TADCO trims losses to SAR 52.1 mln in 2020

TADCO trims losses to SAR 52.1 mln in 2020

30/03/2021 Argaam Exclusive

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Tabuk Agricultural Development Co. (TADCO) narrowed net loss after Zakat and tax to SAR 52.1 million in 2020 compared to SAR 181.3 million in 2019.



Financials (M)

Item 2019 2020 Change‬
Revenues 146.52 158.54 8.2 %
Gross Income (34.60) 14.29 141.3 %
Operating Income (104.99) (37.19) 64.6 %
Net Income (179.79) (53.19) 70.4 %
Average Shares 33.73 33.73 -
EPS (Riyals) (5.33) (1.58) 70.4 %

The decline in losses was driven by higher sales, lower cost of sales, and decreased impairment in the value of crops.

 

TADCO also cited lower selling and distribution expenses, decreased general & administrative expenses (G&As), and lower provisions for the loss decline.

 

In Q4 2020, the company trimmed its net loss after Zakat and tax to SAR 34.2 million from SAR 38.8 million in the same period a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q4 2019 Q4 2020 Change‬
Revenues 47.80 39.17 (18.0 %)
Gross Income (7.51) (8.56) (13.9 %)
Operating Income (37.96) (23.59) 37.9 %
Net Income (37.57) (34.99) 6.9 %
Average Shares 33.73 33.73 -
EPS (Riyals) (1.11) (1.04) 6.9 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q4 2017 36.85 13.8 % 6.06 368.4 % (14.89) 32.8 %
Q1 2018 20.13 (2.6 %) 2.82 (41.3 %) (6.17) (83.1 %)
Q2 2018 26.37 14.6 % 8.08 (13.2 %) (3.31) (54.2 %)
Q3 2018 25.20 (5.4 %) 3.76 (40.4 %) (15.90) (59.9 %)
Q4 2018 27.28 (26.0 %) (1.53) (125.2 %) (20.75) (39.3 %)
Q1 2019 8.17 (59.4 %) (11.39) (504.6 %) (23.04) (273.1 %)
Q2 2019 34.71 31.6 % (13.37) (265.4 %) (25.26) (663.9 %)
Q3 2019 50.67 101.1 % (1.78) (147.2 %) (17.21) (8.3 %)
Q4 2019 47.80 75.2 % (7.51) (391.6 %) (37.96) (83.0 %)
Q1 2020 34.67 324.2 % 6.49 156.9 % (4.06) 82.4 %
Q2 2020 37.31 7.5 % 7.05 152.7 % (4.71) 81.4 %
Q3 2020 47.39 (6.5 %) 9.31 623.6 % (4.83) 71.9 %
Q4 2020 39.17 (18.0 %) (8.56) (13.9 %) (23.59) 37.9 %
2020 158.54 8.2 % 14.29 141.3 % (37.19) 64.6 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
Q4 2017 (10.92) 44.2 % (0.32) 4.18 (15.09) (0.45)
Q1 2018 (5.66) (51.2 %) (0.17) 0.42 (6.07) (0.18)
Q2 2018 6.61 407.8 % 0.20 10.75 (4.14) (0.12)
Q3 2018 (7.51) 44.1 % (0.22) 9.08 (16.59) (0.49)
Q4 2018 (55.54) (408.8 %) (1.65) (32.39) (23.15) (0.69)
Q1 2019 (23.51) (315.6 %) (0.70) (0.36) (23.15) (0.69)
Q2 2019 (62.28) (1042.5 %) (1.85) (36.30) (25.98) (0.77)
Q3 2019 (55.67) (641.4 %) (1.65) (24.42) (31.26) (0.93)
Q4 2019 (37.57) 32.4 % (1.11) (2.12) (35.45) (1.05)
Q1 2020 (5.08) 78.4 % (0.15) - (5.08) (0.15)
Q2 2020 (5.53) 91.1 % (0.16) - (5.53) (0.16)
Q3 2020 (6.96) 87.5 % (0.21) - (6.96) (0.21)
Q4 2020 (34.99) 6.9 % (1.04) (7.27) (27.73) (0.82)
2020 (53.19) 70.4 % (1.58) (7.27) (45.92) (1.36)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q4 2017 24.71 % (1.20 %) (32.11 %)
Q1 2018 22.97 % (2.70 %) (34.46 %)
Q2 2018 21.15 % (3.44 %) (35.22 %)
Q3 2018 19.08 % (2.94 %) (38.59 %)
Q4 2018 13.27 % (15.31 %) (50.47 %)
Q1 2019 (1.23 %) (37.02 %) (77.03 %)
Q2 2019 (23.62 %) (57.49 %) (93.19 %)
Q3 2019 (23.23 %) (47.24 %) (85.69 %)
Q4 2019 (24.09 %) (50.93 %) (81.94 %)
Q1 2020 (9.63 %) (31.19 %) (58.25 %)
Q2 2020 2.49 % (18.96 %) (45.36 %)
Q3 2020 9.17 % (11.61 %) (31.71 %)
Q4 2020 9.01 % (4.88 %) (28.57 %)
2020 9.01 % (4.88 %) (28.97 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2017 33.73 (0.90) (1.02) 15.50
Q1 2018 33.73 (0.95) (1.09) 15.33
Q2 2018 33.73 (0.69) (1.15) 15.46
Q3 2018 33.73 (0.52) (1.24) 15.24
Q4 2018 33.73 (1.84) (1.48) 13.58
Q1 2019 33.73 (2.37) (1.99) 12.89
Q2 2019 33.73 (4.41) (2.63) 10.91
Q3 2019 33.73 (5.84) (3.07) 9.24
Q4 2019 33.73 (5.31) (3.43) 8.28
Q1 2020 33.73 (4.76) (2.90) 8.15
Q2 2020 33.73 (3.08) (2.29) 7.93
Q3 2020 33.73 (1.63) (1.57) 7.78
Q4 2020 33.73 (1.56) (1.34) 6.70

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2017 NEG NEG 1.31
Q1 2018 NEG NEG 1.22
Q2 2018 NEG NEG 1.16
Q3 2018 NEG NEG 1.02
Q4 2018 NEG NEG 1.13
Q1 2019 NEG NEG 1.21
Q2 2019 NEG NEG 1.27
Q3 2019 NEG NEG 1.33
Q4 2019 NEG NEG 1.74
Q1 2020 NEG NEG 1.32
Q2 2020 NEG NEG 1.75
Q3 2020 NEG NEG 4.11
Q4 2020 NEG NEG 4.03

Business Segments (Million)

Compared With The
Period Frozen meat Cereals Fruits Feeding Others 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
Q4 2017 - 6.37 2.46 19.52 - 5.38 2.62 0.07 0.45
Q1 2018 - 3.52 1.69 10.18 - 2.58 1.34 0.04 0.79
Q2 2018 - (3.52) 9.20 11.22 9.50 2.14 (1.34) (0.04) (0.79)
Q3 2018 - 18.73 8.22 (2.64) (1.97) 2.85 - - -
Q4 2018 - (7.65) 8.04 18.84 (1.96) 10.00 - - -
Q1 2019 - 1.21 0.07 2.52 1.44 2.93 - - -
Q2 2019 - 1.00 9.53 9.41 1.06 0.60 - - -
Q3 2019 - 9.77 9.55 (0.14) 7.67 4.42 - - -
Q1 2020 7.27 2.68 1.48 19.60 0.93 2.71 - - -
Q2 2020 2.78 6.81 8.84 17.67 1.13 0.08 - - -
Q3 2020 6.52 6.79 6.19 27.11 0.74 0.05 - - -
Q4 2020 10.67 9.16 1.16 16.32 1.33 0.53 - - -


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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