Saudi Marketing Co.’s 2014 net profit up 10% to SAR 104.5 mln
20/01/2015
Argaam Exclusive
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The Saudi Marketing Company (SAMCO), the newly listed company operating in the retail sector, reported a net profit of SAR 104.5 million for 2014, a ten percent increase compared to the same period in 2013.
A net profit of SAR 23.1 million was reported for Q4-2014 compared to SAR 24.7 million for Q3.
Financials (M)
| Item | 2013 | 2014 | Change |
|---|---|---|---|
| Revenues | 1,626.34 | 1,740.72 | 7.0 % |
| Gross Income | 354.06 | 402.98 | 13.8 % |
| Operating Income | 94.23 | 112.16 | 19.0 % |
| Net Income | 95.15 | 104.48 | 9.8 % |
| Average Shares | 45.00 | 45.00 | - |
| EPS (Riyals) | 2.11 | 2.32 | 9.8 % |
The company attributed the increase of 2014’s net profit, compared to the same period last year, to
- Increase of sales,
- Increase of Farm Superstores branches from 45 branches in Dec. 2013 to 50 branches in Dec. 2014,
- Increase of Adventure World branches from 7 branches in Dec. 2013 to 8 branches in Dec. 2014,
- The increase of rent revenue.
Despite the increase of financial charges and the decline of investment portfolio’s market value as well as the increase of provision for obsolete inventory.
The decline of Q4-2014’s net profit compared to the same period in 2013 despite the increase of sales and rent revenue was attributed to:
- Increase of selling & distribution expenses.
- Increase of G&A expenses due to opening new branches.
- The increase of financial charges due to charging SAR 2 million to this period representing Islamic credit commission due to Al Rajhi bank for 2014.
- Forming obsolete inventory provision of SAR 3 million.
- The decline of non operating revenue
- The decline of Lebanese affiliate’s profit.
The decline of Q4-2014’s net profit compared to the previous period (Q3-2014) was attributed to
- The increase of financial charges due to charging SAR 2 million to this period representing Islamic credit commission due to Al Rajhi bank for 2014.
- Forming obsolete inventory provision of SAR 3 million.
- The increase of non-operating expenses.
Compared With The
Current Quarter Comparison (M)
| Item | Q4 2013 | Q4 2014 | Change |
|---|---|---|---|
| Revenues | 423.76 | 450.89 | 6.4 % |
| Gross Income | 87.89 | 102.85 | 17.0 % |
| Operating Income | 26.43 | 28.00 | 5.9 % |
| Net Income | 26.87 | 23.11 | (14.0 %) |
| Average Shares | 45.00 | 45.00 | - |
| EPS (Riyals) | 0.60 | 0.51 | (14.0 %) |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2014 | 405.04 | 3.5 % | 93.24 | 7.2 % | 28.10 | 7.1 % |
| Q2 2014 | 475.21 | 19.5 % | 103.31 | 15.8 % | 29.36 | 38.2 % |
| Q3 2014 | 409.88 | (0.9 %) | 103.87 | 15.5 % | 26.69 | 31.4 % |
| Q4 2014 | 450.89 | 6.4 % | 102.85 | 17.0 % | 28.00 | 5.9 % |
| 2014 | 1,740.72 | 7.0 % | 402.98 | 13.8 % | 112.16 | 19.0 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2014 | 27.54 | 11.6 % | 0.61 | - | 27.54 | 0.61 |
| Q2 2014 | 29.13 | 36.2 % | 0.65 | - | 29.13 | 0.65 |
| Q3 2014 | 24.70 | 11.2 % | 0.55 | - | 24.70 | 0.55 |
| Q4 2014 | 23.11 | (14.0 %) | 0.51 | - | 23.11 | 0.51 |
| 2014 | 104.48 | 9.8 % | 2.32 | - | 104.48 | 2.32 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2014 | 21.97 % | 7.70 % | 5.98 % |
| Q2 2014 | 21.80 % | 7.85 % | 6.16 % |
| Q3 2014 | 22.66 % | 8.26 % | 6.32 % |
| Q4 2014 | 23.16 % | 8.27 % | 6.00 % |
| 2014 | 23.15 % | 8.27 % | 6.00 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2014 | 45.00 | 2.18 | 2.18 | 9.33 |
| Q2 2014 | 45.00 | 2.35 | 2.35 | 9.97 |
| Q3 2014 | 45.00 | 2.41 | 2.41 | 10.52 |
| Q4 2014 | 45.00 | 2.32 | 2.32 | 11.04 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2014 | 22.00 | 22.00 | 5.14 |
| Q2 2014 | 27.20 | 27.20 | 6.41 |
| Q3 2014 | 30.58 | 30.58 | 6.99 |
| Q4 2014 | 27.42 | 27.42 | 5.77 |
| Current | |
| Market Cap (M Riyal) | 998.10 |
| Enterprise Value (EV) (M) | 1,568.44 |
| Shares Outstanding ((M)) | 45.00 |
| EPS ( Riyal) (TTM) | 0.52 |
| Book Value (BV) ( Riyal) | 15.14 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 26.17 |
| P/E (TTM) | 42.40 |
| Price/book | 1.47 |
| Return on Average Assets (%) (TTM) | 1.0 |
| Return on Average Equity (%) (TTM) | 3.5 |
Share Price
Saudi Marketing Co. (FARM SUPERSTORES)
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