Savola’s H1 net profit falls 3% to SAR 904.9 mln

Savola’s H1 net profit falls 3% to SAR 904.9 mln

28/07/2015 Argaam Exclusive

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Savola Group, Saudi Arabia’s largest non-petrochemicals industrial group, reported a net profit of SAR 904.9 million for the first half of 2015, 3.37 percent lower compared to the same period last year, mainly due to lower net income and dividends share from its associates, higher capital gains, and the sale of its Savola Packaging Systems unit in Q1.



Financials (M)

Item 6m 2014 6m 2015 Change‬
Revenues 13,577.42 13,260.21 (2.3 %)
Gross Income 2,344.32 2,512.39 7.2 %
Operating Income 699.85 553.98 (20.8 %)
Net Income 936.53 904.88 (3.4 %)
Average Shares 241.05 241.05 -
EPS (Riyals) 3.89 3.75 (3.4 %)

 

The food producer’s Q2 net profit dropped 15.37 percent year-on-year to SAR 434.4 million. When compared to the previous quarter (Q1-2015), net profit edged down 7.67 percent from SAR 470.5 million.



Current Quarter Comparison (M)

Compared With The
Item Q2 2014 Q2 2015 Change‬
Revenues 7,336.58 7,036.49 (4.1 %)
Gross Income 1,251.38 1,353.24 8.1 %
Operating Income 402.68 326.05 (19.0 %)
Net Income 513.27 434.37 (15.4 %)
Average Shares 241.05 241.05 -
EPS (Riyals) 2.13 1.80 (15.4 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2006 1,922.71 23.9 % 318.93 32.4 % 86.47 41.1 %
Q2 2006 2,147.77 33.1 % 377.16 36.2 % 79.98 24.7 %
Q3 2006 2,560.31 38.8 % 454.49 28.4 % 136.45 133.9 %
Q4 2006 2,465.90 29.6 % 392.78 15.6 % 176.07 44.3 %
Q1 2007 2,247.62 16.9 % 378.12 18.6 % 103.94 20.2 %
Q2 2007 2,752.38 28.2 % 410.19 8.8 % 39.90 (50.1 %)
Q3 2007 2,779.50 8.6 % 463.44 2.0 % 142.74 4.6 %
Q4 2007 2,630.03 6.7 % 451.93 15.1 % 120.79 (31.4 %)
Q1 2008 2,996.43 33.3 % 481.74 27.4 % 95.58 (8.0 %)
Q2 2008 3,312.54 20.4 % 549.44 33.9 % 157.35 294.4 %
Q3 2008 3,919.41 41.0 % 511.13 10.3 % 117.37 (17.8 %)
Q4 2008 3,593.00 36.6 % 272.02 (39.8 %) (144.50) (219.6 %)
Q1 2009 3,635.04 21.3 % 616.32 27.9 % 149.77 56.7 %
Q2 2009 4,356.80 31.5 % 776.33 41.3 % 211.70 34.5 %
Q3 2009 5,103.67 30.2 % 947.50 85.4 % 374.01 218.7 %
Q4 2009 4,821.69 34.2 % 767.16 182.0 % 209.47 245.0 %
Q1 2010 4,778.78 31.5 % 804.53 30.5 % 177.30 18.4 %
Q2 2010 4,868.07 11.7 % 709.82 (8.6 %) 135.85 (35.8 %)
Q3 2010 5,657.53 10.9 % 906.14 (4.4 %) 297.28 (20.5 %)
Q4 2010 5,725.10 18.7 % 994.74 29.7 % 331.52 58.3 %
Q1 2011 5,641.74 18.1 % 866.33 7.7 % 209.35 18.1 %
Q2 2011 6,312.58 29.7 % 959.88 35.2 % 277.91 104.6 %
Q3 2011 6,816.63 20.5 % 981.97 8.4 % 307.72 3.5 %
Q4 2011 6,424.75 12.2 % 1,162.55 16.9 % 468.45 41.3 %
Q1 2012 6,588.97 16.8 % 995.71 14.9 % 315.15 50.5 %
Q2 2012 6,989.08 10.7 % 1,193.39 24.3 % 449.42 61.7 %
Q3 2012 6,869.78 0.8 % 1,161.19 18.3 % 432.29 40.5 %
Q4 2012 6,943.66 8.1 % 1,411.28 21.4 % 607.10 29.6 %
Q1 2013 7,189.86 9.1 % 1,390.62 39.7 % 601.26 90.8 %
Q2 2013 6,723.33 (3.8 %) 1,263.61 5.9 % 479.79 6.8 %
Q3 2013 6,320.13 (8.0 %) 1,167.37 0.5 % 399.06 (7.7 %)
Q4 2013 5,047.40 (27.3 %) 951.93 (32.5 %) 249.23 (58.9 %)
Q1 2014 6,240.84 (13.2 %) 1,092.94 (21.4 %) 297.17 (50.6 %)
Q2 2014 7,336.58 9.1 % 1,251.38 (1.0 %) 402.68 (16.1 %)
Q3 2014 6,150.04 (2.7 %) 1,150.73 (1.4 %) 362.59 (9.1 %)
Q4 2014 6,860.38 35.9 % 1,368.67 43.8 % 414.67 66.4 %
Q1 2015 6,223.71 (0.3 %) 1,159.16 6.1 % 227.93 (23.3 %)
Q2 2015 7,036.49 (4.1 %) 1,353.24 8.1 % 326.05 (19.0 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2006 135.80 28.0 % 0.60 - 135.80 0.60
Q2 2006 245.97 118.6 % 1.09 - 245.97 1.09
Q3 2006 533.78 (32.6 %) 2.36 - 533.78 2.36
Q4 2006 233.03 21.3 % 1.03 - 122.88 0.54
Q1 2007 137.46 1.2 % 0.61 - 137.46 0.61
Q2 2007 763.77 210.5 % 3.38 - 763.77 3.38
Q3 2007 151.39 (71.6 %) 0.67 - 151.39 0.67
Q4 2007 177.41 (23.9 %) 0.79 - 177.41 0.79
Q1 2008 250.48 82.2 % 1.11 - 250.48 1.11
Q2 2008 257.69 (66.3 %) 1.14 - 257.69 1.14
Q3 2008 158.04 4.4 % 0.70 - 158.04 0.70
Q4 2008 (463.85) (361.5 %) (2.06) - (463.85) (2.06)
Q1 2009 192.55 (23.1 %) 0.85 - 192.55 0.85
Q2 2009 212.50 (17.5 %) 0.94 - 212.50 0.94
Q3 2009 277.89 75.8 % 1.23 - 277.89 1.23
Q4 2009 268.62 157.9 % 1.19 318.12 (49.50) (0.22)
Q1 2010 394.04 104.6 % 1.75 198.06 195.98 0.87
Q2 2010 207.65 (2.3 %) 0.92 1.01 206.64 0.92
Q3 2010 282.99 1.8 % 1.25 1.90 281.10 1.25
Q4 2010 2.02 (99.2 %) 0.01 (117.84) 119.86 0.53
Q1 2011 165.16 (58.1 %) 0.73 - 165.16 0.73
Q2 2011 230.74 11.1 % 1.02 - 230.74 1.02
Q3 2011 307.89 8.8 % 1.36 - 307.89 1.36
Q4 2011 498.59 24607.3 % 2.21 152.78 345.81 1.53
Q1 2012 242.31 46.7 % 1.07 - 242.31 1.07
Q2 2012 341.32 47.9 % 1.51 - 341.32 1.51
Q3 2012 405.22 31.6 % 1.80 - 405.22 1.80
Q4 2012 413.36 (17.1 %) 1.83 46.65 366.71 1.62
Q1 2013 295.20 21.8 % 1.29 - 295.20 1.29
Q2 2013 387.76 13.6 % 1.69 - 387.76 1.69
Q3 2013 457.36 12.9 % 1.99 - 457.36 1.99
Q4 2013 564.16 36.5 % 2.46 200.93 363.23 1.58
Q1 2014 423.26 43.4 % 1.76 5.02 418.24 1.74
Q2 2014 513.27 32.4 % 2.13 35.95 477.33 1.98
Q3 2014 701.43 53.4 % 2.91 205.74 495.69 2.06
Q4 2014 434.36 (23.0 %) 1.80 (54.13) 488.48 2.03
Q1 2015 470.51 11.2 % 1.95 227.39 243.12 1.01
Q2 2015 434.37 (15.4 %) 1.80 (0.67) 435.03 1.80

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2006 17.71 % 8.45 % 14.56 %
Q2 2006 17.78 % 8.26 % 15.27 %
Q3 2006 17.46 % 8.58 % 10.97 %
Q4 2006 16.97 % 8.19 % 11.42 %
Q1 2007 17.01 % 8.21 % 11.04 %
Q2 2007 16.31 % 8.57 % 15.54 %
Q3 2007 16.05 % 8.40 % 11.47 %
Q4 2007 16.37 % 7.79 % 11.82 %
Q1 2008 16.20 % 7.36 % 12.04 %
Q2 2008 16.61 % 7.05 % 7.14 %
Q3 2008 15.51 % 6.35 % 6.56 %
Q4 2008 13.13 % 7.49 % 1.46 %
Q1 2009 13.48 % 7.68 % 1.00 %
Q2 2009 14.03 % 8.25 % 0.64 %
Q3 2009 15.65 % 9.45 % 1.31 %
Q4 2009 17.34 % 9.16 % 3.54 %
Q1 2010 17.29 % 8.89 % 3.34 %
Q2 2010 16.50 % 8.17 % 3.22 %
Q3 2010 15.84 % 7.64 % 3.15 %
Q4 2010 16.24 % 8.34 % 3.82 %
Q1 2011 15.88 % 8.17 % 3.53 %
Q2 2011 15.97 % 8.13 % 3.41 %
Q3 2011 15.52 % 7.78 % 3.36 %
Q4 2011 15.76 % 7.23 % 4.17 %
Q1 2012 15.68 % 7.39 % 4.31 %
Q2 2012 16.16 % 7.80 % 4.61 %
Q3 2012 16.79 % 8.26 % 4.97 %
Q4 2012 17.38 % 8.64 % 4.95 %
Q1 2013 18.42 % 9.48 % 5.03 %
Q2 2013 18.85 % 9.69 % 5.25 %
Q3 2013 19.25 % 9.79 % 5.55 %
Q4 2013 18.88 % 9.44 % 5.95 %
Q1 2014 18.40 % 8.63 % 6.69 %
Q2 2014 17.89 % 8.17 % 6.88 %
Q3 2014 17.95 % 8.18 % 7.08 %
Q4 2014 18.29 % 7.92 % 7.07 %
Q1 2015 18.55 % 7.64 % 6.42 %
Q2 2015 19.15 % 7.48 % 6.33 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2006 225.71 5.46 4.70 23.84
Q2 2006 225.71 6.05 5.29 24.14
Q3 2006 225.71 4.91 4.15 26.51
Q4 2006 225.71 5.09 4.60 26.95
Q1 2007 225.71 5.10 4.61 27.67
Q2 2007 225.71 7.39 6.90 29.10
Q3 2007 225.71 5.70 5.21 29.76
Q4 2007 225.71 5.45 5.45 31.71
Q1 2008 225.71 5.95 5.95 31.14
Q2 2008 225.71 3.71 3.71 32.33
Q3 2008 225.71 3.74 3.74 30.66
Q4 2008 225.71 0.90 0.90 28.31
Q1 2009 225.71 0.64 0.64 28.69
Q2 2009 225.71 0.44 0.44 29.08
Q3 2009 225.71 0.97 0.97 29.67
Q4 2009 225.71 4.22 2.81 30.84
Q1 2010 225.71 5.11 2.82 32.64
Q2 2010 225.71 5.09 2.80 31.53
Q3 2010 225.71 5.11 2.81 32.05
Q4 2010 225.71 3.93 3.56 31.10
Q1 2011 225.71 2.91 3.42 31.07
Q2 2011 225.71 3.02 3.53 31.65
Q3 2011 225.71 3.13 3.65 32.25
Q4 2011 225.71 5.33 4.65 34.21
Q1 2012 225.71 5.67 4.99 36.71
Q2 2012 225.71 6.16 5.48 35.23
Q3 2012 225.71 6.59 5.91 36.09
Q4 2012 225.71 6.21 6.01 36.71
Q1 2013 229.55 6.34 6.14 35.32
Q2 2013 229.55 6.54 6.34 35.91
Q3 2013 229.55 6.77 6.57 36.87
Q4 2013 229.55 7.43 6.55 40.04
Q1 2014 241.05 7.60 6.75 41.12
Q2 2014 241.05 8.12 7.12 41.02
Q3 2014 241.05 9.14 7.28 42.88
Q4 2014 241.05 8.60 7.80 41.34
Q1 2015 241.05 8.79 7.07 41.91
Q2 2015 241.05 8.47 6.90 43.46

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2006 17.94 20.84 4.11
Q2 2006 12.92 14.78 3.24
Q3 2006 13.76 16.28 2.55
Q4 2006 5.75 6.36 1.09
Q1 2007 4.95 5.47 0.91
Q2 2007 3.26 3.49 0.83
Q3 2007 4.21 4.60 0.81
Q4 2007 5.49 5.49 0.94
Q1 2008 4.53 4.53 0.86
Q2 2008 8.16 8.16 0.94
Q3 2008 6.48 6.48 0.79
Q4 2008 22.54 22.54 0.71
Q1 2009 26.62 26.62 0.59
Q2 2009 42.26 42.26 0.64
Q3 2009 24.43 24.43 0.80
Q4 2009 5.98 8.99 0.82
Q1 2010 5.84 10.57 0.91
Q2 2010 5.75 10.46 0.93
Q3 2010 5.59 10.16 0.89
Q4 2010 6.80 7.51 0.86
Q1 2011 7.99 6.81 0.75
Q2 2011 7.53 6.43 0.72
Q3 2011 6.94 5.95 0.67
Q4 2011 4.50 5.15 0.70
Q1 2012 5.07 5.75 0.78
Q2 2012 4.71 5.29 0.82
Q3 2012 4.90 5.47 0.90
Q4 2012 5.38 5.56 0.91
Q1 2013 5.38 5.55 0.98
Q2 2013 6.03 6.22 1.12
Q3 2013 6.49 6.69 1.21
Q4 2013 6.94 7.87 1.23
Q1 2014 6.92 7.79 1.28
Q2 2014 6.65 7.58 1.32
Q3 2014 7.12 8.93 1.52
Q4 2014 7.16 7.89 1.49
Q1 2015 6.08 7.56 1.28
Q2 2015 6.32 7.76 1.23

Business Segments (Million)

Compared With The
Period Food sector Retail sector Investments Plastic Manufacturing & Whole sale sector Disposals
Q1 2006 - 700.35 1.14 - 1,221.22 -
Q2 2006 - 770.00 (1.14) - 1,378.91 -
Q3 2006 - 869.50 - - 1,690.81 -
Q4 2006 - 821.28 - - 1,644.62 -
Q1 2007 - 843.56 3.19 - 1,400.87 -
Q2 2007 - 934.88 (0.79) - 1,818.30 -
Q3 2007 - 1,201.16 6.11 - 1,572.23 -
Q4 2007 - 1,245.18 (3.68) - 1,388.53 -
Q1 2008 - 1,216.75 - - 1,779.67 -
Q2 2008 - 1,315.45 20.17 - 1,976.92 -
Q3 2008 - 1,614.46 10.08 - 2,294.87 -
Q4 2008 - 1,972.98 (30.25) - 1,650.27 -
Q1 2009 - 1,835.58 - - 1,799.46 -
Q2 2009 - 1,895.71 - - 2,461.09 -
Q3 2009 - 2,108.28 - - 2,995.40 -
Q4 2009 - 2,080.53 - - 2,741.16 -
Q1 2010 - 1,871.14 - - 2,907.64 -
Q2 2010 - 1,902.50 - - 2,965.56 -
Q3 2010 - 2,245.91 - - 3,411.62 -
Q4 2010 12,026.53 2,163.12 154.59 883.98 (9284.82) (218.30)
Q1 2011 3,296.45 2,161.01 32.59 209.36 - (57.66)
Q2 2011 3,875.14 2,216.41 26.04 261.85 - (68.54)
Q3 2011 4,069.58 2,489.74 34.65 274.60 - (50.26)
Q4 2011 3,982.74 2,314.39 29.54 255.73 - (157.65)
Q1 2012 4,068.67 2,329.29 20.45 236.24 - (65.67)
Q2 2012 4,327.47 2,427.10 19.71 290.20 - (75.41)
Q3 2012 3,915.84 2,722.23 19.71 273.72 - (61.72)
Q4 2012 4,076.70 2,677.90 78.67 253.03 - (142.63)
Q1 2013 4,386.49 2,606.25 19.29 249.06 - (71.22)
Q2 2013 3,859.23 2,635.50 19.29 304.51 - (95.20)
Q3 2013 3,241.41 2,813.52 19.29 304.95 - (59.03)
Q4 2013 3,065.27 2,869.33 83.10 (858.51) - (111.80)
Q1 2014 3,463.82 2,818.18 16.37 - - (57.53)
Q2 2014 4,119.66 3,283.45 15.32 - - (81.85)
Q3 2014 3,336.91 2,868.20 15.33 - - (70.40)
Q4 2014 3,671.56 3,234.54 80.15 - - (125.88)
Q1 2015 3,086.66 3,192.49 14.69 - - (70.13)
Q2 2015 3,369.06 3,781.59 14.69 - - (128.85)

Analysts Estimates (Million)

Item Q2 2015 (e) Q2 2015 (a) Change‬
Average 511.10 434.37 (15.0 %)

Estimates vs Actual (Million)

Item Q2 2015 (e) Q2 2015 (a) Change
Al Rajhi Capital 457.00 434.37 (5.0) %
SFC 462.00 434.37 (6.0) %
SNB Capital 494.90 434.37 (12.2) %
Value Capital 521.00 434.37 (16.6) %
Albilad Capital 528.00 434.37 (17.7) %
Alistithmar Capital 550.80 434.37 (21.1) %
OSOOL AND BAKHEET 564.00 434.37 (23.0) %


Financial Ratios
Current
Market Cap (M Riyal) 10,080.00
Enterprise Value (EV) (M) 11,312.10
Shares Outstanding ((M)) 300.00
EPS ( Riyal) (TTM) 2.97
Book Value (BV) ( Riyal) 49.09
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 12.92
P/E (TTM) 11.30
Price/book 0.68
Return on Average Assets (%) (TTM) 2.8
Return on Average Equity (%) (TTM) 7.7
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Share Price

Savola Group
33.60
3.05 9.98 %

Savola Group (SAVOLA GROUP)

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