Farm Superstores profit falls 46% to SAR 20.8 mln in 2021; Q4 at SAR 8.5 mln

Farm Superstores profit falls 46% to SAR 20.8 mln in 2021; Q4 at SAR 8.5 mln

30/03/2022 Argaam Exclusive

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Saudi Marketing Co. (Farm Superstores) posted a 46.4% drop in net profit after Zakat and tax to SAR 20.8 million for 2021, compared to SAR 38.8 million a year earlier.



Financials (M)

Item 2020 2021 Change‬
Revenues 1,863.27 1,651.40 (11.4 %)
Gross Income 481.19 486.87 1.2 %
Operating Income 74.93 54.04 (27.9 %)
Net Income 38.76 20.77 (46.4 %)
Average Shares 45.00 45.00 -
EPS (Riyals) 0.86 0.46 (46.4 %)

The lower profit was attributed to higher selling and distribution expenses, as well as general and administrative costs by SAR 26.6 million year-on-year (YoY).

 

The company’s profit was also affected by a decrease in revenues by SAR 211.9 million during 2021, as 2020 revenue was positively impacted by the COVID-19 lockdown.

 

The Saudi-listed firm reported a rise in 2021’s gross profit by SAR 5.7 million on higher revenues from the entertainment cities segment with an increased profit margin YoY.

 

The company’s Q4 2021 net profit after Zakat and tax more than doubled to SAR 8.5 million from SAR 4.05 million in Q4 2020.

 

Sequentially, profit surged from SAR 3.5 million in Q3 2021.



Current Quarter Comparison (M)

Compared With The
Item Q4 2020 Q4 2021 Change‬
Revenues 425.50 421.96 (0.8 %)
Gross Income 113.07 129.53 14.6 %
Operating Income 11.78 16.62 41.1 %
Net Income 4.05 8.50 110.0 %
Average Shares 45.00 45.00 -
EPS (Riyals) 0.09 0.19 110.0 %

Total shareholders’ equity, excluding minority interest, rose to SAR 634.96 million in 2021 from SAR 614.81 million in 2020.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q3 2016 433.06 (3.5 %) 120.16 (0.3 %) 26.35 (27.6 %)
Q4 2016 490.53 3.4 % 102.79 (4.9 %) 20.73 24.8 %
Q1 2017 491.47 1.9 % 127.34 13.5 % 25.79 (10.2 %)
Q2 2017 516.42 (1.6 %) 127.70 (1.8 %) 23.86 (16.8 %)
Q3 2017 419.50 (3.1 %) 114.68 (4.6 %) 10.37 (60.6 %)
Q4 2017 178.50 (63.6 %) 72.65 (29.3 %) 1.51 (92.7 %)
Q1 2018 374.45 (23.8 %) 113.05 (11.2 %) 11.13 (56.8 %)
Q2 2018 400.89 (22.4 %) 93.72 (26.6 %) (15.93) (166.7 %)
Q3 2018 382.67 (8.8 %) 111.73 (2.6 %) 1.87 (82.0 %)
Q4 2018 405.90 127.4 % 124.47 71.3 % 10.15 572.9 %
Q1 2019 389.42 4.0 % 116.62 3.1 % 10.72 (3.7 %)
Q2 2019 402.51 0.4 % 115.51 23.3 % 12.51 178.6 %
Q3 2019 381.24 (0.4 %) 118.84 6.4 % 17.34 828.4 %
Q4 2019 407.75 0.5 % 123.37 (0.9 %) 24.93 145.7 %
Q1 2020 462.08 18.7 % 119.36 2.4 % 19.09 78.1 %
Q2 2020 566.40 40.7 % 132.04 14.3 % 28.03 124.0 %
Q3 2020 409.30 7.4 % 116.73 (1.8 %) 16.04 (7.5 %)
Q4 2020 425.50 4.4 % 113.07 (8.4 %) 11.78 (52.8 %)
Q1 2021 417.46 (9.7 %) 117.47 (1.6 %) 12.77 (33.1 %)
Q2 2021 417.05 (26.4 %) 119.47 (9.5 %) 14.38 (48.7 %)
Q3 2021 394.94 (3.5 %) 120.41 3.2 % 10.27 (36.0 %)
Q4 2021 421.96 (0.8 %) 129.53 14.6 % 16.62 41.1 %
2021 1,651.40 (11.4 %) 486.87 1.2 % 54.04 (27.9 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2016 23.19 (19.9 %) 0.52 - 23.19 0.52
Q4 2016 16.84 3.4 % 0.37 - 16.84 0.37
Q1 2017 22.53 (11.5 %) 0.50 - 22.53 0.50
Q2 2017 20.35 (25.1 %) 0.45 - 20.35 0.45
Q3 2017 7.21 (68.9 %) 0.16 - 7.21 0.16
Q4 2017 (43.36) (357.4 %) (0.96) (41.15) (2.21) (0.05)
Q1 2018 13.68 (39.3 %) 0.30 - 13.68 0.30
Q2 2018 (11.27) (155.4 %) (0.25) - (11.27) (0.25)
Q3 2018 3.54 (50.9 %) 0.08 - 3.54 0.08
Q4 2018 (2.17) 95.0 % (0.05) 3.79 (5.95) (0.13)
Q1 2019 (2.60) (119.0 %) (0.06) - (2.60) (0.06)
Q2 2019 3.78 133.5 % 0.08 - 3.78 0.08
Q3 2019 4.54 28.3 % 0.10 - 4.54 0.10
Q4 2019 4.55 309.9 % 0.10 - 4.55 0.10
Q1 2020 8.12 412.1 % 0.18 - 8.12 0.18
Q2 2020 19.19 408.3 % 0.43 - 19.19 0.43
Q3 2020 7.41 63.3 % 0.16 - 7.41 0.16
Q4 2020 4.05 (11.0 %) 0.09 - 4.05 0.09
Q1 2021 4.26 (47.5 %) 0.09 - 4.26 0.09
Q2 2021 4.52 (76.5 %) 0.10 - 4.52 0.10
Q3 2021 3.50 (52.8 %) 0.08 - 3.50 0.08
Q4 2021 8.50 110.0 % 0.19 - 8.50 0.19
2021 20.77 (46.4 %) 0.46 - 20.77 0.46

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2016 24.58 % 7.47 % 4.76 %
Q4 2016 24.10 % 7.68 % 4.80 %
Q1 2017 24.76 % 7.56 % 4.63 %
Q2 2017 24.75 % 7.44 % 4.29 %
Q3 2017 24.64 % 6.76 % 3.49 %
Q4 2017 27.55 % 9.61 % 2.98 %
Q1 2018 28.75 % 9.43 % 2.62 %
Q2 2018 28.70 % 7.25 % 0.54 %
Q3 2018 29.27 % 6.81 % 0.28 %
Q4 2018 28.32 % 4.11 % 0.00 %
Q1 2019 28.28 % 5.12 % (1.03 %)
Q2 2019 29.63 % 8.06 % (0.08 %)
Q3 2019 30.11 % 9.99 % (0.02 %)
Q4 2019 30.00 % 11.41 % 0.65 %
Q1 2020 28.85 % 11.40 % 1.27 %
Q2 2020 27.16 % 11.23 % 2.00 %
Q3 2020 26.63 % 11.09 % 2.13 %
Q4 2020 25.83 % 10.20 % 2.08 %
Q1 2021 26.35 % 10.07 % 1.92 %
Q2 2021 27.96 % 10.18 % 1.21 %
Q3 2021 28.42 % 9.91 % 0.99 %
Q4 2021 29.48 % 10.35 % 1.26 %
2021 29.48 % 10.35 % 1.26 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2016 45.00 2.05 2.03 13.75
Q4 2016 45.00 2.06 2.06 14.09
Q1 2017 45.00 1.99 1.99 14.59
Q2 2017 45.00 1.84 1.84 14.04
Q3 2017 45.00 1.49 1.49 14.20
Q4 2017 45.00 0.15 1.06 13.19
Q1 2018 45.00 (0.05) 0.87 14.68
Q2 2018 45.00 (0.75) 0.16 13.67
Q3 2018 45.00 (0.83) 0.08 13.74
Q4 2018 45.00 0.08 0.00 12.63
Q1 2019 45.00 (0.28) (0.36) 12.58
Q2 2019 45.00 0.06 (0.03) 12.66
Q3 2019 45.00 0.08 (0.01) 12.76
Q4 2019 45.00 0.23 0.23 12.82
Q1 2020 45.00 0.47 0.47 13.00
Q2 2020 45.00 0.81 0.81 13.43
Q3 2020 45.00 0.87 0.87 13.59
Q4 2020 45.00 0.86 0.86 13.66
Q1 2021 45.00 0.78 0.78 13.76
Q2 2021 45.00 0.45 0.45 13.86
Q3 2021 45.00 0.36 0.36 13.94
Q4 2021 45.00 0.46 0.46 14.11

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2016 10.94 11.05 1.63
Q4 2016 15.51 15.51 2.27
Q1 2017 15.43 15.43 2.11
Q2 2017 15.44 15.44 2.03
Q3 2017 18.19 18.19 1.90
Q4 2017 More than 100 22.04 1.78
Q1 2018 NEG 26.44 1.56
Q2 2018 NEG More than 100 1.59
Q3 2018 NEG More than 100 1.26
Q4 2018 More than 100 NEG 1.29
Q1 2019 NEG NEG 1.43
Q2 2019 More than 100 NEG 1.23
Q3 2019 More than 100 NEG 1.22
Q4 2019 70.10 70.10 1.25
Q1 2020 35.14 35.14 1.26
Q2 2020 27.50 27.50 1.66
Q3 2020 34.38 34.38 2.21
Q4 2020 37.26 37.26 2.35
Q1 2021 47.57 47.57 2.68
Q2 2021 87.39 87.39 2.84
Q3 2021 98.56 98.56 2.57
Q4 2021 62.39 62.39 2.04

Business Segments (Million)

Compared With The
Period Retail sector Home appliances Hospitality and Leisure
Q1 2018 361.66 2.60 10.19
Q2 2018 386.56 3.26 11.07
Q3 2018 369.39 2.56 10.71
Q4 2018 394.22 2.42 9.26
Q1 2019 375.00 5.39 9.03
Q2 2019 387.69 4.86 9.96
Q3 2019 368.52 2.34 10.39
Q4 2019 397.04 2.37 8.33
Q1 2020 453.22 2.29 6.58
Q2 2020 563.98 2.35 0.06
Q3 2020 403.32 1.29 4.68
Q4 2020 415.29 2.84 7.37
Q1 2021 409.21 3.03 5.22
Q2 2021 406.70 1.98 8.37
Q3 2021 382.22 1.44 11.27
Q4 2021 407.90 2.90 11.16

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

Share Price

22.08
0.28 1.28 %

Saudi Marketing Co. (FARM SUPERSTORES)


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