Almarai’s net profit rises 10% to SAR 1.984 bln in 2020

Almarai’s net profit rises 10% to SAR 1.984 bln in 2020

24/01/2021 Argaam Exclusive

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Almarai’s annual consolidated net profit after Zakat and tax jumped 10% to SAR 1.984 billion, from SAR 1.811 billion a year earlier, driven by a 7% year-on-year (YoY) revenue growth, mainly by foods, Long Life dairy and poultry. 



Financials (M)

Item 2019 2020 Change‬
Revenues 14,351.28 15,356.95 7.0 %
Gross Income 5,366.67 5,535.51 3.1 %
Operating Income 2,590.07 2,600.76 0.4 %
Net Income 1,811.75 1,984.36 9.5 %
Average Shares 1,000.00 1,000.00 -
EPS (Riyals) 1.81 1.98 9.5 %

Q4 2020 net profit after Zakat and tax grew by 8% YoY to SAR 335.9 million, as revenue grew by 3.1% YoY, backed mainly by both fresh and Long Life dairy along with alfalfa sales. The growth was witnessed mainly in Egypt, Jordan and export countries.



Current Quarter Comparison (M)

Compared With The
Item Q4 2019 Q4 2020 Change‬
Revenues 3,703.94 3,819.59 3.1 %
Gross Income 1,293.51 1,232.43 (4.7 %)
Operating Income 533.32 507.41 (4.9 %)
Net Income 311.95 335.90 7.7 %
Average Shares 1,000.00 1,000.00 -
EPS (Riyals) 0.31 0.34 7.7 %

When compared to the previous quarter, the Saudi dairy producer’s net profit plunged 46% on lower sales due to seasonality factors.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2011 1,743.57 11.8 % 634.15 11.2 % 291.47 4.8 %
Q2 2011 2,012.85 15.8 % 776.81 10.8 % 405.76 4.7 %
Q3 2011 2,105.28 14.8 % 861.72 8.2 % 477.01 0.5 %
Q4 2011 2,089.29 16.1 % 723.84 8.3 % 343.38 7.2 %
Q1 2012 2,040.35 17.0 % 707.30 11.5 % 292.46 0.3 %
Q2 2012 2,524.14 25.4 % 921.72 18.7 % 434.58 7.1 %
Q3 2012 2,672.99 27.0 % 1,012.19 17.5 % 508.59 6.6 %
Q4 2012 2,645.52 26.6 % 869.87 20.2 % 437.30 27.4 %
Q1 2013 2,411.03 18.2 % 827.80 17.0 % 300.84 2.9 %
Q2 2013 2,873.88 13.9 % 1,034.49 12.2 % 483.97 11.4 %
Q3 2013 2,926.09 9.5 % 1,104.95 9.2 % 553.63 8.9 %
Q4 2013 3,008.18 13.7 % 995.50 14.4 % 458.17 4.8 %
Q1 2014 2,718.92 12.8 % 918.95 11.0 % 313.29 4.1 %
Q2 2014 3,286.52 14.4 % 1,149.16 11.1 % 516.01 6.6 %
Q3 2014 3,269.37 11.7 % 1,390.72 25.9 % 644.74 16.5 %
Q4 2014 3,330.76 10.7 % 1,133.79 13.9 % 523.58 14.3 %
Q1 2015 3,037.31 11.7 % 1,110.34 20.8 % 378.09 20.7 %
Q2 2015 3,649.52 11.0 % 1,388.04 20.8 % 638.75 23.8 %
Q3 2015 3,523.58 7.8 % 1,446.52 4.0 % 672.71 4.3 %
Q4 2015 3,584.20 7.6 % 1,338.37 18.0 % 572.51 9.3 %
Q1 2016 3,373.79 11.1 % 1,127.55 1.5 % 383.35 1.4 %
Q2 2016 3,925.89 7.6 % 1,520.89 9.6 % 771.01 20.7 %
Q3 2016 3,530.34 0.2 % 1,485.41 2.7 % 745.39 10.8 %
Q4 2016 3,508.56 (2.1 %) 1,388.64 3.8 % 709.42 23.9 %
Q1 2017 3,383.53 0.3 % 1,177.43 4.4 % 466.89 21.8 %
Q2 2017 3,760.36 (4.2 %) 1,554.93 2.2 % 833.09 8.1 %
Q3 2017 3,372.92 (4.5 %) 1,516.00 2.1 % 834.11 11.9 %
Q4 2017 3,418.73 (2.6 %) 1,335.27 (3.8 %) 709.16 0.0 %
Q1 2018 3,232.21 (4.5 %) 1,254.43 6.5 % 563.11 20.6 %
Q2 2018 3,672.33 (2.3 %) 1,448.45 (6.8 %) 791.74 (5.0 %)
Q3 2018 3,317.36 (1.6 %) 1,399.20 (7.7 %) 780.43 (6.4 %)
Q4 2018 3,381.18 (1.1 %) 1,262.94 (5.4 %) 629.06 (11.3 %)
Q1 2019 3,308.89 2.4 % 1,163.91 (7.2 %) 504.61 (10.4 %)
Q2 2019 3,767.42 2.6 % 1,466.22 1.2 % 780.48 (1.4 %)
Q3 2019 3,573.26 7.7 % 1,443.77 3.2 % 770.15 (1.3 %)
Q4 2019 3,703.94 9.5 % 1,293.51 2.4 % 533.32 (15.2 %)
Q1 2020 3,592.44 8.6 % 1,253.19 7.7 % 513.26 1.7 %
Q2 2020 4,081.84 8.3 % 1,535.19 4.7 % 790.40 1.3 %
Q3 2020 3,863.08 8.1 % 1,514.70 4.9 % 789.70 2.5 %
Q4 2020 3,819.59 3.1 % 1,232.43 (4.7 %) 507.41 (4.9 %)
2020 15,356.95 7.0 % 5,535.51 3.1 % 2,600.76 0.4 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2011 235.25 0.5 % 0.24 - 235.25 0.24
Q2 2011 349.26 1.8 % 0.35 - 349.26 0.35
Q3 2011 429.70 1.2 % 0.43 - 429.70 0.43
Q4 2011 125.31 (55.8 %) 0.13 (160.24) 285.55 0.29
Q1 2012 242.12 2.9 % 0.24 - 242.12 0.24
Q2 2012 379.52 8.7 % 0.38 - 379.52 0.38
Q3 2012 449.97 4.7 % 0.45 - 449.97 0.45
Q4 2012 369.03 194.5 % 0.37 - 369.03 0.37
Q1 2013 255.09 5.4 % 0.26 - 255.09 0.26
Q2 2013 398.23 4.9 % 0.40 - 398.23 0.40
Q3 2013 475.62 5.7 % 0.48 - 475.62 0.48
Q4 2013 373.27 1.2 % 0.37 - 373.27 0.37
Q1 2014 273.58 7.2 % 0.27 20.90 252.68 0.25
Q2 2014 433.29 8.8 % 0.43 - 433.29 0.43
Q3 2014 539.44 13.4 % 0.54 - 539.44 0.54
Q4 2014 428.03 14.7 % 0.43 - 428.03 0.43
Q1 2015 306.48 12.0 % 0.31 - 306.48 0.31
Q2 2015 530.42 22.4 % 0.53 (79.17) 609.58 0.61
Q3 2015 595.12 10.3 % 0.60 - 595.12 0.60
Q4 2015 483.68 13.0 % 0.48 (19.85) 503.53 0.50
Q1 2016 288.66 (5.8 %) 0.29 - 288.66 0.29
Q2 2016 658.38 24.1 % 0.66 - 658.38 0.66
Q3 2016 664.26 11.6 % 0.66 25.11 639.15 0.64
Q4 2016 536.49 10.9 % 0.54 (28.30) 564.79 0.56
Q1 2017 328.27 13.7 % 0.33 - 328.27 0.33
Q2 2017 674.11 2.4 % 0.67 - 674.11 0.67
Q3 2017 667.01 0.4 % 0.67 - 667.01 0.67
Q4 2017 512.89 (4.4 %) 0.51 - 512.89 0.51
Q1 2018 344.87 5.1 % 0.34 - 344.87 0.34
Q2 2018 661.39 (1.9 %) 0.66 - 661.39 0.66
Q3 2018 634.96 (4.8 %) 0.63 - 634.96 0.63
Q4 2018 370.77 (27.7 %) 0.37 (100.70) 471.47 0.47
Q1 2019 336.03 (2.6 %) 0.34 - 336.03 0.34
Q2 2019 582.53 (11.9 %) 0.58 - 582.53 0.58
Q3 2019 581.25 (8.5 %) 0.58 - 581.25 0.58
Q4 2019 311.95 (15.9 %) 0.31 - 311.95 0.31
Q1 2020 383.01 14.0 % 0.38 - 383.01 0.38
Q2 2020 643.93 10.5 % 0.64 - 643.93 0.64
Q3 2020 621.52 6.9 % 0.62 - 621.52 0.62
Q4 2020 335.90 7.7 % 0.34 20.85 315.06 0.32
2020 1,984.36 9.5 % 1.98 20.85 1,963.51 1.96

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2011 39.35 % 26.97 % 18.08 %
Q2 2011 38.92 % 26.49 % 17.50 %
Q3 2011 38.39 % 25.84 % 16.94 %
Q4 2011 37.69 % 25.62 % 16.35 %
Q1 2012 37.22 % 25.26 % 15.84 %
Q2 2012 36.70 % 26.67 % 15.26 %
Q3 2012 36.08 % 26.90 % 14.55 %
Q4 2012 35.53 % 27.71 % 14.58 %
Q1 2013 35.42 % 28.17 % 14.18 %
Q2 2013 35.31 % 27.64 % 13.89 %
Q3 2013 35.34 % 27.93 % 13.80 %
Q4 2013 35.32 % 27.87 % 13.39 %
Q1 2014 35.17 % 27.75 % 13.01 %
Q2 2014 34.91 % 27.35 % 12.86 %
Q3 2014 36.26 % 27.32 % 13.02 %
Q4 2014 36.43 % 27.38 % 13.12 %
Q1 2015 37.02 % 27.31 % 13.21 %
Q2 2015 37.80 % 27.58 % 14.18 %
Q3 2015 37.51 % 27.73 % 14.32 %
Q4 2015 38.30 % 27.91 % 14.61 %
Q1 2016 37.51 % 27.63 % 14.13 %
Q2 2016 37.71 % 28.38 % 14.20 %
Q3 2016 37.96 % 29.09 % 14.50 %
Q4 2016 38.51 % 30.87 % 15.00 %
Q1 2017 38.84 % 31.68 % 15.27 %
Q2 2017 39.53 % 32.67 % 15.56 %
Q3 2017 40.19 % 34.21 % 15.93 %
Q4 2017 40.07 % 34.18 % 15.66 %
Q1 2018 41.07 % 35.75 % 15.95 %
Q2 2018 40.55 % 36.32 % 15.96 %
Q3 2018 39.86 % 36.36 % 15.79 %
Q4 2018 39.44 % 36.05 % 15.53 %
Q1 2019 38.56 % 35.36 % 15.38 %
Q2 2019 38.42 % 34.75 % 14.70 %
Q3 2019 38.04 % 33.87 % 14.05 %
Q4 2019 37.39 % 33.18 % 12.62 %
Q1 2020 37.28 % 32.63 % 12.70 %
Q2 2020 36.96 % 32.11 % 12.84 %
Q3 2020 36.72 % 31.84 % 12.86 %
Q4 2020 36.05 % 30.84 % 12.79 %
2020 36.05 % 30.84 % 12.79 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2011 1,000.00 1.29 1.29 6.40
Q2 2011 1,000.00 1.29 1.29 6.19
Q3 2011 1,000.00 1.30 1.30 6.46
Q4 2011 1,000.00 1.14 1.30 6.72
Q1 2012 1,000.00 1.15 1.31 7.18
Q2 2012 1,000.00 1.18 1.34 6.87
Q3 2012 1,000.00 1.20 1.36 7.26
Q4 2012 1,000.00 1.44 1.44 7.55
Q1 2013 1,000.00 1.45 1.45 7.76
Q2 2013 1,000.00 1.47 1.47 7.66
Q3 2013 1,000.00 1.50 1.50 8.07
Q4 2013 1,000.00 1.50 1.50 8.44
Q1 2014 1,000.00 1.52 1.50 8.76
Q2 2014 1,000.00 1.56 1.53 8.53
Q3 2014 1,000.00 1.62 1.60 8.99
Q4 2014 1,000.00 1.67 1.65 9.19
Q1 2015 1,000.00 1.71 1.71 9.37
Q2 2015 1,000.00 1.80 1.88 9.62
Q3 2015 1,000.00 1.86 1.94 9.99
Q4 2015 1,000.00 1.92 2.01 10.36
Q1 2016 1,000.00 1.90 2.00 10.51
Q2 2016 1,000.00 2.03 2.05 10.42
Q3 2016 1,000.00 2.09 2.09 11.08
Q4 2016 1,000.00 2.15 2.15 11.36
Q1 2017 1,000.00 2.19 2.19 11.01
Q2 2017 1,000.00 2.20 2.21 11.66
Q3 2017 1,000.00 2.21 2.23 12.26
Q4 2017 1,000.00 2.18 2.18 12.78
Q1 2018 1,000.00 2.20 2.20 13.11
Q2 2018 1,000.00 2.19 2.19 12.87
Q3 2018 1,000.00 2.15 2.15 13.39
Q4 2018 1,000.00 2.01 2.11 13.88
Q1 2019 1,000.00 2.00 2.10 14.24
Q2 2019 1,000.00 1.92 2.02 14.00
Q3 2019 1,000.00 1.87 1.97 14.58
Q4 2019 1,000.00 1.81 1.81 14.65
Q1 2020 1,000.00 1.86 1.86 14.72
Q2 2020 1,000.00 1.92 1.92 14.60
Q3 2020 1,000.00 1.96 1.96 15.33
Q4 2020 1,000.00 1.98 1.96 15.69

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2011 17.11 17.11 3.44
Q2 2011 16.85 16.85 3.52
Q3 2011 15.27 15.27 3.07
Q4 2011 20.03 17.56 3.40
Q1 2012 23.02 20.20 3.68
Q2 2012 21.89 19.27 3.75
Q3 2012 23.45 20.68 3.87
Q4 2012 17.67 17.67 3.37
Q1 2013 18.55 18.55 3.48
Q2 2013 19.13 19.13 3.68
Q3 2013 21.99 21.99 4.08
Q4 2013 21.02 21.02 3.74
Q1 2014 25.51 25.87 4.43
Q2 2014 27.08 27.45 4.94
Q3 2014 29.93 30.32 5.39
Q4 2014 27.56 27.91 5.02
Q1 2015 30.66 30.66 5.59
Q2 2015 29.98 28.72 5.62
Q3 2015 27.25 26.13 5.07
Q4 2015 24.57 23.36 4.54
Q1 2016 22.12 21.02 3.99
Q2 2016 21.60 21.39 4.20
Q3 2016 20.28 20.33 3.83
Q4 2016 25.51 25.47 4.82
Q1 2017 25.80 25.76 5.13
Q2 2017 35.02 34.97 6.62
Q3 2017 25.87 25.54 4.65
Q4 2017 24.63 24.63 4.20
Q1 2018 25.19 25.19 4.22
Q2 2018 27.63 27.63 4.69
Q3 2018 23.17 23.17 3.73
Q4 2018 23.86 22.72 3.46
Q1 2019 27.46 26.14 3.86
Q2 2019 27.80 26.42 3.82
Q3 2019 26.60 25.24 3.41
Q4 2019 27.32 27.32 3.38
Q1 2020 25.29 25.29 3.19
Q2 2020 26.98 26.98 3.55
Q3 2020 26.98 26.98 3.45
Q4 2020 27.67 27.96 3.50

Business Segments (Million)

Compared With The
Period Dairy & Juice Poultry Project Bakeries Productions Others Arable and Horticulture
Q1 2011 1,467.84 63.47 211.39 - 0.88
Q2 2011 1,658.98 81.66 249.07 - 23.14
Q3 2011 1,777.55 75.03 228.42 - 24.28
Q4 2011 1,688.44 99.05 277.49 - 24.31
Q1 2012 1,635.68 95.40 293.54 - 15.73
Q2 2012 2,031.54 119.06 324.96 - 48.58
Q3 2012 2,203.10 127.43 302.85 - 39.61
Q4 2012 2,102.29 162.46 369.30 0.08 11.39
Q1 2013 1,901.16 162.12 340.90 6.85 -
Q2 2013 2,209.27 202.71 369.48 92.41 -
Q3 2013 2,354.11 212.94 324.76 34.29 -
Q4 2013 2,371.27 214.56 409.97 12.37 -
Q1 2014 2,125.60 211.10 373.32 8.91 -
Q2 2014 2,547.67 250.35 399.27 89.24 -
Q3 2014 2,603.15 273.64 365.99 26.59 -
Q4 2014 2,625.49 287.67 394.33 23.27 -
Q1 2015 2,353.44 308.98 355.53 19.36 -
Q2 2015 2,869.02 313.95 396.35 70.21 -
Q3 2015 2,756.98 314.83 399.51 52.27 -
Q4 2015 2,761.46 324.49 474.46 23.79 -
Q1 2016 2,577.33 320.83 452.27 23.36 -
Q2 2016 3,054.66 365.77 458.22 47.25 -
Q3 2016 2,722.80 277.65 467.02 62.87 -
Q4 2016 2,606.53 367.26 503.28 31.48 -
Q1 2017 2,494.13 356.37 468.91 64.13 -
Q2 2017 2,920.95 387.41 434.61 17.39 -
Q3 2017 2,570.11 328.31 436.67 37.83 -
Q4 2017 2,525.29 391.54 466.90 35.00 -
Q1 2018 2,356.95 420.64 405.47 49.15 -
Q2 2018 2,752.49 434.66 377.44 62.50 -
Q3 2018 2,405.25 453.37 411.60 47.14 -
Q4 2018 2,404.97 491.69 446.89 37.63 -
Q1 2019 2,333.97 499.50 421.07 54.35 -
Q2 2019 2,782.58 527.14 394.60 60.88 -
Q3 2019 2,552.86 488.96 454.50 76.94 -
Q4 2019 2,540.58 608.99 479.13 75.24 -
Q1 2020 2,520.12 558.39 432.81 81.12 -
Q2 2020 2,966.24 614.62 424.22 76.77 -
Q3 2020 2,770.35 524.75 419.21 148.77 -
Q4 2020 2,666.97 595.02 435.72 121.87 -

Analysts Estimates (Million)

Item Q4 2020 (e) Q4 2020 (a) Change‬
Average 381.28 335.90 (11.9 %)

Estimates vs Actual (Million)

Item Q4 2020 (e) Q4 2020 (a) Change
AlJazira Capital 345.10 335.90 (2.7) %
SNB Capital 375.00 335.90 (10.4) %
Al Rajhi Capital 380.00 335.90 (11.6) %
Riyad Capital 425.00 335.90 (21.0) %


Financial Ratios
Current
Market Cap (M Riyal) 58,600.00
Enterprise Value (EV) (M) 68,065.61
Shares Outstanding ((M)) 1,000.00
EPS ( Riyal) (TTM) 2.25
Book Value (BV) ( Riyal) 18.56
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 26.01
P/E (TTM) 26.01
Price/book 3.16
Return on Average Assets (%) (TTM) 6.3
Return on Average Equity (%) (TTM) 12.5
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Share Price

Almarai Co.
58.60
(0.40) (0.68 %)

Almarai Co. (ALMARAI)

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