Al-Jouf Agricultural posts SAR 22.1 mln profit in H1 2022; Q2 surges 98% to SAR 6.8 mln

10/08/2022 Argaam Exclusive

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Al-Jouf Agricultural Development Co. reported a rise in net profit after Zakat and tax to SAR 22.1 million in H1 2022, compared to SAR 7.3 million a year earlier, thanks to higher sales and profit margins.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	117.06	124.43	6.3 %
Gross Income	29.23	52.02	78.0 %
Operating Income	7.19	25.39	253.1 %
Net Income	7.28	22.06	202.9 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.24	0.74	202.9 %

In Q2 2022, net profit after Zakat and tax soared 98% to SAR 6.8 million, from SAR 3.45 million on better sales and profit margins, along with a decline in selling and distribution expenses. The company also cited higher other income.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	55.70	64.03	14.9 %
Gross Income	16.75	20.14	20.2 %
Operating Income	3.40	7.49	120.0 %
Net Income	3.45	6.83	98.2 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.11	0.23	98.2 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	60.41	64.03	6.0 %
Gross Income	31.88	20.14	(36.8 %)
Operating Income	17.90	7.49	(58.2 %)
Net Income	15.23	6.83	(55.2 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.51	0.23	(55.2 %)

Compared to Q1 2022, net profit dropped 55.2% from SAR 15.23 million due to lower profit margins and increased Zakat expenses.

Shareholders’ equity, after minority interest, rose to SAR 649.681 million by the end of the six-month period, from SAR 615.416 million a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2013	38.00	4.9 %	14.30	38.8 %	8.13	14.6 %	0.27
Q2 2013	71.34	28.2 %	33.41	22.7 %	23.07	14.0 %	0.77
Q3 2013	121.19	(10.9 %)	50.51	(12.3 %)	34.36	(1.3 %)	1.15
Q4 2013	110.47	(5.3 %)	54.31	(0.7 %)	36.51	(7.7 %)	1.22
2013	340.99	(1.0 %)	152.54	1.8 %	102.07	0.4 %	3.40
Q1 2014	46.84	23.2 %	15.94	11.5 %	5.19	(36.1 %)	0.17
Q2 2014	69.11	(3.1 %)	33.15	(0.8 %)	27.75	20.3 %	0.93
Q3 2014	124.13	2.4 %	51.25	1.5 %	37.15	8.1 %	1.24
Q4 2014	110.23	(0.2 %)	51.53	(5.1 %)	37.03	1.4 %	1.23
2014	350.31	2.7 %	151.86	(0.4 %)	107.01	4.8 %	3.57
Q1 2015	53.18	13.5 %	18.28	14.7 %	8.62	66.1 %	0.29
Q2 2015	74.26	7.4 %	31.70	(4.4 %)	20.16	(27.4 %)	0.67
Q3 2015	123.03	(0.9 %)	57.47	12.1 %	43.35	16.7 %	1.45
Q4 2015	118.49	7.5 %	14.56	(71.7 %)	0.26	(99.3 %)	0.01
2015	368.95	5.3 %	122.01	(19.7 %)	72.40	(32.3 %)	2.41
Q1 2016	56.31	5.9 %	19.17	4.8 %	8.81	2.2 %	0.29
Q2 2016	74.58	0.4 %	34.78	9.7 %	22.93	13.7 %	0.76
Q3 2016	120.83	(1.8 %)	47.45	(17.4 %)	32.89	(24.1 %)	1.10
Q4 2016	128.50	8.4 %	30.82	111.7 %	3.53	1240.7 %	0.12
2016	380.21	3.1 %	132.22	8.4 %	68.15	(5.9 %)	2.27
Q1 2017	48.20	(14.4 %)	13.26	(30.8 %)	8.11	(8.0 %)	0.27
Q2 2017	67.21	(9.9 %)	22.25	(36.0 %)	7.71	(66.4 %)	0.26
Q3 2017	114.03	(5.6 %)	23.46	(50.6 %)	11.47	(65.1 %)	0.38
Q4 2017	76.18	(40.7 %)	15.42	(50.0 %)	(1.69)	(148.0 %)	(0.06)
2017	305.62	(19.6 %)	74.39	(43.7 %)	25.60	(62.4 %)	0.85
Q1 2018	41.64	(13.6 %)	(14.92)	(212.6 %)	(23.96)	(395.4 %)	(0.80)
Q2 2018	79.94	18.9 %	43.12	93.8 %	26.05	237.9 %	0.87
Q3 2018	126.24	10.7 %	44.18	88.3 %	22.55	96.6 %	0.75
Q4 2018	111.12	45.9 %	31.00	101.0 %	11.11	757.0 %	0.37
2018	358.93	17.4 %	103.38	39.0 %	35.76	39.7 %	1.19
Q1 2019	49.64	19.2 %	16.00	207.2 %	6.53	127.3 %	0.22
Q2 2019	44.69	(44.1 %)	9.39	(78.2 %)	1.16	(95.5 %)	0.04
Q3 2019	66.98	(46.9 %)	5.74	(87.0 %)	(6.43)	(128.5 %)	(0.21)
Q4 2019	63.13	(43.2 %)	9.37	(69.8 %)	(22.06)	(298.6 %)	(0.74)
2019	224.45	(37.5 %)	40.49	(60.8 %)	(20.80)	(158.2 %)	(0.69)
Q1 2020	46.13	(7.1 %)	19.16	19.8 %	6.54	0.2 %	0.22
Q2 2020	71.97	61.0 %	28.98	208.7 %	11.87	920.0 %	0.40
Q3 2020	49.05	(26.8 %)	4.77	(16.9 %)	7.65	218.9 %	0.25
Q4 2020	56.06	(11.2 %)	11.38	21.4 %	1.76	108.0 %	0.06
2020	223.21	(0.6 %)	64.29	58.8 %	27.83	233.8 %	0.93
Q1 2021	61.36	33.0 %	12.48	(34.9 %)	3.84	(41.4 %)	0.13
Q2 2021	55.70	(22.6 %)	16.75	(42.2 %)	3.45	(71.0 %)	0.11
Q3 2021	99.81	103.5 %	18.93	297.2 %	3.32	(56.6 %)	0.11
Q4 2021	95.79	70.9 %	20.34	78.8 %	6.77	284.4 %	0.23
2021	312.66	40.1 %	68.50	6.6 %	17.37	(37.6 %)	0.58
Q1 2022	60.41	(1.6 %)	31.88	155.5 %	15.23	297.0 %	0.51
Q2 2022	64.03	14.9 %	20.14	20.2 %	6.83	98.2 %	0.23

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2012	344.54	17.8 %	149.83	18.6 %	101.68	20.2 %	3.39
2013	340.99	(1.0 %)	152.54	1.8 %	102.07	0.4 %	3.40
2014	350.31	2.7 %	151.86	(0.4 %)	107.01	4.8 %	3.57
2015	368.95	5.3 %	122.01	(19.7 %)	72.40	(32.3 %)	2.41
2016	380.21	3.1 %	132.22	8.4 %	68.15	(5.9 %)	2.27
2017	305.62	(19.6 %)	74.39	(43.7 %)	25.60	(62.4 %)	0.85
2018	358.93	17.4 %	103.38	39.0 %	35.76	39.7 %	1.19
2019	224.45	(37.5 %)	40.49	(60.8 %)	(20.80)	(158.2 %)	(0.69)
2020	223.21	(0.6 %)	64.29	58.8 %	27.83	233.8 %	0.93
2021	312.66	40.1 %	68.50	6.6 %	17.37	(37.6 %)	0.58

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	44.42 %	42.39 %	29.59 %
Q2 2013	44.20 %	43.07 %	28.49 %
Q3 2013	44.04 %	44.99 %	28.77 %
Q4 2013	44.73 %	45.52 %	27.67 %
2013	44.73 %	45.52 %	27.67 %
Q1 2014	44.07 %	44.73 %	26.13 %
Q2 2014	44.28 %	45.76 %	27.64 %
Q3 2014	44.12 %	46.76 %	28.21 %
Q4 2014	43.35 %	48.71 %	30.58 %
2014	43.35 %	48.70 %	30.55 %
Q1 2015	43.24 %	48.65 %	31.00 %
Q2 2015	42.22 %	47.30 %	28.46 %
Q3 2015	44.08 %	49.60 %	30.26 %
Q4 2015	33.07 %	38.57 %	19.62 %
2015	33.07 %	38.57 %	19.62 %
Q1 2016	33.03 %	39.44 %	19.51 %
Q2 2016	33.83 %	40.83 %	20.23 %
Q3 2016	31.32 %	38.76 %	17.53 %
Q4 2016	34.78 %	32.03 %	17.92 %
2016	34.78 %	32.03 %	17.92 %
Q1 2017	33.95 %	32.41 %	18.13 %
Q2 2017	31.20 %	31.24 %	15.01 %
Q3 2017	25.09 %	26.65 %	9.31 %
Q4 2017	24.34 %	33.60 %	9.20 %
2017	24.34 %	33.60 %	9.20 %
Q1 2018	15.45 %	22.16 %	(1.33 %)
Q2 2018	21.52 %	27.29 %	3.81 %
Q3 2018	27.10 %	30.56 %	7.09 %
Q4 2018	28.80 %	35.35 %	9.96 %
2018	28.80 %	35.35 %	9.96 %
Q1 2019	36.60 %	42.45 %	18.05 %
Q2 2019	30.32 %	34.34 %	12.47 %
Q3 2019	22.80 %	25.49 %	4.54 %
Q4 2019	18.04 %	19.14 %	(1.94 %)
2019	18.04 %	19.14 %	(1.94 %)
Q1 2020	19.76 %	19.77 %	(1.97 %)
Q2 2020	25.48 %	24.20 %	2.56 %
Q3 2020	27.05 %	24.30 %	(2.18 %)
Q4 2020	28.80 %	22.30 %	1.06 %
2020	28.80 %	22.30 %	1.06 %
Q1 2021	24.16 %	17.28 %	(0.14 %)
Q2 2021	20.42 %	10.69 %	(3.95 %)
Q3 2021	21.81 %	13.53 %	4.53 %
Q4 2021	21.91 %	17.38 %	5.56 %
2021	21.91 %	17.38 %	5.56 %
Q1 2022	28.20 %	22.36 %	9.23 %
Q2 2022	28.52 %	23.50 %	10.05 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2012	43.49 %	40.21 %	29.44 %
2013	44.73 %	45.52 %	27.67 %
2014	43.35 %	48.70 %	30.55 %
2015	33.07 %	38.57 %	19.62 %
2016	34.78 %	32.03 %	17.92 %
2017	24.34 %	33.60 %	9.20 %
2018	28.80 %	35.35 %	9.96 %
2019	18.04 %	19.14 %	(1.94 %)
2020	28.80 %	22.30 %	1.06 %
2021	21.91 %	17.38 %	5.56 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	37.63 %	52.99 %	21.39 %
Q2 2013	46.84 %	52.00 %	32.34 %
Q3 2013	41.68 %	41.29 %	28.35 %
Q4 2013	49.17 %	43.40 %	26.05 %
Q1 2014	34.04 %	45.66 %	11.09 %
Q2 2014	47.96 %	57.43 %	40.16 %
Q3 2014	41.28 %	44.23 %	29.93 %
Q4 2014	46.75 %	49.60 %	33.59 %
Q1 2015	34.37 %	45.58 %	16.21 %
Q2 2015	42.69 %	50.27 %	27.15 %
Q3 2015	46.71 %	50.95 %	35.24 %
Q4 2015	12.29 %	15.23 %	0.22 %
Q1 2016	34.04 %	50.97 %	15.65 %
Q2 2016	46.64 %	57.14 %	30.74 %
Q3 2016	39.27 %	44.82 %	27.22 %
Q4 2016	23.99 %	(2.87 %)	2.74 %
Q1 2017	27.50 %	57.06 %	16.83 %
Q2 2017	33.11 %	53.50 %	15.19 %
Q3 2017	20.57 %	31.24 %	10.06 %
Q4 2017	20.24 %	4.73 %	(2.22 %)
Q1 2018	(35.83 %)	(21.37 %)	(57.53 %)
Q2 2018	53.94 %	68.52 %	32.59 %
Q3 2018	35.00 %	39.23 %	17.87 %
Q4 2018	27.89 %	28.33 %	10.00 %
Q1 2019	32.22 %	40.25 %	13.15 %
Q2 2019	21.01 %	28.92 %	2.60 %
Q3 2019	8.57 %	7.54 %	(9.60 %)
Q4 2019	14.84 %	7.92 %	(8.91 %)
Q1 2020	41.55 %	44.87 %	14.19 %
Q2 2020	40.27 %	40.73 %	16.50 %
Q3 2020	9.72 %	1.94 %	(36.31 %)
Q4 2020	20.29 %	(2.14 %)	3.14 %
Q1 2021	20.34 %	19.79 %	6.25 %
Q2 2021	30.07 %	21.28 %	6.18 %
Q3 2021	18.97 %	14.15 %	3.33 %
Q4 2021	21.23 %	16.93 %	7.07 %
Q1 2022	52.77 %	45.54 %	25.21 %
Q2 2022	31.45 %	27.13 %	10.66 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2013	30.00	3.42	3.42	20.19
Q2 2013	30.00	3.52	3.44	20.96
Q3 2013	30.00	3.50	3.33	22.11
Q4 2013	30.00	3.40	3.14	23.32
Q1 2014	30.00	3.30	3.05	22.66
Q2 2014	30.00	3.46	3.20	23.53
Q3 2014	30.00	3.55	3.30	24.77
Q4 2014	30.00	3.57	3.57	24.37
Q1 2015	30.00	3.69	3.69	25.28
Q2 2015	30.00	3.43	3.43	25.90
Q3 2015	30.00	3.64	3.64	27.34
Q4 2015	30.00	2.41	2.41	25.72
Q1 2016	30.00	2.42	2.42	27.30
Q2 2016	30.00	2.51	2.51	23.67
Q3 2016	30.00	2.16	2.16	24.76
Q4 2016	30.00	2.27	2.27	22.90
Q1 2017	30.00	2.25	2.25	26.15
Q2 2017	30.00	1.74	1.82	24.45
Q3 2017	30.00	1.03	1.11	24.84
Q4 2017	30.00	0.85	0.94	22.84
Q1 2018	30.00	(0.22)	(0.13)	22.04
Q2 2018	30.00	0.40	0.40	21.91
Q3 2018	30.00	0.77	0.77	22.66
Q4 2018	30.00	1.19	1.19	23.14
Q1 2019	30.00	2.21	2.21	23.36
Q2 2019	30.00	1.38	1.38	21.90
Q3 2019	30.00	0.41	0.41	21.68
Q4 2019	30.00	(0.69)	(0.15)	20.87
Q1 2020	30.00	(0.69)	(0.14)	21.09
Q2 2020	30.00	(0.34)	0.21	20.99
Q3 2020	30.00	0.13	(0.17)	20.74
Q4 2020	30.00	0.93	0.08	20.27
Q1 2021	30.00	0.84	(0.01)	20.40
Q2 2021	30.00	0.56	(0.29)	20.51
Q3 2021	30.00	0.41	0.41	20.62
Q4 2021	30.00	0.58	0.58	20.92
Q1 2022	30.00	0.96	0.96	21.43
Q2 2022	30.00	1.07	1.07	21.66

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2012	30.00	3.39	3.38	21.65
2013	30.00	3.40	3.14	23.32
2014	30.00	3.57	3.57	24.37
2015	30.00	2.41	2.41	25.72
2016	30.00	2.27	2.27	22.90
2017	30.00	0.85	0.94	22.84
2018	30.00	1.19	1.19	23.14
2019	30.00	(0.69)	(0.15)	20.87
2020	30.00	0.93	0.08	20.27
2021	30.00	0.58	0.58	20.92

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2013	10.08	10.10	1.71
Q2 2013	11.25	11.51	1.89
Q3 2013	12.96	13.64	2.05
Q4 2013	12.22	13.22	1.78
Q1 2014	12.98	14.08	1.89
Q2 2014	13.58	14.67	2.00
Q3 2014	15.08	16.26	2.16
Q4 2014	11.43	11.43	1.68
Q1 2015	11.37	11.37	1.66
Q2 2015	13.45	13.45	1.78
Q3 2015	10.67	10.67	1.42
Q4 2015	13.82	13.82	1.30
Q1 2016	9.69	9.69	0.86
Q2 2016	11.92	11.92	1.27
Q3 2016	12.91	12.91	1.13
Q4 2016	15.31	15.31	1.52
Q1 2017	13.85	13.85	1.19
Q2 2017	16.72	15.95	1.19
Q3 2017	27.35	25.30	1.13
Q4 2017	35.95	32.75	1.34
Q1 2018	NEG	NEG	1.36
Q2 2018	66.80	66.80	1.21
Q3 2018	29.82	29.82	1.01
Q4 2018	18.12	18.12	0.93
Q1 2019	10.42	10.42	0.98
Q2 2019	17.42	17.42	1.10
Q3 2019	51.79	51.79	0.99
Q4 2019	NEG	NEG	1.07
Q1 2020	NEG	NEG	0.92
Q2 2020	NEG	More than 100	1.40
Q3 2020	More than 100	NEG	1.90
Q4 2020	39.56	More than 100	1.81
Q1 2021	97.81	NEG	4.01
Q2 2021	More than 100	NEG	4.11
Q3 2021	More than 100	More than 100	3.70
Q4 2021	More than 100	More than 100	2.79
Q1 2022	57.87	57.87	2.59
Q2 2022	43.11	43.11	2.13

Period	P/E	Adjusted P/E	Price/book
2012	10.70	10.72	1.67
2013	12.22	13.22	1.78
2014	11.44	11.44	1.68
2015	13.82	13.82	1.30
2016	15.31	15.31	1.52
2017	35.95	32.75	1.34
2018	18.12	18.12	0.93
2019	NEG	NEG	1.07
2020	39.56	More than 100	1.81
2021	More than 100	More than 100	2.79

Business Segments (Million)

Compared With The

Period	Agricultural activity - Manufacturing	Agricultural activity - plants
Q3 2016	22.23	98.61
Q4 2016	29.74	98.76
Q1 2017	31.56	16.64
Q2 2017	26.73	40.48
Q3 2017	10.73	103.30
Q4 2017	8.45	67.73
Q1 2018	17.81	23.83
Q2 2018	10.37	69.56
Q3 2018	35.75	90.49
Q4 2018	43.58	67.54
Q1 2019	36.93	12.71
Q2 2019	27.75	16.94
Q3 2019	28.81	38.17
Q4 2019	28.93	34.21
Q1 2020	37.25	8.88
Q2 2020	62.12	9.85
Q3 2020	19.73	29.32
Q4 2020	35.81	20.26
Q1 2021	48.07	13.30
Q2 2021	35.13	20.57
Q3 2021	36.19	63.62
Q4 2021	53.03	42.76
Q1 2022	59.35	1.06
Q2 2022	43.18	20.85

Period	Agricultural activity - Manufacturing	Agricultural activity - plants
2016	103.61	276.60
2017	77.48	228.14
2018	107.51	251.43
2019	122.43	102.02
2020	154.90	68.31
2021	172.41	140.25

Financial Ratios

	Current
Market Cap (M Riyal)	2,166.00
Enterprise Value (EV) (M)	2,401.02
Shares Outstanding ((M))	30.00
EPS ( Riyal) (TTM)	2.49
Book Value (BV) ( Riyal)	24.80
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	32.92
P/E (TTM)	28.95
Price/book	2.91
Return on Average Assets (%) (TTM)	6.8
Return on Average Equity (%) (TTM)	10.6

Al-Jouf Agricultural Development Co. (ALJOUF)

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Al-Jouf Agricultural posts SAR 22.1 mln profit in H1 2022; Q2 surges 98% to SAR 6.8 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2022 Q2

Financial Ratios

Share Price

Al-Jouf Agricultural Development Co. (ALJOUF)

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Al-Jouf Agricultural posts SAR 22.1 mln profit in H1 2022; Q2 surges 98% to SAR 6.8 mln

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2022

Revenue by Business Segment (Latest) 2022 Q2

Financial Ratios

Share Price

Al-Jouf Agricultural Development Co. (ALJOUF)

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Business Segments (Million)