SADAFCO’s Q1 2024 profit jumps 41% to SAR 126.2M

SADAFCO’s Q1 2024 profit jumps 41% to SAR 126.2M

09/05/2024 Argaam Exclusive

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Saudia Dairy and Foodstuff Co. (SADAFCO) reported a net profit rise of 41% to SAR 126.2 million for the first quarter of 2024 from SAR 89.7 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 668.20 717.88 7.4 %
Gross Income 201.25 256.49 27.4 %
Operating Income 90.55 121.58 34.3 %
Net Income 90.44 126.25 39.6 %
Average Shares 32.50 32.50 -
EPS (Riyals) 2.78 3.88 39.6 %

Sales grew by 7.4% year-on-year (YoY) to SAR 718 million in Q1 2024, driven mainly by volume and market share gains across all categories. This increase was achieved despite increased competitive intensity.

 

Gross profit margins (GPM) increased to 36% from 30% in Q1 2023 due to lower raw material prices and product cost efficiency. GPM, excluding Mlekom, reached 40% in the three-month period.

 

Selling and distribution expenses stood at 15% of net sales, compared to 14.6% in Q1 2023. General and administrative expenses remained steady in absolute terms YoY at 3.7% of sales.

 

SADAFCO’s finance income grew by SAR 6 million amid higher interest rates on deposits. The net profit margin also increased to 17.6% in Q1 2024 from 13.4% in Q1 2023.

 

Compared to Q4 2023, the company’s net earnings jumped 20.7% from SAR 104.53 million, thanks to a 4.4% sequential rise in sales.

 

Total shareholders’ equity, after minority interest, reached SAR 1.83 billion as of March 31, 2024, up from SAR 1.67 billion a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q3 2015 496.12 10.8 % 171.89 35.4 % 72.07 127.5 %
Q4 2015 484.04 4.3 % 190.80 20.3 % 83.28 145.3 %
Q1 2016 475.74 (8.6 %) 192.24 7.0 % 85.43 37.3 %
Q2 2016 445.03 (7.7 %) 171.79 3.4 % 82.49 42.0 %
Q3 2016 436.09 (12.1 %) 158.98 (7.5 %) 71.13 (1.3 %)
Q4 2016 430.00 (11.2 %) 167.25 (12.3 %) 73.57 (11.7 %)
Q1 2017 452.83 (4.8 %) 175.18 (8.9 %) 80.98 (5.2 %)
Q2 2017 441.31 (0.8 %) 171.32 (0.3 %) 75.95 (7.9 %)
Q3 2017 419.93 (3.7 %) 149.44 (6.0 %) 62.60 (12.0 %)
Q4 2017 378.61 (11.9 %) 137.73 (17.7 %) 55.89 (24.0 %)
Q1 2018 410.17 (9.4 %) 133.52 (23.8 %) 50.36 (37.8 %)
Q2 2018 476.62 8.0 % 145.83 (14.9 %) 54.54 (28.2 %)
Q3 2018 462.67 10.2 % 139.80 (6.5 %) 55.20 (11.8 %)
Q4 2018 463.50 22.4 % 161.15 17.0 % 61.89 10.7 %
Q1 2019 485.23 18.3 % 156.47 17.2 % 61.13 21.4 %
Q2 2019 521.08 9.3 % 176.78 21.2 % 67.22 23.3 %
Q3 2019 488.47 5.6 % 176.12 26.0 % 72.58 31.5 %
Q4 2019 561.31 21.1 % 179.81 11.6 % 86.83 40.3 %
Q1 2020 565.99 16.6 % 183.30 17.1 % 75.76 23.9 %
Q2 2020 535.40 2.7 % 176.92 0.1 % 72.52 7.9 %
Q3 2020 482.02 (1.3 %) 160.80 (8.7 %) 63.42 (12.6 %)
Q4 2020 521.98 (7.0 %) 172.81 (3.9 %) 64.83 (25.3 %)
Q1 2021 492.40 (13.0 %) 150.47 (17.9 %) 43.78 (42.2 %)
Q2 2021 530.08 (1.0 %) 161.54 (8.7 %) 57.69 (20.5 %)
Q3 2021 519.91 7.9 % 160.10 (0.4 %) 59.25 (6.6 %)
Q4 2021 627.94 20.3 % 184.52 6.8 % 69.85 7.7 %
Q1 2022 631.33 28.2 % 202.21 34.4 % 89.38 104.1 %
Q2 2022 694.49 31.0 % 223.29 38.2 % 113.66 97.0 %
Q3 2022 654.00 25.8 % 195.97 22.4 % 75.63 27.6 %
Q4 2022 - - - - - -
Q1 2023 668.20 5.8 % 201.25 (0.5 %) 90.55 1.3 %
Q2 2023 679.23 (2.2 %) 235.42 5.4 % 104.19 (8.3 %)
Q3 2023 744.36 13.8 % 282.33 44.1 % 137.81 82.2 %
Q4 2023 687.89 - 232.93 - 218.28 -
Q1 2024 717.88 7.4 % 256.49 27.4 % 121.58 34.3 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2015 58.29 71.3 % 1.79 - 58.29 1.79
Q2 2015 53.91 13.2 % 1.66 - 53.91 1.66
Q3 2015 68.13 126.4 % 2.10 - 68.13 2.10
Q4 2015 79.88 173.7 % 2.46 - 79.88 2.46
Q1 2016 81.15 39.2 % 2.50 - 81.15 2.50
Q2 2016 80.85 50.0 % 2.49 - 80.85 2.49
Q3 2016 67.84 (0.4 %) 2.09 - 67.84 2.09
Q4 2016 73.84 (7.6 %) 2.27 - 73.84 2.27
Q1 2017 77.07 (5.0 %) 2.37 - 77.07 2.37
Q2 2017 75.16 (7.0 %) 2.31 - 75.16 2.31
Q3 2017 58.52 (13.7 %) 1.80 - 58.52 1.80
Q4 2017 50.13 (32.1 %) 1.54 - 50.13 1.54
Q1 2018 50.20 (34.9 %) 1.54 - 50.20 1.54
Q2 2018 54.09 (28.0 %) 1.66 - 54.09 1.66
Q3 2018 54.15 (7.5 %) 1.67 - 54.15 1.67
Q4 2018 59.95 19.6 % 1.84 - 59.95 1.84
Q1 2019 58.28 16.1 % 1.79 - 58.28 1.79
Q2 2019 65.16 20.5 % 2.00 - 65.16 2.00
Q3 2019 68.32 26.2 % 2.10 - 68.32 2.10
Q4 2019 74.50 24.3 % 2.29 - 74.50 2.29
Q1 2020 70.40 20.8 % 2.17 - 70.40 2.17
Q2 2020 70.31 7.9 % 2.16 - 70.31 2.16
Q3 2020 63.77 (6.7 %) 1.96 - 63.77 1.96
Q4 2020 56.08 (24.7 %) 1.73 - 56.08 1.73
Q1 2021 38.15 (45.8 %) 1.17 - 38.15 1.17
Q2 2021 54.06 (23.1 %) 1.66 - 54.06 1.66
Q3 2021 53.65 (15.9 %) 1.65 - 53.65 1.65
Q4 2021 61.44 9.6 % 1.89 - 61.44 1.89
Q1 2022 54.33 42.4 % 1.67 (25.99) 80.31 2.47
Q2 2022 85.55 58.3 % 2.63 (23.73) 109.28 3.36
Q3 2022 78.45 46.2 % 2.41 10.96 67.49 2.08
Q4 2022 - - - - - -
Q1 2023 90.44 66.5 % 2.78 3.87 86.57 2.66
Q2 2023 108.54 26.9 % 3.34 (0.30) 108.84 3.35
Q3 2023 114.47 45.9 % 3.52 (20.52) 134.99 4.15
Q4 2023 218.74 - 6.73 4.36 214.38 6.60
Q1 2024 126.25 39.6 % 3.88 - 126.25 3.88

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2015 31.91 % 13.56 % 8.86 %
Q2 2015 32.98 % 13.61 % 8.96 %
Q3 2015 34.46 % 15.75 % 10.67 %
Q4 2015 35.74 % 18.05 % 13.12 %
Q1 2016 37.21 % 19.66 % 14.61 %
Q2 2016 38.23 % 21.33 % 16.31 %
Q3 2016 38.78 % 21.64 % 16.82 %
Q4 2016 38.63 % 21.05 % 17.00 %
Q1 2017 38.16 % 20.91 % 16.98 %
Q2 2017 38.22 % 20.43 % 16.70 %
Q3 2017 38.03 % 19.99 % 16.32 %
Q4 2017 37.44 % 20.13 % 15.41 %
Q1 2018 35.88 % 18.82 % 14.18 %
Q2 2018 33.61 % 17.17 % 12.63 %
Q3 2018 32.23 % 16.41 % 12.07 %
Q4 2018 32.01 % 16.13 % 12.05 %
Q1 2019 31.95 % 16.44 % 12.00 %
Q2 2019 32.82 % 17.12 % 12.29 %
Q3 2019 34.24 % 18.23 % 12.85 %
Q4 2019 33.52 % 18.85 % 12.95 %
Q1 2020 33.51 % 18.92 % 13.03 %
Q2 2020 33.29 % 19.10 % 13.18 %
Q3 2020 32.68 % 18.72 % 13.01 %
Q4 2020 32.95 % 18.02 % 12.38 %
Q1 2021 32.53 % 17.10 % 11.24 %
Q2 2021 31.86 % 16.41 % 10.46 %
Q3 2021 31.24 % 15.84 % 9.78 %
Q4 2021 30.25 % 15.43 % 9.55 %
Q1 2022 30.68 % 16.67 % 10.80 %
Q2 2022 31.13 % 18.03 % 12.32 %
Q3 2022 30.91 % 17.94 % 12.21 %
Q4 2022 - - -
Q1 2023 - - -
Q2 2023 - - -
Q3 2023 - - -
Q4 2023 34.25 % 23.07 % 19.60 %
Q1 2024 35.60 % 20.48 % 16.60 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 32.50 5.08 5.08 27.46
Q2 2015 32.50 5.28 5.28 29.12
Q3 2015 32.50 6.45 6.45 31.15
Q4 2015 32.50 8.01 8.01 33.61
Q1 2016 32.50 8.71 8.71 31.88
Q2 2016 32.50 9.54 9.54 34.42
Q3 2016 32.50 9.53 9.53 36.56
Q4 2016 32.50 9.34 9.34 38.80
Q1 2017 32.50 9.22 9.22 37.17
Q2 2017 32.50 9.04 9.04 39.49
Q3 2017 32.50 8.76 8.76 39.29
Q4 2017 32.50 8.03 8.03 40.65
Q1 2018 32.50 7.20 7.20 42.22
Q2 2018 32.50 6.55 6.55 41.16
Q3 2018 32.50 6.42 6.42 40.82
Q4 2018 32.50 6.72 6.72 41.18
Q1 2019 32.50 6.97 6.97 41.01
Q2 2019 32.50 7.31 7.31 43.01
Q3 2019 32.50 7.75 7.75 42.64
Q4 2019 32.50 8.19 8.19 44.83
Q1 2020 32.50 8.57 8.57 44.53
Q2 2020 32.50 8.72 8.72 46.69
Q3 2020 32.50 8.58 8.58 48.65
Q4 2020 32.50 8.02 8.02 47.18
Q1 2021 32.50 7.02 7.02 48.56
Q2 2021 32.50 6.52 6.52 47.15
Q3 2021 32.50 6.21 6.21 48.69
Q4 2021 32.50 6.38 6.38 47.39
Q1 2022 32.50 6.88 7.68 46.10
Q2 2022 32.50 7.85 9.37 48.67
Q3 2022 32.50 8.61 9.80 51.17
Q4 2022 - - - -
Q1 2023 32.50 - - 50.87
Q2 2023 32.50 - - 54.25
Q3 2023 32.50 - - 55.46
Q4 2023 32.50 16.38 16.76 58.51
Q1 2024 32.50 13.91 14.45 56.42

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2015 23.74 23.74 4.39
Q2 2015 27.09 27.09 4.91
Q3 2015 21.02 21.02 4.35
Q4 2015 13.99 13.99 3.33
Q1 2016 14.23 14.23 3.89
Q2 2016 15.61 15.61 4.33
Q3 2016 12.91 12.91 3.37
Q4 2016 13.33 13.33 3.21
Q1 2017 14.35 14.35 3.56
Q2 2017 13.73 13.73 3.14
Q3 2017 13.64 13.64 3.04
Q4 2017 16.31 16.31 3.22
Q1 2018 16.37 16.37 2.79
Q2 2018 14.38 14.38 2.29
Q3 2018 14.02 14.02 2.20
Q4 2018 14.94 14.94 2.44
Q1 2019 14.84 14.84 2.52
Q2 2019 15.73 15.73 2.67
Q3 2019 17.30 17.30 3.14
Q4 2019 17.45 17.45 3.19
Q1 2020 15.99 15.99 3.08
Q2 2020 18.62 18.62 3.53
Q3 2020 21.25 21.25 3.75
Q4 2020 21.49 21.49 3.71
Q1 2021 23.57 23.57 3.41
Q2 2021 27.22 27.22 3.83
Q3 2021 26.56 26.56 3.39
Q4 2021 25.47 25.47 3.48
Q1 2022 25.07 22.46 3.74
Q2 2022 20.48 17.14 3.35
Q3 2022 22.54 19.79 3.79
Q4 2022 - - -
Q1 2023 - - 4.67
Q2 2023 - - 5.88
Q3 2023 - - 5.81
Q4 2023 20.43 19.96 5.72
Q1 2024 26.59 25.60 6.56

Business Segments (Million)

Compared With The
Period Drinks Non-drinks
Q1 2016 311.95 163.79
Q2 2016 306.89 138.14
Q3 2016 297.45 138.64
Q4 2016 298.79 131.17
Q1 2017 285.15 167.68
Q2 2017 304.61 136.70
Q3 2017 268.91 151.02
Q4 2017 270.84 107.78
Q1 2018 247.91 162.26
Q2 2018 278.67 197.96
Q3 2018 280.46 182.20
Q4 2018 287.69 175.81
Q1 2019 278.48 206.75
Q2 2019 310.46 210.62
Q3 2019 325.65 162.81
Q4 2019 333.52 227.80
Q1 2020 352.05 213.95
Q2 2020 317.08 218.32
Q3 2020 297.61 184.41
Q4 2020 310.43 211.56
Q1 2021 271.59 220.81
Q2 2021 298.72 231.36
Q3 2021 297.81 222.10
Q4 2021 351.70 276.24
Q1 2022 350.91 280.42
Q2 2022 380.04 314.46
Q3 2022 412.69 241.32
Q1 2023 409.44 258.76
Q2 2023 405.09 274.14
Q3 2023 405.09 339.27
Q4 2023 418.97 268.92
Q1 2024 420.00 297.88

Analysts Estimates (Million)

Item Q1 2024 (e) Q1 2024 (a) Change‬
Average 102.25 126.25 23.48 %

Estimates vs Actual (Million)

Item Q1 2024 (e) Q1 2024 (a) Change
Al Rajhi Capital 110.00 126.25 14.8 %
U-Capital 94.50 126.25 33.6 %

Current
Market Cap (M Riyal) 11,245.00
Enterprise Value (EV) (M) 10,649.85
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) 22.89
P/E (TTM) 22.68
Price/book 6.55
Return on Average Assets (%) (TTM) 18.7
Return on Average Equity (%) (TTM) 28.2

Share Price

346.00
(5.60) (1.59 %)

Saudia Dairy and Foodstuff Co. (SADAFCO)


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