Farm Superstores’ H1 net profit falls 15% on higher expenses

Farm Superstores’ H1 net profit falls 15% on higher expenses

26/07/2016 Argaam Exclusive

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Saudi Marketing Co. (Farm Superstores) reported a net profit of SAR 52.6 million for the first half of 2016, a 15 percent year-on-year (YoY) drop attributed to higher general and administrative expenses and a SAR 2.9 million plunge in sales at its affiliates. The company also cited a drop in wholesale houseware products, as well as the impact of discounts given to customers in light of current market conditions. 



Financials (M)

Item 6m 2015 6m 2016 Change‬
Revenues 969.29 1,007.05 3.9 %
Gross Income 227.58 255.84 12.4 %
Operating Income 66.82 57.42 (14.1 %)
Net Income 61.91 52.63 (15.0 %)
Average Shares 45.00 45.00 -
EPS (Riyals) 1.38 1.17 (15.0 %)

 

Net profit for the second quarter fell 17.2 percent YoY to SAR 27.17 million due to lower sales of household and entertainment segments, a drop in sales volumes at its affiliates, and higher net costs and non-operating expenses. Compared during the first quarter of 2016, Q2 net earnings rose 6.7 percent on higher revenues and increased net operating profit.



Current Quarter Comparison (M)

Compared With The
Item Q2 2015 Q2 2016 Change‬
Revenues 513.81 524.82 2.1 %
Gross Income 123.00 130.10 5.8 %
Operating Income 34.21 28.69 (16.1 %)
Net Income 32.83 27.17 (17.2 %)
Average Shares 45.00 45.00 -
EPS (Riyals) 0.73 0.60 (17.2 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 - - - - - -
Q2 2008 - - - - - -
Q3 2008 - - - - - -
Q4 2008 - - - - - -
Q1 2009 - - - - - -
Q2 2009 - - - - - -
Q3 2009 - - - - - -
Q4 2009 - - - - - -
Q1 2010 - - - - - -
Q2 2010 - - - - - -
Q3 2010 - - - - - -
Q4 2010 - - - - - -
Q1 2011 - - - - - -
Q2 2011 303.99 - 62.21 - 14.19 -
Q3 2011 330.91 - 68.92 - 14.12 -
Q4 2011 350.17 - 50.81 - 19.08 -
Q1 2012 342.36 - 64.04 - 18.76 -
Q2 2012 350.01 15.1 % 78.29 25.8 % 19.20 35.3 %
Q3 2012 384.15 16.1 % 84.23 22.2 % 22.29 57.9 %
Q4 2012 419.14 19.7 % 72.64 43.0 % 12.25 (35.8 %)
Q1 2013 391.22 14.3 % 87.02 35.9 % 26.24 39.9 %
Q2 2013 397.65 13.6 % 89.20 13.9 % 21.25 10.7 %
Q3 2013 413.71 7.7 % 89.95 6.8 % 20.31 (8.9 %)
Q4 2013 423.76 1.1 % 87.89 21.0 % 26.43 115.8 %
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 %
Q1 2015 455.49 12.5 % 104.58 12.2 % 32.61 16.0 %
Q2 2015 513.81 8.1 % 123.00 19.1 % 34.21 16.5 %
Q3 2015 448.70 9.5 % 120.48 16.0 % 36.39 36.4 %
Q4 2015 474.32 5.2 % 108.13 5.1 % 16.62 (40.7 %)
Q1 2016 482.23 5.9 % 112.15 7.2 % 28.73 (11.9 %)
Q2 2016 524.82 2.1 % 130.10 5.8 % 28.69 (16.1 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 - - - - - -
Q2 2008 - - - - - -
Q3 2008 - - - - - -
Q4 2008 - - - - - -
Q1 2009 - - - - - -
Q2 2009 - - - - - -
Q3 2009 - - - - - -
Q4 2009 - - - - - -
Q1 2010 - - - - - -
Q2 2010 - - - - - -
Q3 2010 - - - - - -
Q4 2010 - - - - - -
Q1 2011 - - - - - -
Q2 2011 17.35 - 0.39 - 17.35 0.39
Q3 2011 14.92 - 0.33 - 14.92 0.33
Q4 2011 19.48 - 0.43 - 19.48 0.43
Q1 2012 18.86 - 0.42 - 18.86 0.42
Q2 2012 18.76 8.1 % 0.42 - 18.76 0.42
Q3 2012 23.52 57.7 % 0.52 - 23.52 0.52
Q4 2012 17.63 (9.5 %) 0.39 - 17.63 0.39
Q1 2013 24.68 30.9 % 0.55 - 24.68 0.55
Q2 2013 21.38 14.0 % 0.48 - 21.38 0.48
Q3 2013 22.21 (5.6 %) 0.49 - 22.21 0.49
Q4 2013 26.87 52.4 % 0.60 - 26.87 0.60
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
Q1 2015 29.08 5.6 % 0.65 - 29.08 0.65
Q2 2015 32.83 12.7 % 0.73 - 32.83 0.73
Q3 2015 28.95 17.2 % 0.64 (3.68) 32.63 0.73
Q4 2015 16.28 (29.5 %) 0.36 0.93 15.36 0.34
Q1 2016 25.45 (12.5 %) 0.57 - 25.45 0.57
Q2 2016 27.17 (17.2 %) 0.60 - 27.17 0.60

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 18.53 % 6.38 % 5.32 %
Q2 2012 19.08 % 6.99 % 5.24 %
Q3 2012 19.44 % 7.31 % 5.65 %
Q4 2012 20.00 % 6.66 % 5.27 %
Q1 2013 20.86 % 6.92 % 5.48 %
Q2 2013 20.92 % 6.91 % 5.48 %
Q3 2013 20.89 % 6.70 % 5.30 %
Q4 2013 21.77 % 7.62 % 5.85 %
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 %
Q1 2015 23.14 % 8.40 % 5.92 %
Q2 2015 23.73 % 8.60 % 6.00 %
Q3 2015 24.13 % 9.07 % 6.29 %
Q4 2015 24.11 % 8.39 % 5.81 %
Q1 2016 24.17 % 8.14 % 5.54 %
Q2 2016 24.40 % 7.86 % 5.21 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2007 - - - -
Q2 2007 - - - -
Q3 2007 - - - -
Q4 2007 - - - -
Q1 2008 - - - -
Q2 2008 - - - -
Q3 2008 - - - -
Q4 2008 - - - -
Q1 2009 - - - -
Q2 2009 - - - -
Q3 2009 - - - -
Q4 2009 - - - -
Q1 2010 - - - -
Q2 2010 - - - -
Q3 2010 - - - -
Q4 2010 - - - -
Q1 2011 - - - -
Q2 2011 45.00 - - 7.10
Q3 2011 45.00 - - 7.60
Q4 2011 45.00 - - 7.73
Q1 2012 45.00 1.57 1.57 8.15
Q2 2012 45.00 1.60 1.60 8.56
Q3 2012 45.00 1.79 1.79 9.09
Q4 2012 45.00 1.75 1.75 9.20
Q1 2013 45.00 1.88 1.88 8.43
Q2 2013 45.00 1.94 1.94 8.90
Q3 2013 45.00 1.91 1.91 9.40
Q4 2013 45.00 2.11 2.11 8.72
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
Q1 2015 45.00 2.36 2.36 11.68
Q2 2015 45.00 2.44 2.44 11.25
Q3 2015 45.00 2.53 2.61 11.89
Q4 2015 45.00 2.38 2.44 12.22
Q1 2016 45.00 2.30 2.36 12.63
Q2 2016 45.00 2.17 2.24 13.24

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
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
Q1 2015 24.69 24.69 4.98
Q2 2015 24.25 24.25 5.26
Q3 2015 20.03 19.40 4.27
Q4 2015 20.10 19.60 3.92
Q1 2016 16.72 16.29 3.04
Q2 2016 19.46 18.92 3.20

Analysts Estimates (Million)

Item Q2 2016 (e) Q2 2016 (a) Change‬
Average 30.83 27.17 (11.9 %)

Estimates vs Actual (Million)

Item Q2 2016 (e) Q2 2016 (a) Change
Albilad Capital 29.00 27.17 (6.3) %
OSOOL AND BAKHEET 29.30 27.17 (7.3) %
Value Capital 34.20 27.17 (20.5) %


Financial Ratios
Current
Market Cap (M Riyal) 993.60
Enterprise Value (EV) (M) 1,563.94
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) 26.05
P/E (TTM) 42.21
Price/book 1.46
Return on Average Assets (%) (TTM) 1.0
Return on Average Equity (%) (TTM) 3.5
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Share Price

Saudi Marketing Co.
22.08
0.28 1.28 %

Saudi Marketing Co. (FARM SUPERSTORES)

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