.54 - 50.13 1.54
Q1 2018 50.20 (34.9 %) 1.54 - 50.20 1.54
Q2 2018 54.09 (28.0 %) 1.66 - 54.09 1.66
Q3 2018 54.15 (7.5 %) 1.67 - 54.15 1.67
Q4 2018 59.95 19.6 % 1.84 - 59.95 1.84
Q1 2019 58.28 16.1 % 1.79 - 58.28 1.79
Q2 2019 65.16 20.5 % 2.00 - 65.16 2.00
Q3 2019 68.32 26.2 % 2.10 - 68.32 2.10
Q4 2019 74.50 24.3 % 2.29 - 74.50 2.29
Q1 2020 70.40 20.8 % 2.17 - 70.40 2.17
Q2 2020 70.31 7.9 % 2.16 - 70.31 2.16
Q3 2020 63.77 (6.7 %) 1.96 - 63.77 1.96
Q4 2020 56.08 (24.7 %) 1.73 - 56.08 1.73
Q1 2021 38.15 (45.8 %) 1.17 - 38.15 1.17
Q2 2021 54.06 (23.1 %) 1.66 - 54.06 1.66
Q3 2021 53.65 (15.9 %) 1.65 - 53.65 1.65
Q4 2021 61.44 9.6 % 1.89 - 61.44 1.89
Q1 2022 54.33 42.4 % 1.67 (25.99) 80.31 2.47
Q2 2022 85.55 58.3 % 2.63 (23.73) 109.28 3.36
Q3 2022 78.45 46.2 % 2.41 10.96 67.49 2.08
Q4 2022 - - - - - -
Q1 2023 90.44 66.5 % 2.78 3.87 86.57 2.66
Q2 2023 108.54 26.9 % 3.34 (0.30) 108.84 3.35
Q3 2023 114.47 45.9 % 3.52 (20.52) 134.99 4.15

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 31.60 % 15.58 % 10.76 %
Q2 2014 30.87 % 15.26 % 10.50 %
Q3 2014 29.80 % 14.13 % 9.46 %
Q4 2014 30.57 % 12.56 % 7.80 %
Q1 2015 31.91 % 13.56 % 8.86 %
Q2 2015 32.98 % 13.61 % 8.96 %
Q3 2015 34.46 % 15.75 % 10.67 %
Q4 2015 35.74 % 18.05 % 13.12 %
Q1 2016 37.21 % 19.66 % 14.61 %
Q2 2016 38.23 % 21.33 % 16.31 %
Q3 2016 38.78 % 21.64 % 16.82 %
Q4 2016 38.63 % 21.05 % 17.00 %
Q1 2017 38.16 % 20.91 % 16.98 %
Q2 2017 38.22 % 20.43 % 16.70 %
Q3 2017 38.03 % 19.99 % 16.32 %
Q4 2017 37.44 % 20.13 % 15.41 %
Q1 2018 35.88 % 18.82 % 14.18 %
Q2 2018 33.61 % 17.17 % 12.63 %
Q3 2018 32.23 % 16.41 % 12.07 %
Q4 2018 32.01 % 16.13 % 12.05 %
Q1 2019 31.95 % 16.44 % 12.00 %
Q2 2019 32.82 % 17.12 % 12.29 %
Q3 2019 34.24 % 18.23 % 12.85 %
Q4 2019 33.52 % 18.85 % 12.95 %
Q1 2020 33.51 % 18.92 % 13.03 %
Q2 2020 33.29 % 19.10 % 13.18 %
Q3 2020 32.68 % 18.72 % 13.01 %
Q4 2020 32.95 % 18.02 % 12.38 %
Q1 2021 32.53 % 17.10 % 11.24 %
Q2 2021 31.86 % 16.41 % 10.46 %
Q3 2021 31.24 % 15.84 % 9.78 %
Q4 2021 30.25 % 15.43 % 9.55 %
Q1 2022 30.68 % 16.67 % 10.80 %
Q2 2022 31.13 % 18.03 % 12.32 %
Q3 2022 30.91 % 17.94 % 12.21 %
Q4 2022 - - -
Q1 2023 - - -
Q2 2023 - - -
Q3 2023 - - -


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 32.50 5.26 5.26 25.91
Q2 2014 32.50 5.30 5.30 27.37
Q3 2014 32.50 5.03 5.03 28.26
Q4 2014 32.50 4.34 4.34 29.17
Q1 2015 32.50 5.08 5.08 27.46
Q2 2015 32.50 5.28 5.28 29.12
Q3 2015 32.50 6.45 6.45 31.15
Q4 2015 32.50 8.01 8.01 33.61
Q1 2016 32.50 8.71 8.71 31.88
Q2 2016 32.50 9.54 9.54 34.42
Q3 2016 32.50 9.53 9.53 36.56
Q4 2016 32.50 9.34 9.34 38.80
Q1 2017 32.50 9.22 9.22 37.17
Q2 2017 32.50 9.04 9.04 39.49
Q3 2017 32.50 8.76 8.76 39.29
Q4 2017 32.50 8.03 8.03 40.65
Q1 2018 32.50 7.20 7.20 42.22
Q2 2018 32.50 6.55 6.55 41.16
Q3 2018 32.50 6.42 6.42 40.82
Q4 2018 32.50 6.72 6.72 41.18
Q1 2019 32.50 6.97 6.97 41.01
Q2 2019 32.50 7.31 7.31 43.01
Q3 2019 32.50 7.75 7.75 42.64
Q4 2019 32.50 8.19 8.19 44.83
Q1 2020 32.50 8.57 8.57 44.53
Q2 2020 32.50 8.72 8.72 46.69
Q3 2020 32.50 8.58 8.58 48.65
Q4 2020 32.50 8.02 8.02 47.18
Q1 2021 32.50 7.02 7.02 48.56
Q2 2021 32.50 6.52 6.52 47.15
Q3 2021 32.50 6.21 6.21 48.69
Q4 2021 32.50 6.38 6.38 47.39
Q1 2022 32.50 6.88 7.68 46.10
Q2 2022 32.50 7.85 9.37 48.67
Q3 2022 32.50 8.61 9.80 51.17
Q4 2022 - - - -
Q1 2023 32.50 - - 50.87
Q2 2023 32.50 - - 54.25
Q3 2023 32.50 - - 55.46

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 18.15 18.15 3.69
Q2 2014 19.06 19.06 3.69
Q3 2014 24.65 24.65 4.39
Q4 2014 27.42 27.42 4.08
Q1 2015 23.74 23.74 4.39
Q2 2015 27.09 27.09 4.91
Q3 2015 21.02 21.02 4.35
Q4 2015 13.99 13.99 3.33
Q1 2016 14.23 14.23 3.89
Q2 2016 15.61 15.61 4.33
Q3 2016 12.91 12.91 3.37
Q4 2016 13.33 13.33 3.21
Q1 2017 14.35 14.35 3.56
Q2 2017 13.73 13.73 3.14
Q3 2017 13.64 13.64 3.04
Q4 2017 16.31 16.31 3.22
Q1 2018 16.37 16.37 2.79
Q2 2018 14.38 14.38 2.29
Q3 2018 14.02 14.02 2.20
Q4 2018 14.94 14.94 2.44
Q1 2019 14.84 14.84 2.52
Q2 2019 15.73 15.73 2.67
Q3 2019 17.30 17.30 3.14
Q4 2019 17.45 17.45 3.19
Q1 2020 15.99 15.99 3.08
Q2 2020 18.62 18.62 3.53
Q3 2020 21.25 21.25 3.75
Q4 2020 21.49 21.49 3.71
Q1 2021 23.57 23.57 3.41
Q2 2021 27.22 27.22 3.83
Q3 2021 26.56 26.56 3.39
Q4 2021 25.47 25.47 3.48
Q1 2022 25.07 22.46 3.74
Q2 2022 20.48 17.14 3.35
Q3 2022 22.54 19.79 3.79
Q4 2022 - - -
Q1 2023 - - 4.67
Q2 2023 - - 5.88
Q3 2023 - - 5.81

Business Segments (Million)

Compared With The
Period Drinks Non-drinks
Q1 2016 311.95 163.79
Q2 2016 306.89 138.14
Q3 2016 297.45 138.64
Q4 2016 298.79 131.17
Q1 2017 285.15 167.68
Q2 2017 304.61 136.70
Q3 2017 268.91 151.02
Q4 2017 270.84 107.78
Q1 2018 247.91 162.26
Q2 2018 278.67 197.96
Q3 2018 280.46 182.20
Q4 2018 287.69 175.81
Q1 2019 278.48 206.75
Q2 2019 310.46 210.62
Q3 2019 325.65 162.81
Q4 2019 333.52 227.80
Q1 2020 352.05 213.95
Q2 2020 317.08 218.32
Q3 2020 297.61 184.41
Q4 2020 310.43 211.56
Q1 2021 271.59 220.81
Q2 2021 298.72 231.36
Q3 2021 297.81 222.10
Q4 2021 351.70 276.24
Q1 2022 350.91 280.42
Q2 2022 380.04 314.46
Q3 2022 412.69 241.32
Q1 2023 409.44 258.76
Q2 2023 405.09 274.14
Q3 2023 405.09 339.27

Analysts Estimates (Million)

Item Q3 2023 (e) Q3 2023 (a) Change‬
Average 116.35 114.47 (1.6 %)

Estimates vs Actual (Million)

Item Q3 2023 (e) Q3 2023 (a) Change
U-Capital 110.70 114.47 3.4 %
Al Rajhi Capital 122.00 114.47 (6.2) %

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