Al-Jouf Agricultural 9M 2024 profit up to SAR 67.1M; Q3 at SAR 18.6M

Al-Jouf Agricultural 9M 2024 profit up to SAR 67.1M; Q3 at SAR 18.6M

10/11/2024 Argaam Exclusive

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Al-Jouf Agricultural Development Co. reported a 47.6% leap in net profit to SAR 67.1 million in the first nine months of 2024, compared to SAR 45.5 million a year earlier.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 311.92 420.60 34.8 %
Gross Income 99.83 143.57 43.8 %
Operating Income 47.76 74.77 56.6 %
Net Income 45.49 67.13 47.6 %
Average Shares 30.00 30.00 -
EPS (Riyals) 1.52 2.24 47.6 %

The company posted higher sales in 9M 2024 compared with the year-ago period due to an increase in sales volumes, especially for French fries, after the start of commercial operations at the new French fries factory in December 2023.

 

This was despite the decline in agricultural sales during the current period.

 

It is noteworthy that Al-Jouf Agricultural reported non-recurring profits in Q3 2023 amounting to approximately SAR 3 million.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 149.57 147.05 (1.7 %)
Gross Income 43.04 44.66 3.8 %
Operating Income 21.43 20.40 (4.8 %)
Net Income 20.72 18.64 (10.0 %)
Average Shares 30.00 30.00 -
EPS (Riyals) 0.69 0.62 (10.0 %)

In the third quarter of 2024, net profit sank 10% to SAR 18.65 million from SAR 20.72 million in Q3 2023.

 

The third-quarter net profit rose 19.8% from SAR 15.56 million in Q2 2024.

 

Shareholders’ equity, no minority interest, rose to SAR 748.2 million by the end of the nine-month period from SAR 698 million a year earlier.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q3 2022 135.35 35.6 % 44.00 132.4 % 21.49 297.0 %
Q4 2022 82.21 (14.2 %) 24.27 19.3 % 9.82 35.8 %
Q1 2023 104.44 72.9 % 37.81 18.6 % 21.43 19.7 %
Q2 2023 57.90 (9.6 %) 18.98 (5.8 %) 4.90 (34.6 %)
Q3 2023 149.57 10.5 % 43.04 (2.2 %) 21.43 (0.3 %)
Q4 2023 114.52 39.3 % 26.52 9.3 % 8.40 (14.4 %)
Q1 2024 160.47 53.6 % 60.08 58.9 % 37.12 73.2 %
Q2 2024 113.09 95.3 % 38.83 104.6 % 17.09 248.8 %
Q3 2024 147.05 (1.7 %) 44.66 3.8 % 20.40 (4.8 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2022 19.84 497.8 % 0.66 - 19.84 0.66
Q4 2022 9.17 35.3 % 0.31 - 9.17 0.31
Q1 2023 20.08 31.8 % 0.67 - 20.08 0.67
Q2 2023 4.69 (31.2 %) 0.16 - 4.69 0.16
Q3 2023 20.72 4.4 % 0.69 3.08 17.63 0.59
Q4 2023 16.48 79.8 % 0.55 9.02 7.46 0.25
Q1 2024 32.92 64.0 % 1.10 - 32.92 1.10
Q2 2024 15.56 231.6 % 0.52 - 15.56 0.52
Q3 2024 18.64 (10.0 %) 0.62 - 18.64 0.62

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2022 32.72 % 26.22 % 13.69 %
Q4 2022 35.17 % 28.46 % 14.93 %
Q1 2023 32.70 % 26.71 % 14.48 %
Q2 2023 32.92 % 27.31 % 14.16 %
Q3 2023 31.49 % 26.91 % 13.08 %
Q4 2023 29.63 % 24.76 % 11.69 %
Q1 2024 30.80 % 25.48 % 13.00 %
Q2 2024 31.33 % 26.88 % 13.69 %
Q3 2024 31.79 % 27.29 % 13.94 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2022 30.00 1.62 1.62 21.82
Q4 2022 30.00 1.70 1.70 22.25
Q1 2023 30.00 1.86 1.86 22.42
Q2 2023 30.00 1.79 1.79 22.58
Q3 2023 30.00 1.82 1.72 23.27
Q4 2023 30.00 2.07 1.66 23.95
Q1 2024 30.00 2.49 2.09 24.80
Q2 2024 30.00 2.86 2.45 24.82
Q3 2024 30.00 2.79 2.49 24.94

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2022 26.69 26.69 1.98
Q4 2022 26.08 26.08 2.00
Q1 2023 27.80 27.80 2.31
Q2 2023 29.79 29.79 2.37
Q3 2023 26.62 28.22 2.08
Q4 2023 23.72 29.48 2.05
Q1 2024 22.09 26.36 2.22
Q2 2024 24.23 28.21 2.79
Q3 2024 22.96 25.74 2.57

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
Q3 2022 43.75 91.60
Q4 2022 39.01 43.20
Q1 2023 93.94 10.50
Q2 2023 36.13 21.77
Q3 2023 58.46 91.11
Q4 2023 46.63 67.89
Q1 2024 150.80 9.67
Q2 2024 106.51 6.57
Q3 2024 117.26 29.79


Financial Ratios
Current
Market Cap (M Riyal) 1,719.00
Enterprise Value (EV) (M) 1,940.56
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) 23.04
P/E (TTM) 20.56
Price/book 2.30
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.
57.30
(0.10) (0.17 %)

Al-Jouf Agricultural Development Co. (ALJOUF)

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