Nadec posts higher net profit at SAR 107.2m at the end of 2014

Nadec posts higher net profit at SAR 107.2m at the end of 2014

18/01/2015 Argaam Exclusive

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Financials (M)

Item 2013 2014 Change‬
Revenues 1,928.09 2,072.36 7.5 %
Gross Income 704.67 774.97 10.0 %
Operating Income 130.19 147.76 13.5 %
Net Income 100.18 107.20 7.0 %
Average Shares 212.89 212.89 -
EPS (Riyals) 0.47 0.50 7.0 %


Current Quarter Comparison (M)

Compared With The
Item Q4 2013 Q4 2014 Change‬
Revenues 448.44 508.06 13.3 %
Gross Income 168.89 181.69 7.6 %
Operating Income 24.72 30.03 21.5 %
Net Income 14.81 20.02 35.2 %
Average Shares 212.89 212.89 -
EPS (Riyals) 0.07 0.09 35.2 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2005 120.16 3.9 % 41.75 1.2 % 5.87 (30.3 %)
Q2 2005 165.18 (4.0 %) 73.23 29.5 % 28.30 45.4 %
Q3 2005 168.67 11.9 % 60.27 8.0 % 13.12 (15.0 %)
Q4 2005 248.69 65.0 % 77.14 32.2 % 15.71 24.4 %
Q1 2006 151.17 25.8 % 51.71 23.9 % 3.71 (36.8 %)
Q2 2006 246.28 49.1 % 78.37 7.0 % 19.30 (31.8 %)
Q3 2006 216.32 28.2 % 103.47 71.7 % 39.32 199.6 %
Q4 2006 237.84 (4.4 %) 92.24 19.6 % 19.01 21.0 %
Q1 2007 195.37 29.2 % 73.08 41.3 % 8.44 127.6 %
Q2 2007 294.84 19.7 % 95.70 22.1 % 14.59 (24.4 %)
Q3 2007 276.68 27.9 % 122.38 18.3 % 39.53 0.5 %
Q4 2007 315.24 32.5 % 115.43 25.1 % 22.34 17.5 %
Q1 2008 259.00 32.6 % 89.04 21.8 % 14.45 71.2 %
Q2 2008 403.32 36.8 % 128.77 34.5 % 38.47 163.8 %
Q3 2008 358.36 29.5 % 143.94 17.6 % 38.95 (1.5 %)
Q4 2008 317.96 0.9 % 114.89 (0.5 %) (3.56) (115.9 %)
Q1 2009 279.43 7.9 % 92.64 4.1 % 3.90 (73.0 %)
Q2 2009 390.91 (3.1 %) 100.65 (21.8 %) (4.66) (112.1 %)
Q3 2009 344.95 (3.7 %) 131.08 (8.9 %) 24.81 (36.3 %)
Q4 2009 319.22 0.4 % 94.08 (18.1 %) (17.55) (393.8 %)
Q1 2010 318.88 14.1 % 108.92 17.6 % 8.12 108.0 %
Q2 2010 402.13 2.9 % 119.66 18.9 % 11.29 342.4 %
Q3 2010 353.50 2.5 % 134.21 2.4 % 24.67 (0.6 %)
Q4 2010 373.05 16.9 % 115.62 22.9 % (7.84) 55.3 %
Q1 2011 345.99 8.5 % 123.33 13.2 % 25.29 211.4 %
Q2 2011 430.32 7.0 % 137.27 14.7 % 24.99 121.4 %
Q3 2011 405.64 14.7 % 151.48 12.9 % 36.96 49.8 %
Q4 2011 375.71 0.7 % 137.77 19.2 % 33.15 522.6 %
Q1 2012 368.00 6.4 % 139.45 13.1 % 22.32 (11.7 %)
Q2 2012 489.99 13.9 % 167.58 22.1 % 37.46 49.9 %
Q3 2012 456.77 12.6 % 180.18 18.9 % 42.35 14.6 %
Q4 2012 412.72 9.8 % 149.34 8.4 % 20.10 (39.4 %)
Q1 2013 424.48 15.3 % 161.86 16.1 % 26.28 17.8 %
Q2 2013 543.00 10.8 % 184.49 10.1 % 37.72 0.7 %
Q3 2013 512.17 12.1 % 189.43 5.1 % 41.47 (2.1 %)
Q4 2013 448.44 8.7 % 168.89 13.1 % 24.72 22.9 %
Q1 2014 484.04 14.0 % 181.66 12.2 % 34.41 30.9 %
Q2 2014 575.64 6.0 % 209.51 13.6 % 34.61 (8.3 %)
Q3 2014 504.62 (1.5 %) 202.12 6.7 % 48.70 17.4 %
Q4 2014 508.06 13.3 % 181.69 7.6 % 30.03 21.5 %
2014 2,072.36 7.5 % 774.97 10.0 % 147.76 13.5 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2005 6.01 (27.8 %) 0.03 - 6.01 0.03
Q2 2005 27.03 28.6 % 0.13 - 27.03 0.13
Q3 2005 12.06 (23.4 %) 0.06 - 12.06 0.06
Q4 2005 17.08 28.9 % 0.08 - 17.08 0.08
Q1 2006 5.27 (12.3 %) 0.02 - 5.27 0.02
Q2 2006 19.38 (28.3 %) 0.09 - 19.38 0.09
Q3 2006 36.66 204.0 % 0.17 - 36.66 0.17
Q4 2006 56.99 233.8 % 0.27 36.42 20.58 0.10
Q1 2007 23.56 347.1 % 0.11 - 23.56 0.11
Q2 2007 22.89 18.1 % 0.11 - 22.89 0.11
Q3 2007 38.35 4.6 % 0.18 - 38.35 0.18
Q4 2007 (13.22) (123.2 %) (0.06) - (13.22) (0.06)
Q1 2008 4.08 (82.7 %) 0.02 (2.13) 6.21 0.03
Q2 2008 37.79 65.1 % 0.18 0.06 37.72 0.18
Q3 2008 31.64 (17.5 %) 0.15 0.03 31.61 0.15
Q4 2008 (4.71) 64.4 % (0.02) 9.88 (14.59) (0.07)
Q1 2009 (4.37) (207.1 %) (0.02) 0.56 (4.92) (0.02)
Q2 2009 (16.84) (144.6 %) (0.08) 0.48 (17.32) (0.08)
Q3 2009 11.34 (64.2 %) 0.05 (0.09) 11.42 0.05
Q4 2009 (33.04) (602.0 %) (0.16) 0.63 (33.68) (0.16)
Q1 2010 3.82 187.6 % 0.02 1.82 2.00 0.01
Q2 2010 4.66 127.6 % 0.02 3.14 1.52 0.01
Q3 2010 15.94 40.6 % 0.07 1.43 14.51 0.07
Q4 2010 (13.96) 57.8 % (0.07) 1.17 (15.13) (0.07)
Q1 2011 20.53 436.8 % 0.10 1.24 19.29 0.09
Q2 2011 19.49 318.5 % 0.09 2.52 16.97 0.08
Q3 2011 30.07 88.6 % 0.14 1.71 28.36 0.13
Q4 2011 21.20 251.9 % 0.10 1.30 19.90 0.09
Q1 2012 21.48 4.6 % 0.10 4.75 16.73 0.08
Q2 2012 27.21 39.6 % 0.13 0.56 26.65 0.13
Q3 2012 32.67 8.7 % 0.15 1.09 31.59 0.15
Q4 2012 14.30 (32.5 %) 0.07 2.56 11.74 0.06
Q1 2013 22.35 4.0 % 0.10 2.20 20.14 0.09
Q2 2013 30.00 10.3 % 0.14 4.35 25.66 0.12
Q3 2013 33.02 1.1 % 0.16 2.63 30.38 0.14
Q4 2013 14.81 3.6 % 0.07 (1.45) 16.26 0.08
Q1 2014 24.77 10.9 % 0.12 - 24.77 0.12
Q2 2014 28.00 (6.7 %) 0.13 - 28.00 0.13
Q3 2014 34.41 4.2 % 0.16 - 34.41 0.16
Q4 2014 20.02 35.2 % 0.09 - 20.02 0.09
2014 107.20 7.0 % 0.50 - 107.20 0.50

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 35.79 % 20.71 % 9.43 %
Q2 2005 39.06 % 23.02 % 10.57 %
Q3 2005 38.63 % 22.47 % 9.65 %
Q4 2005 35.92 % 21.42 % 8.85 %
Q1 2006 35.76 % 20.84 % 8.37 %
Q2 2006 32.83 % 18.26 % 6.60 %
Q3 2006 36.02 % 20.80 % 9.09 %
Q4 2006 38.26 % 21.45 % 9.62 %
Q1 2007 38.75 % 21.69 % 11.18 %
Q2 2007 38.60 % 20.90 % 10.98 %
Q3 2007 38.16 % 20.47 % 10.49 %
Q4 2007 37.57 % 19.11 % 6.62 %
Q1 2008 36.88 % 19.26 % 4.73 %
Q2 2008 36.33 % 20.22 % 5.51 %
Q3 2008 35.72 % 19.79 % 4.67 %
Q4 2008 35.61 % 19.23 % 4.55 %
Q1 2009 35.34 % 18.95 % 3.67 %
Q2 2009 33.57 % 16.47 % (0.39 %)
Q3 2009 32.95 % 16.22 % (1.91 %)
Q4 2009 31.36 % 15.24 % (3.33 %)
Q1 2010 31.64 % 15.57 % (2.73 %)
Q2 2010 32.76 % 16.95 % (1.35 %)
Q3 2010 32.78 % 15.00 % (1.12 %)
Q4 2010 33.05 % 14.96 % 0.20 %
Q1 2011 33.42 % 15.14 % 1.37 %
Q2 2011 33.96 % 15.14 % 2.37 %
Q3 2011 33.94 % 16.49 % 3.18 %
Q4 2011 35.30 % 19.08 % 5.43 %
Q1 2012 35.83 % 18.67 % 5.19 %
Q2 2012 36.37 % 18.81 % 5.59 %
Q3 2012 36.97 % 18.74 % 5.61 %
Q4 2012 36.85 % 17.78 % 5.02 %
Q1 2013 36.94 % 17.69 % 5.05 %
Q2 2013 36.79 % 17.39 % 4.85 %
Q3 2013 36.20 % 17.13 % 4.65 %
Q4 2013 36.55 % 17.30 % 4.79 %
Q1 2014 36.45 % 17.46 % 4.88 %
Q2 2014 37.10 % 17.35 % 4.92 %
Q3 2014 37.87 % 17.98 % 5.14 %
Q4 2014 37.40 % 18.12 % 5.17 %
2014 37.40 % 18.12 % 5.17 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 212.89 0.26 0.26 4.17
Q2 2005 212.89 0.29 0.29 4.30
Q3 2005 212.89 0.27 0.27 4.35
Q4 2005 212.89 0.29 0.29 4.42
Q1 2006 212.89 0.29 0.29 4.46
Q2 2006 212.89 0.25 0.25 4.42
Q3 2006 212.89 0.37 0.37 4.52
Q4 2006 212.89 0.56 0.38 4.74
Q1 2007 212.89 0.64 0.47 4.88
Q2 2007 212.89 0.66 0.49 4.83
Q3 2007 212.89 0.67 0.49 4.83
Q4 2007 212.89 0.34 0.34 4.65
Q1 2008 212.89 0.24 0.25 4.66
Q2 2008 212.89 0.31 0.32 4.84
Q3 2008 212.89 0.28 0.29 4.99
Q4 2008 212.89 0.32 0.29 4.97
Q1 2009 212.89 0.28 0.23 4.74
Q2 2009 212.89 0.03 (0.02) 4.66
Q3 2009 212.89 (0.07) (0.12) 4.72
Q4 2009 212.89 (0.20) (0.21) 4.52
Q1 2010 212.89 (0.16) (0.18) 4.60
Q2 2010 212.89 (0.06) (0.09) 4.62
Q3 2010 212.89 (0.04) (0.07) 4.70
Q4 2010 212.89 0.05 0.01 4.56
Q1 2011 212.89 0.13 0.09 4.66
Q2 2011 212.89 0.20 0.17 4.75
Q3 2011 212.89 0.26 0.23 4.89
Q4 2011 212.89 0.43 0.40 4.99
Q1 2012 212.89 0.43 0.38 4.88
Q2 2012 212.89 0.47 0.43 5.01
Q3 2012 212.89 0.48 0.45 5.02
Q4 2012 212.89 0.45 0.41 5.09
Q1 2013 212.89 0.45 0.42 5.19
Q2 2013 212.89 0.47 0.42 5.19
Q3 2013 212.89 0.47 0.41 5.34
Q4 2013 212.89 0.47 0.43 5.41
Q1 2014 212.89 0.48 0.46 5.53
Q2 2014 212.89 0.47 0.47 5.66
Q3 2014 212.89 0.48 0.49 5.82
Q4 2014 212.89 0.50 0.50 5.91

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 40.24 40.24 2.54
Q2 2005 85.14 85.14 5.77
Q3 2005 95.96 95.96 6.04
Q4 2005 More than 100 More than 100 7.73
Q1 2006 72.12 72.12 4.66
Q2 2006 More than 100 More than 100 6.38
Q3 2006 71.03 71.03 5.79
Q4 2006 19.16 27.67 2.24
Q1 2007 24.27 33.09 3.19
Q2 2007 19.32 26.10 2.63
Q3 2007 22.38 30.11 3.09
Q4 2007 50.25 50.25 3.63
Q1 2008 64.99 62.43 3.41
Q2 2008 51.70 50.15 3.36
Q3 2008 47.08 45.54 2.67
Q4 2008 39.04 44.07 2.54
Q1 2009 41.40 50.15 2.48
Q2 2009 More than 100 NEG 3.37
Q3 2009 NEG NEG 3.32
Q4 2009 NEG NEG 2.98
Q1 2010 NEG NEG 2.67
Q2 2010 NEG NEG 2.23
Q3 2010 NEG NEG 2.17
Q4 2010 More than 100 More than 100 2.28
Q1 2011 81.03 More than 100 2.22
Q2 2011 54.04 63.69 2.24
Q3 2011 39.67 44.99 2.14
Q4 2011 27.76 29.98 2.38
Q1 2012 30.50 34.33 2.71
Q2 2012 23.48 25.61 2.20
Q3 2012 26.19 28.32 2.51
Q4 2012 24.25 26.76 2.14
Q1 2013 23.86 25.56 2.08
Q2 2013 22.68 25.28 2.04
Q3 2013 24.64 27.93 2.16
Q4 2013 25.63 27.77 2.23
Q1 2014 33.06 34.94 2.88
Q2 2014 40.87 41.35 3.41
Q3 2014 44.06 43.45 3.63
Q4 2014 28.33 28.33 2.41

Business Segments (Million)

Compared With The
Period Diary and food production Sector Agricultural Activity
Q3 2005 114.00 55.00
Q4 2005 138.00 111.00
Q1 2006 118.00 38.00
Q2 2006 140.00 125.00
Q3 2006 166.00 35.00
Q4 2006 162.00 68.00
Q1 2007 149.00 51.00
Q2 2007 188.00 122.00
Q3 2007 221.00 42.00
Q4 2007 203.00 107.00
Q1 2008 205.00 57.00
Q2 2008 256.00 152.00
Q3 2008 290.00 66.00
Q4 2008 243.00 70.00
Q1 2009 226.00 53.00
Q2 2009 268.00 125.00
Q3 2009 304.00 39.00
Q4 2009 260.00 60.00
Q1 2010 262.00 58.00
Q2 2010 296.00 114.00
Q3 2010 314.00 34.00
Q4 2010 282.00 88.00
Q1 2011 283.00 64.00
Q2 2011 320.00 124.00
Q3 2011 343.00 53.00
Q4 2011 304.00 67.00
Q1 2012 318.00 50.00
Q2 2012 374.00 121.00
Q3 2012 402.00 50.00
Q4 2012 352.00 60.00
Q1 2013 380.00 45.00
Q2 2013 419.00 124.00
Q3 2013 472.00 40.00
Q4 2013 396.00 52.00
Q1 2014 450.00 34.00
Q2 2014 494.00 82.00
Q3 2014 475.00 29.00
Q4 2014 457.00 51.00

Analysts Estimates (Million)

Item Q4 2014 (e) Q4 2014 (a) Change‬
Average 15.70 20.02 27.53 %

Estimates vs Actual (Million)

Item Q4 2014 (e) Q4 2014 (a) Change
Alistithmar Capital 15.70 20.02 27.5 %


Financial Ratios
Current
Market Cap (M Riyal) 7,269.52
Enterprise Value (EV) (M) 5,996.02
Shares Outstanding ((M)) 301.64
EPS ( Riyal) (TTM) 1.49
Book Value (BV) ( Riyal) 13.00
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 17.12
P/E (TTM) 16.13
Price/book 1.85
Return on Average Assets (%) (TTM) 9.3
Return on Average Equity (%) (TTM) 16.7
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Share Price

National Agricultural Development Co.
24.10
(0.12) (0.50 %)

National Agricultural Development Co. (NADEC)

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