Tabuk Agricultural cuts net losses by 14% in 9M 2017

Tabuk Agricultural cuts net losses by 14% in 9M 2017

30/10/2017 Argaam Exclusive

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Tabuk Agricultural Development Co. narrowed net losses by 14.4 percent year-on-year (YoY) to SAR 19.4 million in the first nine months of 2017 on higher sales volumes,  higher profits from investments, and a decline in general and administrative expenses and zakat provision.



Financials (M)

Item 9m 2016 9m 2017 Change‬
Revenues 60.61 70.32 16.0 %
Gross Income 16.89 20.43 21.0 %
Operating Income (19.57) (15.46) 21.0 %
Net Income (22.64) (19.38) 14.4 %
Average Shares 33.73 33.73 -
EPS (Riyals) (0.67) (0.57) 14.4 %

Net losses widened by 28 percent YoY in Q3 to SAR 14.4 million, on the back of a rise in marketing expenses and zakat provisions, losses from crop destruction, and a decline in other income.

 

Tabuk’s net losses increased more than six-fold from SAR 2.1 million in the previous quarter.



Current Quarter Comparison (M)

Compared With The
Item Q3 2016 Q3 2017 Change‬
Revenues 23.90 26.65 11.5 %
Gross Income 4.59 6.32 37.7 %
Operating Income (10.08) (9.94) 1.4 %
Net Income (11.26) (13.44) (19.4 %)
Average Shares 33.73 33.73 -
EPS (Riyals) (0.33) (0.40) (19.4 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2008 62.11 24.0 % 23.99 23.3 % 19.32 25.4 %
Q2 2008 32.11 21.6 % 15.71 12.1 % 3.54 (3.6 %)
Q3 2008 34.78 18.7 % 14.14 (8.4 %) (2.83) (236.3 %)
Q4 2008 38.92 (2.4 %) 20.24 (2.7 %) 4.29 91.4 %
Q1 2009 49.45 (20.4 %) 14.55 (39.4 %) 10.22 (47.1 %)
Q2 2009 24.19 (24.7 %) 9.23 (41.3 %) 0.43 (87.8 %)
Q3 2009 34.48 (0.8 %) 10.32 (27.0 %) (0.99) 64.9 %
Q4 2009 59.69 53.4 % 18.88 (6.7 %) (0.96) (122.5 %)
Q1 2010 9.82 (80.1 %) 5.03 (65.4 %) (2.32) (122.7 %)
Q2 2010 32.03 32.4 % 14.99 62.4 % 6.18 1332.9 %
Q3 2010 33.58 (2.6 %) 10.86 5.2 % 1.83 284.5 %
Q4 2010 75.08 25.8 % 26.87 42.3 % 8.11 941.6 %
Q1 2011 20.69 110.7 % 11.57 130.2 % 8.34 459.6 %
Q2 2011 39.31 22.7 % 21.14 41.1 % 10.67 72.8 %
Q3 2011 71.23 112.1 % 35.81 229.9 % 19.20 949.1 %
Q4 2011 42.54 (43.3 %) 12.47 (53.6 %) (3.07) (137.8 %)
Q1 2012 15.56 (24.8 %) 7.46 (35.6 %) 3.25 (61.1 %)
Q2 2012 33.95 (13.6 %) 17.23 (18.5 %) 7.27 (31.9 %)
Q3 2012 67.83 (4.8 %) 28.14 (21.4 %) 9.49 (50.6 %)
Q4 2012 38.74 (8.9 %) 17.21 38.0 % (5.13) (67.3 %)
Q1 2013 10.83 (30.4 %) 4.88 (34.5 %) 1.42 (56.3 %)
Q2 2013 38.50 13.4 % 15.50 (10.0 %) 3.10 (57.3 %)
Q3 2013 41.87 (38.3 %) 19.30 (31.4 %) 1.29 (86.4 %)
Q4 2013 29.79 (23.1 %) 12.41 (27.9 %) (6.89) (34.4 %)
Q1 2014 20.67 90.8 % 7.26 48.6 % 2.04 43.6 %
Q2 2014 29.12 (24.4 %) 11.36 (26.7 %) (1.26) (140.5 %)
Q3 2014 51.12 22.1 % 16.79 (13.0 %) 0.66 (48.8 %)
Q4 2014 53.12 78.3 % 22.04 77.6 % 3.42 149.6 %
Q1 2015 26.54 28.4 % 12.68 74.7 % 5.78 184.1 %
Q2 2015 28.25 (3.0 %) 10.71 (5.7 %) (2.19) (74.1 %)
Q3 2015 44.26 (13.4 %) 18.88 12.5 % 4.99 653.5 %
Q4 2015 52.77 (0.6 %) 17.42 (21.0 %) (2.82) (182.4 %)
Q1 2016 13.27 (50.0 %) 6.22 (51.0 %) (3.44) (159.5 %)
Q2 2016 23.45 (17.0 %) 6.09 (43.2 %) (6.04) (176.3 %)
Q3 2016 23.90 (46.0 %) 4.59 (75.7 %) (10.08) (302.1 %)
Q4 2016 32.39 (38.6 %) 1.29 (92.6 %) (22.15) (685.7 %)
Q1 2017 20.66 55.7 % 4.80 (22.8 %) (3.37) 2.1 %
Q2 2017 23.01 (1.9 %) 9.31 53.0 % (2.15) 64.5 %
Q3 2017 26.65 11.5 % 6.32 37.7 % (9.94) 1.4 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2008 19.31 26.9 % 0.86 - 19.31 0.86
Q2 2008 2.99 (19.6 %) 0.13 - 2.99 0.13
Q3 2008 (3.24) (147.6 %) (0.14) - (3.24) (0.14)
Q4 2008 4.51 76.0 % 0.20 - 4.51 0.20
Q1 2009 10.00 (48.2 %) 0.44 - 10.00 0.44
Q2 2009 (0.07) (102.5 %) 0.00 - (0.07) 0.00
Q3 2009 (1.62) 49.9 % (0.07) - (1.62) (0.07)
Q4 2009 (1.26) (127.9 %) (0.06) - (1.26) (0.06)
Q1 2010 (2.54) (125.4 %) (0.11) - (2.54) (0.11)
Q2 2010 5.45 7459.5 % 0.24 - 5.45 0.24
Q3 2010 1.23 175.9 % 0.05 - 1.23 0.05
Q4 2010 7.48 694.0 % 0.33 - 7.48 0.33
Q1 2011 8.21 422.8 % 0.37 - 8.21 0.37
Q2 2011 10.03 84.1 % 0.45 - 10.03 0.45
Q3 2011 18.00 1361.1 % 0.80 - 18.00 0.80
Q4 2011 (3.13) (141.9 %) (0.14) - (3.13) (0.14)
Q1 2012 3.55 (56.7 %) 0.16 - 3.55 0.16
Q2 2012 7.03 (29.9 %) 0.31 - 7.03 0.31
Q3 2012 8.55 (52.5 %) 0.38 - 8.55 0.38
Q4 2012 (9.19) (193.7 %) (0.41) (3.02) (6.18) (0.27)
Q1 2013 1.51 (57.4 %) 0.07 - 1.51 0.07
Q2 2013 2.50 (64.5 %) 0.11 - 2.50 0.11
Q3 2013 1.05 (87.7 %) 0.05 - 1.05 0.05
Q4 2013 (19.90) (116.5 %) (0.89) - (19.90) (0.89)
Q1 2014 1.74 15.1 % 0.08 - 1.74 0.08
Q2 2014 0.50 (79.9 %) 0.02 - 0.50 0.02
Q3 2014 3.27 211.2 % 0.15 - 3.27 0.15
Q4 2014 1.68 108.5 % 0.07 - 1.68 0.07
Q1 2015 4.53 159.8 % 0.13 - 4.53 0.13
Q2 2015 0.18 (64.6 %) 0.01 - 0.18 0.01
Q3 2015 3.45 5.4 % 0.10 - 3.45 0.10
Q4 2015 (2.86) (270.1 %) (0.08) - (2.86) (0.08)
Q1 2016 (6.77) (249.7 %) (0.20) - (6.77) (0.20)
Q2 2016 (4.61) (2691.0 %) (0.14) - (4.61) (0.14)
Q3 2016 (11.26) (426.7 %) (0.33) - (11.26) (0.33)
Q4 2016 (19.58) (584.4 %) (0.58) (6.46) (13.12) (0.39)
Q1 2017 (3.74) 44.8 % (0.11) - (3.74) (0.11)
Q2 2017 (2.15) 53.4 % (0.06) - (2.15) (0.06)
Q3 2017 (13.44) (19.4 %) (0.40) - (13.44) (0.40)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2008 47.09 % 31.88 % 15.40 %
Q2 2008 46.48 % 30.96 % 14.42 %
Q3 2008 44.21 % 28.89 % 12.81 %
Q4 2008 44.12 % 30.33 % 14.04 %
Q1 2009 41.63 % 26.99 % 9.19 %
Q2 2009 39.47 % 26.38 % 7.60 %
Q3 2009 36.95 % 27.50 % 8.71 %
Q4 2009 31.57 % 20.80 % 4.20 %
Q1 2010 33.90 % 17.24 % (4.29 %)
Q2 2010 36.19 % 19.53 % 0.02 %
Q3 2010 36.82 % 21.61 % 2.13 %
Q4 2010 38.36 % 25.21 % 7.72 %
Q1 2011 39.83 % 29.68 % 13.86 %
Q2 2011 41.76 % 31.25 % 15.98 %
Q3 2011 46.24 % 33.70 % 21.19 %
Q4 2011 46.61 % 33.31 % 19.05 %
Q1 2012 45.58 % 31.07 % 16.87 %
Q2 2012 44.68 % 29.72 % 15.59 %
Q3 2012 40.83 % 24.09 % 10.01 %
Q4 2012 44.87 % 23.43 % 8.30 %
Q1 2013 44.57 % 23.32 % 7.21 %
Q2 2013 42.16 % 20.36 % 4.09 %
Q3 2013 43.79 % 18.59 % (0.86 %)
Q4 2013 43.06 % 18.83 % (12.26 %)
Q1 2014 41.64 % 17.93 % (11.17 %)
Q2 2014 41.45 % 15.87 % (13.67 %)
Q3 2014 36.59 % 14.30 % (11.00 %)
Q4 2014 37.30 % 18.84 % 4.67 %
Q1 2015 39.32 % 20.78 % 6.24 %
Q2 2015 39.13 % 20.69 % 6.07 %
Q3 2015 42.27 % 24.88 % 6.46 %
Q4 2015 39.32 % 21.25 % 3.48 %
Q1 2016 38.42 % 16.98 % (4.34 %)
Q2 2016 36.34 % 9.76 % (8.07 %)
Q3 2016 30.26 % (7.71 %) (22.49 %)
Q4 2016 19.55 % (9.91 %) (38.46 %)
Q1 2017 16.70 % (9.62 %) (32.61 %)
Q2 2017 20.00 % 1.76 % (30.28 %)
Q3 2017 21.14 % 3.21 % (31.59 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2008 22.48 1.08 1.08 17.02
Q2 2008 22.48 1.05 1.05 17.20
Q3 2008 22.48 0.96 0.96 16.87
Q4 2008 22.48 1.05 1.05 16.44
Q1 2009 22.48 0.63 0.63 16.71
Q2 2009 22.48 0.50 0.50 16.73
Q3 2009 22.48 0.57 0.57 16.69
Q4 2009 22.48 0.31 0.31 15.95
Q1 2010 22.48 (0.24) (0.24) 15.74
Q2 2010 22.48 0.00 0.00 15.93
Q3 2010 22.48 0.13 0.13 15.99
Q4 2010 22.48 0.52 0.52 15.88
Q1 2011 22.48 0.99 0.99 16.09
Q2 2011 22.48 1.20 1.20 16.52
Q3 2011 22.48 1.94 1.94 17.30
Q4 2011 22.48 1.47 1.47 16.51
Q1 2012 22.48 1.27 1.27 16.48
Q2 2012 22.48 1.13 1.13 16.74
Q3 2012 22.48 0.71 0.71 17.13
Q4 2012 22.48 0.44 0.58 16.23
Q1 2013 22.48 0.35 0.49 16.39
Q2 2013 22.48 0.15 0.28 16.25
Q3 2013 22.48 (0.18) (0.05) 16.48
Q4 2013 22.48 (0.66) (0.66) 15.47
Q1 2014 22.48 (0.65) (0.65) 15.61
Q2 2014 22.48 (0.74) (0.74) 15.57
Q3 2014 22.48 (0.64) (0.64) 15.72
Q4 2014 22.48 0.32 0.32 15.79
Q1 2015 33.73 0.30 0.30 18.07
Q2 2015 33.73 0.29 0.29 18.08
Q3 2015 33.73 0.29 0.29 18.18
Q4 2015 33.73 0.16 0.16 18.10
Q1 2016 33.73 (0.18) (0.18) 17.99
Q2 2016 33.73 (0.32) (0.32) 17.18
Q3 2016 33.73 (0.76) (0.76) 16.81
Q4 2016 33.73 (1.25) (1.06) 16.39
Q1 2017 33.73 (1.16) (0.97) 16.28
Q2 2017 33.73 (1.09) (0.90) 16.22
Q3 2017 33.73 (1.15) (0.96) 15.82

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2008 52.08 52.08 3.30
Q2 2008 57.40 57.40 3.50
Q3 2008 37.10 37.10 2.12
Q4 2008 26.78 26.78 1.71
Q1 2009 46.85 46.85 1.78
Q2 2009 85.69 85.69 2.55
Q3 2009 68.60 68.60 2.34
Q4 2009 More than 100 More than 100 2.60
Q1 2010 NEG NEG 2.55
Q2 2010 More than 100 More than 100 1.91
Q3 2010 More than 100 More than 100 1.70
Q4 2010 56.91 56.91 1.85
Q1 2011 31.36 31.36 1.94
Q2 2011 32.63 32.63 2.37
Q3 2011 21.63 21.63 2.43
Q4 2011 34.77 34.77 3.10
Q1 2012 44.88 44.88 3.45
Q2 2012 34.53 34.53 2.34
Q3 2012 68.00 68.00 2.83
Q4 2012 More than 100 83.98 2.98
Q1 2013 More than 100 More than 100 3.30
Q2 2013 More than 100 More than 100 3.92
Q3 2013 NEG NEG 3.49
Q4 2013 NEG NEG 3.48
Q1 2014 NEG NEG 3.58
Q2 2014 NEG NEG 4.03
Q3 2014 NEG NEG 4.29
Q4 2014 More than 100 More than 100 2.50
Q1 2015 91.17 91.17 1.49
Q2 2015 94.02 94.02 1.49
Q3 2015 66.76 66.76 1.07
Q4 2015 More than 100 More than 100 1.11
Q1 2016 NEG NEG 0.92
Q2 2016 NEG NEG 1.13
Q3 2016 NEG NEG 0.82
Q4 2016 NEG NEG 1.08
Q1 2017 NEG NEG 1.17
Q2 2017 NEG NEG 1.25
Q3 2017 NEG NEG 1.33

Business Segments (Million)

Compared With The
Period Cereals Fruits Feeding Vegetables Food products Sales - Sheep Sales - trees
Q1 2016 0.02 - 5.50 5.85 1.71 - 0.20
Q2 2016 2.13 13.90 3.32 2.60 1.39 - 0.10
Q3 2016 1.03 12.60 5.20 5.41 (0.41) - (0.04)
Q4 2016 2.62 0.47 15.27 11.57 2.24 0.15 0.18
Q1 2017 2.29 0.05 11.32 5.41 1.52 0.02 0.05
Q2 2017 1.46 11.56 6.64 2.08 1.09 0.07 0.12
Q3 2017 2.97 8.97 10.88 2.87 0.77 0.11 0.07


Financial Ratios
Current
Market Cap (M Riyal) 582.85
Enterprise Value (EV) (M) 649.03
Shares Outstanding ((M)) 39.17
EPS ( Riyal) (TTM) (1.72)
Book Value (BV) ( Riyal) 7.17
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 2.07
Return on Average Assets (%) (TTM) (13.42 )
Return on Average Equity (%) (TTM) (21.32 )
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Share Price

Tabuk Agricultural Development Co.
14.88
(0.26) (1.72 %)

Tabuk Agricultural Development Co. (TADCO)

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