JADAZCO reports 2014 net profit of SAR 8 mln

JADAZCO reports 2014 net profit of SAR 8 mln

13/01/2015 Argaam Exclusive

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Jazan Development Company (JADAZCO) reported 2014 net profit of SAR 8 million, compared to a net profit of SAR 100.6 million for last year,as shown below:

 



Financials (M)

Item 2013 2014 Change‬
Revenues 44.50 65.22 46.6 %
Gross Income (12.21) 14.54 219.2 %
Operating Income (33.44) 3.13 109.4 %
Net Income 100.65 7.86 (92.2 %)
Average Shares 50.00 50.00 -
EPS (Riyals) 2.01 0.16 (92.2 %)


A net profit of SAR 5.7 million was reported for Q4-2014 compared to SAR 3.5 million for Q3.

The company attributed the decline of 2014’s net profit, compared to the last year, to the inclusion of gain on investment sale in the previous year.

 

Reporting a net profit for Q4-2014 compared to a net loss for the same period last year was attributed to the increase of sales and the decrease of the cost of sales, selling & distribution expenses and G& A expenses. In addition to writing off some deferred expenses, doubtful debts and Zakat provision as well as recording investment impairment during the same period in 2013.

 

The increase of Q4’s compared to the previous period (Q3-2014) was attributed to the increase of sales and the decrease of selling & distribution expenses and G& A expenses.



Current Quarter Comparison (M)

Compared With The
Item Q4 2013 Q4 2014 Change‬
Revenues 16.41 24.11 46.9 %
Gross Income (3.56) 8.48 338.3 %
Operating Income (12.61) 5.37 142.6 %
Net Income (50.09) 5.74 111.4 %
Average Shares 50.00 50.00 -
EPS (Riyals) (1.00) 0.11 111.4 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2005 4.26 32.3 % 0.71 2.2 % (1.78) (35.1 %)
Q2 2005 7.58 24.0 % 0.57 45.1 % (0.68) 69.4 %
Q3 2005 3.30 88.4 % (0.14) (836.8 %) (1.59) 11.3 %
Q4 2005 3.77 81.5 % (0.25) (104.1 %) (2.14) 0.4 %
Q1 2006 5.74 34.7 % 1.41 98.7 % (0.60) 66.3 %
Q2 2006 6.65 (12.3 %) 0.82 43.1 % 0.04 105.8 %
Q3 2006 4.14 25.3 % 0.20 239.3 % (1.65) (3.7 %)
Q4 2006 2.13 (43.4 %) (0.34) (35.6 %) (2.09) 2.4 %
Q1 2007 8.81 53.4 % 2.97 110.6 % 1.77 395.8 %
Q2 2007 6.01 (9.5 %) (0.08) (110.1 %) (1.55) (4061.5 %)
Q3 2007 7.63 84.4 % 1.71 778.5 % 1.02 162.2 %
Q4 2007 4.36 104.2 % (0.57) (70.4 %) (3.58) (71.8 %)
Q1 2008 13.75 56.1 % 2.62 (11.9 %) 1.63 (7.7 %)
Q2 2008 13.36 122.1 % 1.56 1981.9 % 0.35 122.5 %
Q3 2008 4.86 (36.2 %) (3.26) (290.1 %) (4.43) (533.4 %)
Q4 2008 9.66 121.6 % (0.12) 78.8 % (2.78) 22.4 %
Q1 2009 5.07 (63.2 %) 1.07 (59.2 %) 0.13 (92.0 %)
Q2 2009 13.09 (2.0 %) 1.49 (4.7 %) 0.56 61.4 %
Q3 2009 11.15 129.2 % 1.17 136.0 % 0.50 111.2 %
Q4 2009 12.63 30.7 % 4.47 3793.4 % 2.07 174.6 %
Q1 2010 22.66 347.3 % 4.64 334.2 % 3.11 2294.6 %
Q2 2010 23.84 82.2 % (4.78) (420.8 %) (7.16) (1377.9 %)
Q3 2010 12.94 16.1 % (0.42) (136.1 %) (2.40) (583.7 %)
Q4 2010 16.01 26.8 % (1.04) (123.3 %) (5.20) (350.7 %)
Q1 2011 20.06 (11.5 %) (4.16) (189.5 %) (6.65) (313.7 %)
Q2 2011 20.98 (12.0 %) 0.18 103.8 % (3.26) 54.5 %
Q3 2011 16.15 24.8 % (5.03) (1,085.1 %) (8.62) (259.5 %)
Q4 2011 13.07 (18.4 %) (7.10) (581.7 %) (10.62) (104.4 %)
Q1 2012 7.10 (64.6 %) (3.19) 23.2 % (6.34) 4.8 %
Q2 2012 7.91 (62.3 %) (5.80) (3286.3 %) (10.18) (212.5 %)
Q3 2012 8.58 (46.9 %) (4.15) 17.3 % (8.14) 5.6 %
Q4 2012 14.94 14.3 % (4.20) 40.9 % (8.34) 21.5 %
Q1 2013 7.09 (0.2 %) (4.65) (45.7 %) (8.15) (28.7 %)
Q2 2013 11.39 43.9 % (1.94) 66.6 % (6.37) 37.4 %
Q3 2013 9.62 12.1 % (2.06) 50.4 % (6.31) 22.5 %
Q4 2013 16.41 9.9 % (3.56) 15.2 % (12.61) (51.2 %)
Q1 2014 13.87 95.8 % (0.24) 94.8 % (3.06) 62.5 %
Q2 2014 15.21 33.6 % 3.01 255.4 % 0.27 104.3 %
Q3 2014 12.04 25.2 % 3.29 259.7 % 0.55 108.7 %
Q4 2014 24.11 46.9 % 8.48 338.3 % 5.37 142.6 %
2014 65.22 46.6 % 14.54 219.2 % 3.13 109.4 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2005 6.86 185.8 % 0.14 - 6.86 0.14
Q2 2005 29.67 275.1 % 0.59 - 29.67 0.59
Q3 2005 20.72 2309.1 % 0.41 - 20.72 0.41
Q4 2005 11.15 (38.7 %) 0.22 - 11.15 0.22
Q1 2006 82.97 1110.2 % 1.66 - 82.97 1.66
Q2 2006 27.36 (7.8 %) 0.55 - 27.36 0.55
Q3 2006 18.06 (12.8 %) 0.36 - 18.06 0.36
Q4 2006 6.25 (43.9 %) 0.13 - 6.25 0.13
Q1 2007 8.62 (89.6 %) 0.17 - 8.62 0.17
Q2 2007 2.03 (92.6 %) 0.04 - 2.03 0.04
Q3 2007 4.43 (75.5 %) 0.09 - 4.43 0.09
Q4 2007 (0.80) (112.9 %) (0.02) - (0.80) (0.02)
Q1 2008 5.00 (42.0 %) 0.10 - 5.00 0.10
Q2 2008 7.42 265.8 % 0.15 - 7.42 0.15
Q3 2008 11.19 152.3 % 0.22 - 11.19 0.22
Q4 2008 (3.77) (368.5 %) (0.08) - (3.77) (0.08)
Q1 2009 0.07 (98.7 %) 0.00 - 0.07 0.00
Q2 2009 0.73 (90.2 %) 0.01 - 0.73 0.01
Q3 2009 (2.76) (124.7 %) (0.06) - (2.76) (0.06)
Q4 2009 (32.11) (752.3 %) (0.64) - (32.11) (0.64)
Q1 2010 3.02 4403.0 % 0.06 - 3.02 0.06
Q2 2010 (33.09) (4645.2 %) (0.66) - (33.09) (0.66)
Q3 2010 22.23 905.6 % 0.44 - 22.23 0.44
Q4 2010 (13.89) 56.7 % (0.28) - (13.89) (0.28)
Q1 2011 (6.70) (322.2 %) (0.13) - (6.70) (0.13)
Q2 2011 (4.94) 85.1 % (0.10) - (4.94) (0.10)
Q3 2011 (26.51) (219.2 %) (0.53) - (26.51) (0.53)
Q4 2011 (30.89) (122.4 %) (0.62) (34.03) 3.14 0.06
Q1 2012 (4.05) 39.6 % (0.08) - (4.05) (0.08)
Q2 2012 (6.33) (28.1 %) (0.13) - (6.33) (0.13)
Q3 2012 (9.69) 63.4 % (0.19) - (9.69) (0.19)
Q4 2012 1.73 105.6 % 0.03 9.07 (7.34) (0.15)
Q1 2013 21.87 640.4 % 0.44 28.55 (6.68) (0.13)
Q2 2013 134.11 2219.6 % 2.68 154.92 (20.81) (0.42)
Q3 2013 (5.24) 45.9 % (0.10) 0.04 (5.28) (0.11)
Q4 2013 (50.09) (2993.8 %) (1.00) (14.28) (35.81) (0.72)
Q1 2014 (2.08) (109.5 %) (0.04) - (2.08) (0.04)
Q2 2014 1.15 (99.1 %) 0.02 - 1.15 0.02
Q3 2014 3.55 167.7 % 0.07 - 3.55 0.07
Q4 2014 5.74 111.4 % 0.11 - 5.74 0.11
2014 7.86 (92.2 %) 0.16 - 7.86 0.16

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 7.06 % (36.63 %) 237.92 %
Q2 2005 7.54 % (23.90 %) 354.52 %
Q3 2005 5.94 % (21.07 %) 437.96 %
Q4 2005 4.74 % (19.54 %) 361.58 %
Q1 2006 7.83 % (10.83 %) 708.62 %
Q2 2006 9.48 % (2.50 %) 730.68 %
Q3 2006 10.74 % (0.19 %) 687.58 %
Q4 2006 11.21 % 3.49 % 721.71 %
Q1 2007 16.81 % 14.17 % 277.54 %
Q2 2007 13.03 % 4.67 % 165.78 %
Q3 2007 17.36 % 15.84 % 86.78 %
Q4 2007 15.04 % 9.33 % 53.26 %
Q1 2008 11.58 % 7.83 % 33.56 %
Q2 2008 13.61 % 12.04 % 41.05 %
Q3 2008 0.97 % (1.60 %) 62.76 %
Q4 2008 1.93 % 1.01 % 47.66 %
Q1 2009 (2.26 %) (1.59 %) 45.26 %
Q2 2009 (2.51 %) 0.73 % 25.14 %
Q3 2009 9.27 % 14.62 % (14.71 %)
Q4 2009 19.56 % 26.36 % (81.27 %)
Q1 2010 19.78 % 27.05 % (52.29 %)
Q2 2010 7.84 % 14.17 % (92.42 %)
Q3 2010 5.43 % 14.21 % (55.43 %)
Q4 2010 (2.12 %) 8.77 % (28.79 %)
Q1 2011 (14.27 %) (2.22 %) (43.16 %)
Q2 2011 (7.77 %) 4.20 % (4.71 %)
Q3 2011 (13.72 %) (3.01 %) (71.09 %)
Q4 2011 (22.92 %) (12.68 %) (49.84 %)
Q1 2012 (26.42 %) (14.60 %) (56.48 %)
Q2 2012 (47.75 %) (32.91 %) (76.32 %)
Q3 2012 (55.24 %) (38.85 %) (46.20 %)
Q4 2012 (45.01 %) (27.87 %) (71.14 %)
Q1 2013 (48.81 %) (32.30 %) (78.00 %)
Q2 2013 (35.57 %) (18.99 %) (106.04 %)
Q3 2013 (29.85 %) (15.73 %) (93.23 %)
Q4 2013 (27.43 %) (4.80 %) (154.13 %)
Q1 2014 (15.21 %) 0.65 % (124.75 %)
Q2 2014 (5.17 %) 7.33 % (76.25 %)
Q3 2014 4.35 % 13.79 % (57.70 %)
Q4 2014 22.30 % 21.10 % 12.81 %
2014 22.30 % 21.10 % 12.05 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 50.00 0.68 0.68 5.50
Q2 2005 50.00 1.11 1.11 7.76
Q3 2005 50.00 1.51 1.51 8.38
Q4 2005 50.00 1.37 1.37 8.44
Q1 2006 50.00 2.89 2.89 16.09
Q2 2006 50.00 2.84 2.84 16.53
Q3 2006 50.00 2.79 2.79 16.64
Q4 2006 50.00 2.69 2.69 16.09
Q1 2007 50.00 1.21 1.21 16.26
Q2 2007 50.00 0.70 0.70 14.89
Q3 2007 50.00 0.43 0.43 14.92
Q4 2007 50.00 0.29 0.29 14.96
Q1 2008 50.00 0.21 0.21 14.52
Q2 2008 50.00 0.32 0.32 14.10
Q3 2008 50.00 0.46 0.46 13.89
Q4 2008 50.00 0.40 0.40 13.51
Q1 2009 50.00 0.30 0.30 12.90
Q2 2009 50.00 0.16 0.16 13.10
Q3 2009 50.00 (0.11) (0.11) 12.60
Q4 2009 50.00 (0.68) (0.68) 12.44
Q1 2010 50.00 (0.62) (0.62) 12.99
Q2 2010 50.00 (1.30) (1.30) 12.29
Q3 2010 50.00 (0.80) (0.80) 12.28
Q4 2010 50.00 (0.43) (0.43) 12.00
Q1 2011 50.00 (0.63) (0.63) 11.84
Q2 2011 50.00 (0.07) (0.07) 11.81
Q3 2011 50.00 (1.04) (1.04) 11.25
Q4 2011 50.00 (1.38) (0.70) 10.54
Q1 2012 50.00 (1.33) (0.65) 10.50
Q2 2012 50.00 (1.36) (0.67) 10.32
Q3 2012 50.00 (1.02) (0.34) 10.11
Q4 2012 50.00 (0.37) (0.55) 10.14
Q1 2013 50.00 0.15 (0.60) 10.30
Q2 2013 50.00 2.96 (0.89) 12.98
Q3 2013 50.00 3.05 (0.80) 12.88
Q4 2013 50.00 2.01 (1.37) 11.92
Q1 2014 50.00 1.53 (1.28) 11.88
Q2 2014 50.00 (1.13) (0.84) 11.90
Q3 2014 50.00 (0.95) (0.66) 11.96
Q4 2014 50.00 0.17 0.17 12.04

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 21.22 21.22 2.61
Q2 2005 24.09 24.09 3.45
Q3 2005 23.95 23.95 4.31
Q4 2005 57.03 57.03 9.24
Q1 2006 14.67 14.67 2.64
Q2 2006 21.45 21.45 3.69
Q3 2006 26.16 26.16 4.39
Q4 2006 9.01 9.01 1.51
Q1 2007 20.32 20.32 1.51
Q2 2007 27.17 27.17 1.28
Q3 2007 58.02 58.02 1.66
Q4 2007 87.56 87.56 1.67
Q1 2008 83.31 83.31 1.22
Q2 2008 52.97 52.97 1.21
Q3 2008 27.41 27.41 0.90
Q4 2008 23.32 23.32 0.68
Q1 2009 31.02 31.02 0.72
Q2 2009 72.74 72.74 0.91
Q3 2009 NEG NEG 0.87
Q4 2009 NEG NEG 1.08
Q1 2010 NEG NEG 1.14
Q2 2010 NEG NEG 1.11
Q3 2010 NEG NEG 1.18
Q4 2010 NEG NEG 1.12
Q1 2011 NEG NEG 1.49
Q2 2011 NEG NEG 1.74
Q3 2011 NEG NEG 1.75
Q4 2011 NEG NEG 3.01
Q1 2012 NEG NEG 2.31
Q2 2012 NEG NEG 1.44
Q3 2012 NEG NEG 1.58
Q4 2012 NEG NEG 1.50
Q1 2013 More than 100 NEG 1.56
Q2 2013 5.51 NEG 1.26
Q3 2013 5.38 NEG 1.27
Q4 2013 8.67 NEG 1.46
Q1 2014 12.06 NEG 1.56
Q2 2014 NEG NEG 1.74
Q3 2014 NEG NEG 1.74
Q4 2014 83.73 83.73 1.16

Business Segments (Million)

Compared With The
Period Agricultural Activity Commercial sector Properties for development and sale
Q3 2010 11.30 1.23 0.42
Q4 2010 12.25 3.29 0.47
Q1 2011 17.52 2.01 0.53
Q2 2011 17.12 3.23 0.62
Q3 2011 11.91 3.51 0.74
Q4 2011 8.74 3.10 1.22
Q1 2012 3.24 3.03 0.83
Q2 2012 2.44 4.68 0.79
Q3 2012 0.53 7.11 0.94
Q4 2012 7.94 6.10 0.89
Q1 2013 2.71 3.49 0.89
Q2 2013 3.85 6.64 0.91
Q3 2013 1.15 7.53 0.93
Q4 2013 7.83 7.63 0.95
Q1 2014 6.59 6.34 0.94
Q2 2014 4.87 9.28 1.05
Q3 2014 1.19 9.96 0.89
Q4 2014 15.06 7.84 1.21

Current
Market Cap (M Riyal) 642.00
Enterprise Value (EV) (M) 672.31
Shares Outstanding ((M)) 50.00
EPS ( Riyal) (TTM) (1.78)
Book Value (BV) ( Riyal) 8.62
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.49
Return on Average Assets (%) (TTM) (14.99 )
Return on Average Equity (%) (TTM) (17.92 )

Share Price

Jazan Development and Investment Co. (JAZADCO)


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