SADAFCO’s net profit rises 37% in six-months 2015

SADAFCO’s net profit rises 37% in six-months 2015

19/10/2015 Argaam Exclusive

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Saudia Dairy and Foodstuff Co. (SADAFCO) reported a net profit of SAR 112.5 million for the first six months of 2015, a 37 percent hike compared to the same period last year, due to higher sales and lower cost of sales.



Financials (M)

Item 6m 2014 6m 2015 Change‬
Revenues 894.90 1,002.60 12.0 %
Gross Income 266.79 345.94 29.7 %
Operating Income 89.96 120.32 33.7 %
Net Income 81.67 112.20 37.4 %
Average Shares 32.50 32.50 -
EPS (Riyals) 2.51 3.45 37.4 %

 

The company reported a net profit of SAR 54.04 million in Q2 this year, a rise of 13 percent compared to the same quarter last year, driven by higher sales.  



Current Quarter Comparison (M)

Compared With The
Item Q2 2014 Q2 2015 Change‬
Revenues 431.30 481.93 11.7 %
Gross Income 129.56 166.21 28.3 %
Operating Income 51.69 58.10 12.4 %
Net Income 47.63 53.91 13.2 %
Average Shares 32.50 32.50 -
EPS (Riyals) 1.47 1.66 13.2 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2006 187.39 (13.5 %) 64.20 (22.0 %) 1.17 (92.8 %)
Q2 2006 207.09 (13.1 %) 76.03 (10.7 %) 16.08 (14.8 %)
Q3 2006 185.66 (14.9 %) 71.89 (4.6 %) 7.05 515.1 %
Q4 2006 183.27 20.7 % 70.07 128.8 % 16.57 136.8 %
Q1 2007 216.49 15.5 % 70.87 10.4 % 5.97 411.7 %
Q2 2007 229.56 10.8 % 67.30 (11.5 %) 4.20 (73.9 %)
Q3 2007 213.34 14.9 % 67.40 (6.3 %) 15.77 123.7 %
Q4 2007 221.87 21.1 % 67.34 (3.9 %) 27.85 68.1 %
Q1 2008 224.46 3.7 % 73.87 4.2 % 13.26 122.2 %
Q2 2008 246.46 7.4 % 65.00 (3.4 %) 13.07 211.5 %
Q3 2008 223.02 4.5 % 60.06 (10.9 %) 19.64 24.6 %
Q4 2008 228.34 2.9 % 63.66 (5.5 %) 17.22 (38.2 %)
Q1 2009 254.19 13.2 % 74.44 0.8 % 20.20 52.3 %
Q2 2009 266.59 8.2 % 110.10 69.4 % 34.55 164.3 %
Q3 2009 254.59 14.2 % 94.62 57.6 % 32.76 66.8 %
Q4 2009 247.15 8.2 % 86.17 35.4 % 39.37 128.6 %
Q1 2010 262.46 3.3 % 94.38 26.8 % 23.36 15.7 %
Q2 2010 277.20 4.0 % 92.91 (15.6 %) 35.62 3.1 %
Q3 2010 300.54 18.0 % 89.74 (5.2 %) 35.73 9.1 %
Q4 2010 294.21 19.0 % 91.09 5.7 % 31.02 (21.2 %)
Q1 2011 329.86 25.7 % 105.79 12.1 % 29.20 25.0 %
Q2 2011 352.97 27.3 % 107.99 16.2 % 42.74 20.0 %
Q3 2011 342.41 13.9 % 102.65 14.4 % 42.41 18.7 %
Q4 2011 310.44 5.5 % 98.90 8.6 % 39.50 27.3 %
Q1 2012 410.58 24.5 % 126.84 19.9 % 35.35 21.1 %
Q2 2012 386.82 9.6 % 121.53 12.5 % 49.03 14.7 %
Q3 2012 383.20 11.9 % 115.76 12.8 % 39.08 (7.9 %)
Q4 2012 368.43 18.7 % 110.90 12.1 % 52.13 32.0 %
Q1 2013 427.85 4.2 % 128.47 1.3 % 37.16 5.1 %
Q2 2013 379.65 (1.9 %) 125.10 2.9 % 51.65 5.3 %
Q3 2013 358.83 (6.4 %) 117.99 1.9 % 41.30 5.7 %
Q4 2013 386.49 4.9 % 121.59 9.6 % 53.84 3.3 %
Q1 2014 463.61 8.4 % 137.24 6.8 % 38.28 3.0 %
Q2 2014 431.30 13.6 % 129.56 3.6 % 51.69 0.1 %
Q3 2014 447.79 24.8 % 126.94 7.6 % 31.68 (23.3 %)
Q4 2014 464.18 20.1 % 158.54 30.4 % 33.95 (36.9 %)
Q1 2015 520.68 12.3 % 179.73 31.0 % 62.22 62.6 %
Q2 2015 481.93 11.7 % 166.21 28.3 % 58.10 12.4 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2006 (1.09) (107.6 %) (0.03) - (1.09) (0.03)
Q2 2006 12.17 (28.7 %) 0.37 - 12.17 0.37
Q3 2006 0.06 (98.1 %) 0.00 (1.33) 6.56 0.20
Q4 2006 21.92 136.8 % 0.67 (6.77) 28.69 0.88
Q1 2007 13.10 1298.4 % 0.40 - 13.10 0.40
Q2 2007 7.26 (40.4 %) 0.22 - 7.26 0.22
Q3 2007 14.75 24483.3 % 0.45 (0.93) 15.69 0.48
Q4 2007 26.86 22.5 % 0.83 (0.29) 27.15 0.84
Q1 2008 13.58 3.7 % 0.42 (0.18) 13.76 0.42
Q2 2008 13.61 87.6 % 0.42 (0.30) 13.92 0.43
Q3 2008 (2.05) (113.9 %) (0.06) 0.07 (2.12) (0.07)
Q4 2008 3.16 (88.2 %) 0.10 (1.07) 4.24 0.13
Q1 2009 18.53 36.4 % 0.57 (0.53) 19.06 0.59
Q2 2009 30.70 125.5 % 0.94 0.26 30.44 0.94
Q3 2009 35.85 1845.2 % 1.10 6.38 29.47 0.91
Q4 2009 118.16 3634.4 % 3.64 88.08 30.08 0.93
Q1 2010 21.60 16.6 % 0.66 - 21.60 0.66
Q2 2010 33.98 10.7 % 1.05 - 33.98 1.05
Q3 2010 41.44 15.6 % 1.28 - 41.44 1.28
Q4 2010 32.52 (72.5 %) 1.00 (1.56) 35.01 1.08
Q1 2011 27.29 26.4 % 0.84 - 27.29 0.84
Q2 2011 39.93 17.5 % 1.23 - 39.93 1.23
Q3 2011 42.59 2.8 % 1.31 - 42.59 1.31
Q4 2011 42.08 29.4 % 1.29 - 42.08 1.29
Q1 2012 31.77 16.4 % 0.98 - 31.77 0.98
Q2 2012 46.06 15.4 % 1.42 - 46.06 1.42
Q3 2012 35.54 (16.6 %) 1.09 - 35.54 1.09
Q4 2012 50.89 21.0 % 1.57 - 50.89 1.57
Q1 2013 32.89 3.5 % 1.01 - 32.89 1.01
Q2 2013 46.45 0.8 % 1.43 - 46.45 1.43
Q3 2013 38.69 8.9 % 1.19 - 38.69 1.19
Q4 2013 51.79 1.8 % 1.59 - 51.79 1.59
Q1 2014 34.03 3.5 % 1.05 - 34.03 1.05
Q2 2014 47.63 2.6 % 1.47 - 47.63 1.47
Q3 2014 30.10 (22.2 %) 0.93 - 30.10 0.93
Q4 2014 29.19 (43.6 %) 0.90 - 29.19 0.90
Q1 2015 58.29 71.3 % 1.79 - 58.29 1.79
Q2 2015 53.91 13.2 % 1.66 - 53.91 1.66

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2006 32.09 % 4.50 % (5.09 %)
Q2 2006 32.21 % 4.25 % (5.93 %)
Q3 2006 33.16 % 4.97 % (5.72 %)
Q4 2006 36.96 % 12.39 % 6.07 %
Q1 2007 36.45 % 12.30 % 7.64 %
Q2 2007 34.37 % 10.11 % 6.82 %
Q3 2007 32.71 % 10.44 % 7.68 %
Q4 2007 30.97 % 11.20 % 7.17 %
Q1 2008 31.03 % 11.75 % 7.18 %
Q2 2008 30.20 % 12.38 % 7.78 %
Q3 2008 29.07 % 12.48 % 5.76 %
Q4 2008 28.47 % 11.03 % 3.23 %
Q1 2009 27.64 % 11.34 % 3.69 %
Q2 2009 31.71 % 13.20 % 5.31 %
Q3 2009 34.16 % 14.09 % 8.29 %
Q4 2009 35.73 % 15.94 % 10.66 %
Q1 2010 37.38 % 16.00 % 10.82 %
Q2 2010 35.35 % 16.34 % 11.05 %
Q3 2010 33.40 % 15.92 % 11.69 %
Q4 2010 32.45 % 14.57 % 11.64 %
Q1 2011 31.58 % 14.32 % 11.46 %
Q2 2011 30.89 % 13.80 % 11.25 %
Q3 2011 30.89 % 13.97 % 10.98 %
Q4 2011 31.09 % 14.58 % 11.37 %
Q1 2012 30.81 % 14.31 % 11.04 %
Q2 2012 31.02 % 14.48 % 11.20 %
Q3 2012 31.05 % 13.93 % 10.42 %
Q4 2012 30.67 % 14.30 % 10.60 %
Q1 2013 30.43 % 14.29 % 10.56 %
Q2 2013 30.80 % 14.72 % 10.63 %
Q3 2013 31.44 % 15.25 % 11.01 %
Q4 2013 31.76 % 15.51 % 10.94 %
Q1 2014 31.60 % 15.58 % 10.76 %
Q2 2014 30.87 % 15.26 % 10.50 %
Q3 2014 29.80 % 14.13 % 9.46 %
Q4 2014 30.57 % 12.56 % 7.80 %
Q1 2015 31.91 % 13.56 % 8.86 %
Q2 2015 32.98 % 13.61 % 8.96 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2006 32.50 (1.25) (1.25) 13.97
Q2 2006 32.50 (1.40) (1.40) 14.33
Q3 2006 32.50 (1.49) (1.29) 14.31
Q4 2006 32.50 1.02 1.43 15.01
Q1 2007 32.50 1.45 1.86 14.41
Q2 2007 32.50 1.30 1.71 14.67
Q3 2007 32.50 1.75 1.99 15.47
Q4 2007 32.50 1.91 1.94 16.15
Q1 2008 32.50 1.92 1.96 16.52
Q2 2008 32.50 2.12 2.17 15.01
Q3 2008 32.50 1.60 1.62 15.52
Q4 2008 32.50 0.87 0.92 15.46
Q1 2009 32.50 1.02 1.08 16.20
Q2 2009 32.50 1.55 1.59 17.48
Q3 2009 32.50 2.72 2.56 18.20
Q4 2009 32.50 6.25 3.35 20.51
Q1 2010 32.50 6.35 3.43 19.56
Q2 2010 32.50 6.45 3.54 20.66
Q3 2010 32.50 6.62 3.91 21.77
Q4 2010 32.50 3.99 4.06 22.46
Q1 2011 32.50 4.16 4.24 20.29
Q2 2011 32.50 4.34 4.42 21.53
Q3 2011 32.50 4.38 4.46 22.85
Q4 2011 32.50 4.67 4.67 24.10
Q1 2012 32.50 4.81 4.81 22.02
Q2 2012 32.50 5.00 5.00 23.45
Q3 2012 32.50 4.78 4.78 24.53
Q4 2012 32.50 5.05 5.05 26.12
Q1 2013 32.50 5.09 5.09 24.11
Q2 2013 32.50 5.10 5.10 25.52
Q3 2013 32.50 5.20 5.20 26.67
Q4 2013 32.50 5.23 5.23 28.35
Q1 2014 32.50 5.26 5.26 25.91
Q2 2014 32.50 5.30 5.30 27.37
Q3 2014 32.50 5.03 5.03 28.26
Q4 2014 32.50 4.34 4.34 29.17
Q1 2015 32.50 5.08 5.08 27.46
Q2 2015 32.50 5.28 5.28 29.12

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2006 NEG NEG 4.74
Q2 2006 NEG NEG 5.38
Q3 2006 NEG NEG 6.04
Q4 2006 31.22 22.28 2.11
Q1 2007 22.87 17.86 2.31
Q2 2007 29.75 22.65 2.64
Q3 2007 25.22 22.21 2.86
Q4 2007 24.26 23.79 2.86
Q1 2008 17.17 16.80 2.00
Q2 2008 18.42 17.97 2.60
Q3 2008 16.81 16.59 1.73
Q4 2008 19.98 18.98 1.13
Q1 2009 23.56 22.32 1.49
Q2 2009 22.02 21.48 1.95
Q3 2009 13.59 14.42 2.03
Q4 2009 6.75 12.58 2.06
Q1 2010 7.12 13.17 2.31
Q2 2010 6.36 11.57 1.98
Q3 2010 5.63 9.54 1.71
Q4 2010 10.61 10.41 1.88
Q1 2011 10.33 10.15 2.12
Q2 2011 10.31 10.13 2.08
Q3 2011 9.36 9.20 1.79
Q4 2011 9.89 9.89 1.92
Q1 2012 12.16 12.16 2.66
Q2 2012 11.30 11.30 2.41
Q3 2012 12.23 12.23 2.39
Q4 2012 12.81 12.81 2.48
Q1 2013 12.82 12.82 2.71
Q2 2013 17.01 17.01 3.40
Q3 2013 17.84 17.84 3.48
Q4 2013 16.51 16.51 3.04
Q1 2014 18.15 18.15 3.69
Q2 2014 19.06 19.06 3.69
Q3 2014 24.65 24.65 4.39
Q4 2014 27.42 27.42 4.08
Q1 2015 23.74 23.74 4.39
Q2 2015 27.09 27.09 4.91

Analysts Estimates (Million)

Item Q2 2015 (e) Q2 2015 (a) Change‬
Average 58.00 53.91 (7.1 %)

Estimates vs Actual (Million)

Item Q2 2015 (e) Q2 2015 (a) Change
99Hlala Capital 49.00 53.91 10.0 %
SFC 60.00 53.91 (10.2) %
Alistithmar Capital 65.00 53.91 (17.1) %


Financial Ratios
Current
Market Cap (M Riyal) 11,004.50
Enterprise Value (EV) (M) 10,409.35
Shares Outstanding ((M)) 32.50
EPS ( Riyal) (TTM) 15.25
Book Value (BV) ( Riyal) 52.86
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 22.40
P/E (TTM) 22.20
Price/book 6.41
Return on Average Assets (%) (TTM) 18.7
Return on Average Equity (%) (TTM) 28.2
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Share Price

Saudia Dairy and Foodstuff Co.
337.00
(9.00) (2.60 %)

Saudia Dairy and Foodstuff Co. (SADAFCO)

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