Savola's net profit slumps 76% in H1

Savola's net profit slumps 76% in H1

06/08/2018 Argaam Exclusive

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Savola Group, Saudi Arabia’s largest food producer, reported a net profit of SAR 56.3 million for the first half of 2018, a 76 percent year-on-year (YoY) drop that was attributed to lower gross profit on lower sales and margins in the retail sector.

 

The drop is in spite of the non-recurring net positive impact of SAR 62 million on disposal of lease hold rights by Panda UAE in Q2 2017.



Financials (M)

Item 6m 2017 6m 2018 Change‬
Revenues 12,440.16 11,255.56 (9.5 %)
Gross Income 2,180.17 1,975.36 (9.4 %)
Operating Income 92.23 (54.45) (159.0 %)
Net Income 234.09 56.34 (75.9 %)
Average Shares 241.05 241.05 -
EPS (Riyals) 0.97 0.23 (75.9 %)

Meanwhile, Savola made a second quarter net profit of SAR 140.6 million, 38.7 percent lower YoY.

 

On a quarterly basis, the company turned profitable versus SAR 84.3 million losses. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2017 Q2 2018 Change‬
Revenues 6,653.26 6,147.58 (7.6 %)
Gross Income 1,140.04 1,066.86 (6.4 %)
Operating Income 74.96 0.33 (99.6 %)
Net Income 229.31 140.65 (38.7 %)
Average Shares 241.05 241.05 -
EPS (Riyals) 0.95 0.58 (38.7 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q3 2015 5,603.56 (8.9 %) 1,238.87 7.7 % 245.60 (32.3 %)
Q4 2015 6,261.83 (8.7 %) 1,274.13 (6.9 %) 189.68 (54.3 %)
Q1 2016 6,421.75 3.2 % 1,273.15 9.8 % 242.12 6.2 %
Q2 2016 7,140.78 1.5 % 1,332.79 (1.5 %) 217.40 (33.3 %)
Q3 2016 6,154.31 9.8 % 1,182.55 (4.5 %) 113.77 (53.7 %)
Q4 2016 6,613.95 5.6 % 864.48 (32.2 %) (228.79) (220.6 %)
Q1 2017 5,786.91 (9.9 %) 1,040.13 (18.3 %) 18.06 (92.5 %)
Q2 2017 6,653.26 (6.8 %) 1,140.04 (14.5 %) 74.96 (65.5 %)
Q3 2017 5,595.78 (9.1 %) 1,053.79 (10.9 %) 25.93 (77.2 %)
Q4 2017 5,794.53 (12.4 %) 1,160.16 34.2 % 154.73 167.6 %
Q1 2018 5,107.98 (11.7 %) 908.50 (12.7 %) (54.78) (403.3 %)
Q2 2018 6,147.58 (7.6 %) 1,066.86 (6.4 %) 0.33 (99.6 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2015 371.56 (47.0 %) 1.54 5.72 365.84 1.52
Q4 2015 515.32 18.6 % 2.14 199.19 316.13 1.31
Q1 2016 119.38 (74.6 %) 0.50 (107.31) 226.69 0.94
Q2 2016 253.52 (41.6 %) 1.05 (42.26) 295.78 1.23
Q3 2016 179.51 (51.7 %) 0.74 (3.13) 182.64 0.76
Q4 2016 (915.70) (277.7 %) (3.80) (597.46) (318.23) (1.32)
Q1 2017 4.78 (96.0 %) 0.02 15.61 (10.83) (0.04)
Q2 2017 229.31 (9.5 %) 0.95 68.14 161.17 0.67
Q3 2017 829.04 361.8 % 3.44 693.94 135.10 0.56
Q4 2017 (37.51) 95.9 % (0.16) (222.02) 184.51 0.77
Q1 2018 (84.32) (1864.7 %) (0.35) 3.27 (87.58) (0.36)
Q2 2018 140.65 (38.7 %) 0.58 - 140.65 0.58

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2015 19.90 % 7.24 % 5.96 %
Q4 2015 20.00 % 6.42 % 5.41 %
Q1 2016 20.29 % 6.53 % 5.31 %
Q2 2016 20.13 % 6.32 % 4.74 %
Q3 2016 19.49 % 5.49 % 3.93 %
Q4 2016 17.67 % 4.04 % 1.47 %
Q1 2017 17.20 % 3.34 % 0.58 %
Q2 2017 16.77 % 2.54 % 0.06 %
Q3 2017 16.63 % 2.63 % (0.13 %)
Q4 2017 18.44 % 4.53 % 1.97 %
Q1 2018 18.41 % 4.31 % 1.70 %
Q2 2018 18.50 % 4.33 % 1.65 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2015 241.05 7.10 6.36 42.62
Q4 2015 241.05 7.43 5.64 43.77
Q1 2016 241.05 5.98 5.57 40.83
Q2 2016 241.05 5.23 5.00 41.13
Q3 2016 241.05 4.43 4.24 40.99
Q4 2016 241.05 (1.51) 1.60 34.09
Q1 2017 241.05 (1.98) 0.62 34.08
Q2 2017 241.05 (2.08) 0.06 34.91
Q3 2017 241.05 0.61 (0.14) 38.14
Q4 2017 241.05 4.25 1.95 36.63
Q1 2018 241.05 3.89 1.63 35.63
Q2 2018 241.05 3.52 1.55 34.08

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2015 6.39 7.13 1.06
Q4 2015 5.29 6.96 0.90
Q1 2016 5.46 5.86 0.80
Q2 2016 5.46 5.71 0.69
Q3 2016 5.63 5.88 0.61
Q4 2016 NEG 19.55 0.92
Q1 2017 NEG 52.04 0.95
Q2 2017 NEG More than 100 1.13
Q3 2017 58.36 NEG 0.94
Q4 2017 7.26 15.84 0.84
Q1 2018 8.90 21.20 0.97
Q2 2018 8.28 18.84 0.85

Business Segments (Million)

Compared With The
Period Food sector Retail sector Food services Frozen food Investments Plastic Manufacturing & Whole sale sector Disposals
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)
Q3 2015 2,553.93 3,091.95 - - 14.69 - - (57.01)
Q4 2015 2,802.55 3,466.70 - - 100.78 - - (108.20)
Q1 2016 2,924.81 3,271.22 283.55 - 13.75 - - (71.58)
Q2 2016 3,102.65 3,873.85 277.73 - 13.75 - - (127.20)
Q3 2016 2,717.25 3,174.73 315.17 - 13.75 - - (66.58)
Q4 2016 3,142.01 3,252.58 280.23 - 96.36 - - (157.23)
Q1 2017 2,954.09 2,674.10 275.01 - 11.54 - - (127.83)
Q2 2017 3,145.94 3,331.50 272.10 - 11.61 - - (107.89)
Q3 2017 2,698.83 2,653.43 311.72 - 11.61 - - (79.82)
Q4 2017 2,585.35 2,984.00 298.96 - 10.58 - - (84.36)
Q1 2018 2,571.71 2,377.14 286.30 - 11.41 - - (138.57)
Q2 2018 2,692.86 3,230.09 293.13 - 11.40 - - (79.90)

Analysts Estimates (Million)

Item Q2 2018 (e) Q2 2018 (a) Change‬
Average 107.75 140.65 30.53 %

Estimates vs Actual (Million)

Item Q2 2018 (e) Q2 2018 (a) Change
Al Rajhi Capital 137.00 140.65 2.7 %
SNB Capital 131.00 140.65 7.4 %
Albilad Capital 111.00 140.65 26.7 %
Arbah Capital 52.00 140.65 170.5 %


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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