NADEC's H1 profit down 49% to SAR 30 mln

NADEC's H1 profit down 49% to SAR 30 mln

25/07/2017 Argaam Exclusive

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National Agricultural Development Co. (NADEC), one of the largest dairy and juice producers in the Gulf, said its H1 net profit fell 49 percent year-on-year (YoY) to SAR 30.22 million due to weak market demand. Gross profit for the period declined 13.66 percent on higher fuel prices, the company said in its financial statements. 



Financials (M)

Item 6m 2016 6m 2017 Change‬
Revenues 1,147.94 1,060.58 (7.6 %)
Gross Income 447.54 386.42 (13.7 %)
Operating Income 90.50 53.86 (40.5 %)
Net Income 59.32 30.22 (49.0 %)
Average Shares 212.89 212.89 -
EPS (Riyals) 0.28 0.14 (49.0 %)

Nadec’s Q2 net profit fell 27 percent YoY to SAR 25.9 million as its total sales fell 9.39 percent YoY on weak market demand. Cost of production, however, fell 4.49 percent.

 

Compared to the previous quarter, Q2 net profit more than quadrupled, driven by a 20.7 percent hike in total sales. The company’s dairy and food processing sales rose by 15 percent in Q2, while agricultural sales jumped by 92 percent. Sales are usually affected by the seasonality and crops. Gross margin for the period increased by 10.8 percent, which helped support Q2 net income when compared to Q1. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2016 Q2 2017 Change‬
Revenues 638.59 578.64 (9.4 %)
Gross Income 245.44 203.13 (17.2 %)
Operating Income 52.82 28.67 (45.7 %)
Net Income 35.57 25.89 (27.2 %)
Average Shares 212.89 212.89 -
EPS (Riyals) 0.17 0.12 (27.2 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q1 2017 481.94 (5.4 %) 183.29 (9.7 %) 23.14 (41.5 %)
Q2 2017 578.64 (9.4 %) 203.13 (17.2 %) 28.67 (45.7 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q1 2017 4.34 (81.7 %) 0.02 - 4.34 0.02
Q2 2017 25.89 (27.2 %) 0.12 22.00 3.89 0.02

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2017 38.11 % 22.18 % 4.37 %
Q2 2017 37.18 % 21.65 % 2.82 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2017 212.89 0.35 0.44 6.68
Q2 2017 212.89 0.31 0.28 6.70

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2017 45.43 36.17 2.39
Q2 2017 49.85 55.16 2.28

Business Segments (Million)

Compared With The
Period Diary and food production Sector Agricultural Activity Adjustments
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)
Q1 2017 454.05 49.71 (21.83)
Q2 2017 522.99 155.92 (100.26)

Analysts Estimates (Million)

Item Q2 2017 (e) Q2 2017 (a) Change‬
Average 28.00 25.89 (7.5 %)

Estimates vs Actual (Million)

Item Q2 2017 (e) Q2 2017 (a) Change
Arbah Capital 38.00 25.89 (31.9) %
Albilad Capital 18.00 25.89 43.8 %


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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