Nadec’s net profit falls 29% in FY16

Nadec’s net profit falls 29% in FY16

18/01/2017 Argaam Exclusive

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National Agriculture Development Co. (Nadec), a producer of agriculture, wheat and dairy products, reported a net profit of SAR 100.2 million for the fiscal year 2016, a drop of 29 percent year-on-year (YoY) attributed to lower sales, an increase in selling, general and administrative expenses as well as financing charges.  



Financials (M)

Item 2015 2016 Change‬
Revenues 2,328.59 2,176.49 (6.5 %)
Gross Income 942.56 837.86 (11.1 %)
Operating Income 171.38 173.03 1.0 %
Net Income 141.32 94.23 (33.3 %)
Average Shares 212.89 212.89 -
Earnings Per Share before unusual items 0.68 0.54 (20.7 %)
EPS (Riyals) 0.66 0.44 (33.3 %)

Meanwhile, net profit for the fourth quarter plunged 77 percent YoY to SAR 7.8 million, hurt by lower sales and gross margins, along with a rise in fuel and energy costs. On a quarterly basis, net profit fell 74 percent.



Current Quarter Comparison (M)

Compared With The
Item Q4 2015 Q4 2016 Change‬
Revenues 553.18 478.32 (13.5 %)
Gross Income 248.35 186.58 (24.9 %)
Operating Income 43.29 30.39 (29.8 %)
Net Income 34.37 6.26 (81.8 %)
Average Shares 212.89 212.89 -
Earnings Per Share before unusual items 0.18 0.08 (55.4 %)
EPS (Riyals) 0.16 0.03 (81.8 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q1 2015 534.41 10.4 % 201.91 11.2 % 36.82 7.0 %
Q2 2015 689.65 19.8 % 258.42 23.3 % 49.92 44.2 %
Q3 2015 566.66 12.3 % 241.42 19.4 % 56.31 15.6 %
Q4 2015 553.18 8.9 % 248.35 36.7 % 43.29 44.1 %
Q1 2016 509.36 (4.7 %) 202.88 0.5 % 39.53 7.4 %
Q2 2016 638.59 (7.4 %) 245.44 (5.0 %) 52.82 5.8 %
Q3 2016 550.24 (2.9 %) 203.74 (15.6 %) 52.15 (7.4 %)
Q4 2016 478.32 (13.5 %) 186.58 (24.9 %) 30.39 (29.8 %)
2016 2,176.49 (6.5 %) 837.86 (11.1 %) 173.03 1.0 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
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
Q1 2015 26.16 5.6 % 0.12 - 26.16 0.12
Q2 2015 35.10 25.4 % 0.16 - 35.10 0.16
Q3 2015 45.69 32.8 % 0.21 - 45.69 0.21
Q4 2015 34.37 71.7 % 0.16 (3.97) 38.35 0.18
Q1 2016 23.75 (9.2 %) 0.11 (1.86) 25.60 0.12
Q2 2016 35.57 1.3 % 0.17 (3.45) 39.02 0.18
Q3 2016 28.65 (37.3 %) 0.13 (4.88) 33.53 0.16
Q4 2016 6.26 (81.8 %) 0.03 (10.85) 17.11 0.08
2016 94.23 (33.3 %) 0.44 (21.03) 115.25 0.54

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2015 37.46 % 18.15 % 5.12 %
Q2 2015 37.74 % 18.33 % 5.17 %
Q3 2015 38.43 % 18.61 % 5.52 %
Q4 2015 40.54 % 19.28 % 6.20 %
Q1 2016 41.01 % 20.08 % 6.24 %
Q2 2016 41.37 % 21.22 % 6.55 %
Q3 2016 39.99 % 21.73 % 6.06 %
Q4 2016 38.53 % 22.08 % 5.30 %
2016 38.50 % 21.99 % 5.30 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
Q1 2015 212.89 0.51 0.51 5.87
Q2 2015 212.89 0.54 0.54 6.03
Q3 2015 212.89 0.60 0.60 6.25
Q4 2015 212.89 0.66 0.68 6.41
Q1 2016 212.89 0.65 0.68 6.48
Q2 2016 212.89 0.65 0.70 6.52
Q3 2016 212.89 0.57 0.64 6.66
Q4 2016 212.89 0.44 0.54 6.66

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2015 35.79 35.79 3.11
Q2 2015 31.73 31.73 2.86
Q3 2015 25.57 25.57 2.44
Q4 2015 24.77 24.10 2.57
Q1 2016 16.88 16.20 1.70
Q2 2016 18.70 17.53 1.88
Q3 2016 17.66 15.83 1.52
Q4 2016 30.52 24.95 2.03

Business Segments (Million)

Compared With The
Period Diary and food production Sector Agricultural Activity Adjustments
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 -
Q1 2015 478.00 56.00 -
Q2 2015 563.00 134.00 -
Q3 2015 468.00 54.00 -
Q4 2015 514.00 62.00 -
Q1 2016 477.97 50.36 (18.98)
Q2 2016 557.12 153.10 (71.63)
Q3 2016 501.92 130.07 (81.74)
Q4 2016 440.00 115.34 (77.02)

Analysts Estimates (Million)

Item Q4 2016 (e) Q4 2016 (net income) Change‬
Average 30.00 6.26 (79.1 %)

Estimates vs Actual (Million)

Item Q4 2016 (e) Q4 2016 (net income) Change
Albilad Capital 30.00 6.26 (79.1) %


Financial Ratios
Current
Market Cap (M Riyal) 6,992.02
Enterprise Value (EV) (M) 5,534.44
Shares Outstanding ((M)) 301.64
EPS ( Riyal) (TTM) 2.57
Book Value (BV) ( Riyal) 14.25
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 16.72
P/E (TTM) 9.03
Price/book 1.63
Return on Average Assets (%) (TTM) 14.4
Return on Average Equity (%) (TTM) 19.6
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Share Price

National Agricultural Development Co.
23.18
0.66 2.93 %

National Agricultural Development Co. (NADEC)

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