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

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 %

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 Operating Income Change
Q1 2013 38.00 4.9 % 14.30 38.8 % 3.97 32.4 %
Q2 2013 71.34 28.2 % 33.41 22.7 % 22.85 20.9 %
Q3 2013 121.19 (10.9 %) 50.51 (12.3 %) 35.85 (11.1 %)
Q4 2013 110.47 (5.3 %) 54.31 (0.7 %) 32.97 (15.9 %)
Q1 2014 46.84 23.2 % 15.94 11.5 % 5.49 38.3 %
Q2 2014 69.11 (3.1 %) 33.15 (0.8 %) 23.21 1.6 %
Q3 2014 124.13 2.4 % 51.25 1.5 % 38.16 6.4 %
Q4 2014 110.23 (0.2 %) 51.53 (5.1 %) 37.13 12.6 %
Q1 2015 53.18 13.5 % 18.28 14.7 % 8.23 50.0 %
Q2 2015 74.26 7.4 % 31.70 (4.4 %) 20.51 (11.6 %)
Q3 2015 123.03 (0.9 %) 57.47 12.1 % 44.78 17.3 %
Q4 2015 118.49 7.5 % 14.56 (71.7 %) (0.36) (101.0 %)
Q1 2016 56.31 5.9 % 19.17 4.8 % 10.01 21.6 %
Q2 2016 74.58 0.4 % 34.78 9.7 % 23.71 15.6 %
Q3 2016 120.83 (1.8 %) 47.45 (17.4 %) 34.45 (23.1 %)
Q4 2016 128.50 8.4 % 30.82 111.7 % 4.17 1268.6 %
Q1 2017 48.20 (14.4 %) 13.26 (30.8 %) 7.17 (28.4 %)
Q2 2017 67.21 (9.9 %) 22.25 (36.0 %) 11.63 (51.0 %)
Q3 2017 114.03 (5.6 %) 23.46 (50.6 %) 12.78 (62.9 %)
Q4 2017 76.18 (40.7 %) 15.42 (50.0 %) (1.16) (127.7 %)
Q1 2018 41.64 (13.6 %) (14.92) (212.6 %) (23.50) (427.8 %)
Q2 2018 79.94 18.9 % 43.12 93.8 % 29.61 154.6 %
Q3 2018 126.24 10.7 % 44.18 88.3 % 26.88 110.3 %
Q4 2018 111.12 45.9 % 31.00 101.0 % 16.56 1533.8 %
Q1 2019 49.64 19.2 % 16.00 207.2 % 7.52 132.0 %
Q2 2019 44.69 (44.1 %) 9.39 (78.2 %) 1.26 (95.7 %)
Q3 2019 66.98 (46.9 %) 5.74 (87.0 %) (5.41) (120.1 %)
Q4 2019 63.13 (43.2 %) 9.37 (69.8 %) (5.12) (130.9 %)
Q1 2020 46.13 (7.1 %) 19.16 19.8 % 11.76 56.4 %
Q2 2020 71.97 61.0 % 28.98 208.7 % 20.07 1487.7 %
Q3 2020 49.05 (26.8 %) 4.77 (16.9 %) (8.03) (48.4 %)
Q4 2020 56.06 (11.2 %) 11.38 21.4 % (9.22) (79.9 %)
Q1 2021 61.36 33.0 % 12.48 (34.9 %) 3.79 (67.8 %)
Q2 2021 55.70 (22.6 %) 16.75 (42.2 %) 3.40 (83.0 %)
Q3 2021 99.81 103.5 % 18.93 297.2 % 5.41 167.4 %
Q4 2021 95.79 70.9 % 20.34 78.8 % 7.23 178.5 %
Q1 2022 60.41 (1.6 %) 31.88 155.5 % 17.90 372.7 %
Q2 2022 64.03 14.9 % 20.14 20.2 % 7.49 120.0 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2013 8.13 14.6 % 0.27 - 8.13 0.27
Q2 2013 23.07 14.0 % 0.77 - 23.07 0.77
Q3 2013 34.36 (1.3 %) 1.15 - 34.36 1.15
Q4 2013 36.51 (7.7 %) 1.22 7.73 28.78 0.96
Q1 2014 5.19 (36.1 %) 0.17 - 5.19 0.17
Q2 2014 27.75 20.3 % 0.93 - 27.75 0.93
Q3 2014 37.15 8.1 % 1.24 - 37.15 1.24
Q4 2014 37.03 1.4 % 1.23 - 37.03 1.23
Q1 2015 8.62 66.1 % 0.29 - 8.62 0.29
Q2 2015 20.16 (27.4 %) 0.67 - 20.16 0.67
Q3 2015 43.35 16.7 % 1.45 - 43.35 1.45
Q4 2015 0.26 (99.3 %) 0.01 - 0.26 0.01
Q1 2016 8.81 2.2 % 0.29 - 8.81 0.29
Q2 2016 22.93 13.7 % 0.76 - 22.93 0.76
Q3 2016 32.89 (24.1 %) 1.10 - 32.89 1.10
Q4 2016 3.53 1240.7 % 0.12 - 3.53 0.12
Q1 2017 8.11 (8.0 %) 0.27 - 8.11 0.27
Q2 2017 7.71 (66.4 %) 0.26 (2.50) 10.21 0.34
Q3 2017 11.47 (65.1 %) 0.38 - 11.47 0.38
Q4 2017 (1.69) (148.0 %) (0.06) - (1.69) (0.06)
Q1 2018 (23.96) (395.4 %) (0.80) - (23.96) (0.80)
Q2 2018 26.05 237.9 % 0.87 - 26.05 0.87
Q3 2018 22.55 96.6 % 0.75 - 22.55 0.75
Q4 2018 11.11 757.0 % 0.37 - 11.11 0.37
Q1 2019 6.53 127.3 % 0.22 - 6.53 0.22
Q2 2019 1.16 (95.5 %) 0.04 - 1.16 0.04
Q3 2019 (6.43) (128.5 %) (0.21) - (6.43) (0.21)
Q4 2019 (22.06) (298.6 %) (0.74) (16.44) (5.62) (0.19)
Q1 2020 6.54 0.2 % 0.22 - 6.54 0.22
Q2 2020 11.87 920.0 % 0.40 - 11.87 0.40
Q3 2020 7.65 218.9 % 0.25 25.46 (17.81) (0.59)
Q4 2020 1.76 108.0 % 0.06 - 1.76 0.06
Q1 2021 3.84 (41.4 %) 0.13 - 3.84 0.13
Q2 2021 3.45 (71.0 %) 0.11 - 3.45 0.11
Q3 2021 3.32 (56.6 %) 0.11 - 3.32 0.11
Q4 2021 6.77 284.4 % 0.23 - 6.77 0.23
Q1 2022 15.23 297.0 % 0.51 - 15.23 0.51
Q2 2022 6.83 98.2 % 0.23 - 6.83 0.23

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 %
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 %
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 %
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 %
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 %
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 %
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 %)
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 %
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 %
Q1 2022 28.20 % 22.36 % 9.23 %
Q2 2022 28.52 % 23.50 % 10.05 %


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

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

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


Financial Ratios
Current
Market Cap (M Riyal) 1,794.00
Enterprise Value (EV) (M) 2,015.56
Shares Outstanding ((M)) 30.00
EPS ( Riyal) (TTM) 2.79
Book Value (BV) ( Riyal) 24.94
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 24.05
P/E (TTM) 21.46
Price/book 2.40
Return on Average Assets (%) (TTM) 7.3
Return on Average Equity (%) (TTM) 11.6
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Share Price

Al-Jouf Agricultural Development Co.
60.00
(0.30) (0.50 %)

Al-Jouf Agricultural Development Co. (ALJOUF)

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