Al Othaim’s FY16 net profit edges down 1%

Al Othaim’s FY16 net profit edges down 1%

19/01/2017 Argaam Exclusive

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Abdullah Al-Othaim Markets Co., which operates supermarkets, reported a net profit of SAR 228.4 million for the fiscal year 2016, a slight decrease of 1.1 percent year-on-year (YoY).

 

The decline was attributed to higher operating expenses and financing charges. In addition, the company had earlier booked SAR 8.6 million in provisions for losses from a fire incident at a manufacturing facility in 2015.



Financials (M)

Item 2015 2016 Change‬
Revenues 6,035.80 7,014.54 16.2 %
Gross Income 998.47 1,211.30 21.3 %
Operating Income 147.56 170.10 15.3 %
Net Income 230.87 228.07 (1.2 %)
Average Shares 900.00 900.00 -
EPS (Riyals) 0.26 0.25 (1.2 %)

Net profit for the fourth quarter grew by 6 percent YoY to SAR 94.5 million, driven by higher sales and new store additions.

 

Fourth-quarter profit also surged 157.9 percent quarter-on-quarter on improvement in gross profit margin, increase in other operating income, and higher rent revenues. 



Current Quarter Comparison (M)

Compared With The
Item Q4 2015 Q4 2016 Change‬
Revenues 1,553.36 1,907.19 22.8 %
Gross Income 316.73 362.34 14.4 %
Operating Income 66.74 88.29 32.3 %
Net Income 89.23 95.50 7.0 %
Average Shares 900.00 900.00 -
EPS (Riyals) 0.10 0.11 7.0 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 732.74 42.2 % 36.16 15.7 % 8.84 (8.8 %)
Q4 2007 601.81 41.2 % 26.26 76.3 % 2.69 154.0 %
Q1 2008 671.75 - 36.69 - 11.80 -
Q2 2008 716.24 - 23.97 - (5.47) -
Q3 2008 780.89 6.6 % 23.96 (33.7 %) (4.30) (148.7 %)
Q4 2008 671.64 11.6 % 33.58 27.9 % (4.27) (258.9 %)
Q1 2009 717.56 6.8 % 23.96 (34.7 %) (2.18) (118.5 %)
Q2 2009 723.85 1.1 % 27.48 14.7 % (0.94) 82.9 %
Q3 2009 861.61 10.3 % 35.33 47.5 % 6.91 260.6 %
Q4 2009 762.12 13.5 % 51.00 51.9 % 15.91 473.0 %
Q1 2010 779.56 8.6 % 37.59 56.9 % 10.58 585.6 %
Q2 2010 821.67 13.5 % 38.46 39.9 % 6.23 764.9 %
Q3 2010 941.39 9.3 % 42.72 20.9 % 5.70 (17.5 %)
Q4 2010 879.81 15.4 % 63.20 23.9 % 26.26 65.0 %
Q1 2011 934.19 19.8 % 45.06 19.9 % 10.86 2.6 %
Q2 2011 987.16 20.1 % 43.82 13.9 % 5.40 (13.3 %)
Q3 2011 1,096.14 16.4 % 42.42 (0.7 %) (7.41) (229.9 %)
Q4 2011 925.31 5.2 % 43.73 (30.8 %) 0.66 (97.5 %)
Q1 2012 976.27 4.5 % 35.50 (21.2 %) (4.40) (140.6 %)
Q2 2012 1,020.85 3.4 % 286.50 553.8 % 53.35 888.1 %
Q3 2012 1,122.32 2.4 % 184.90 335.9 % 25.55 444.8 %
Q4 2012 985.76 6.5 % 178.02 307.1 % 42.40 6333.7 %
Q1 2013 1,066.43 9.2 % 164.06 362.2 % 28.81 754.3 %
Q2 2013 1,161.19 13.7 % 176.39 (38.4 %) 19.51 (63.4 %)
Q3 2013 1,193.14 6.3 % 199.41 7.8 % 22.07 (13.6 %)
Q4 2013 1,159.21 17.6 % 231.29 29.9 % 50.21 18.4 %
Q1 2014 1,222.98 14.7 % 204.66 24.7 % 29.16 1.2 %
Q2 2014 1,511.39 30.2 % 219.39 24.4 % 37.34 91.4 %
Q3 2014 1,208.79 1.3 % 195.07 (2.2 %) 20.67 (6.3 %)
Q4 2014 1,308.74 12.9 % 252.01 9.0 % 62.57 24.6 %
Q1 2015 1,408.03 15.1 % 212.36 3.8 % 28.31 (2.9 %)
Q2 2015 1,725.54 14.2 % 247.99 13.0 % 35.03 (6.2 %)
Q3 2015 1,348.87 11.6 % 221.39 13.5 % 17.48 (15.5 %)
Q4 2015 1,553.36 18.7 % 316.73 25.7 % 66.74 6.7 %
Q1 2016 1,606.16 14.1 % 265.48 25.0 % 34.64 22.4 %
Q2 2016 1,976.23 14.5 % 312.31 25.9 % 28.75 (17.9 %)
Q3 2016 1,569.57 16.4 % 271.63 22.7 % 14.30 (18.2 %)
Q4 2016 1,907.19 22.8 % 362.34 14.4 % 88.29 32.3 %
2016 7,014.54 16.2 % 1,211.30 21.3 % 170.10 15.3 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 18.61 (15.7 %) 0.02 - 18.61 0.02
Q4 2007 14.80 21.8 % 0.02 - 14.80 0.02
Q1 2008 23.50 - 0.03 - 23.50 0.03
Q2 2008 14.45 - 0.02 - 14.45 0.02
Q3 2008 14.19 (23.7 %) 0.02 - 14.19 0.02
Q4 2008 10.13 (31.6 %) 0.01 - 10.13 0.01
Q1 2009 16.36 (30.4 %) 0.02 - 16.36 0.02
Q2 2009 19.51 35.0 % 0.02 - 19.51 0.02
Q3 2009 25.20 77.6 % 0.03 - 25.20 0.03
Q4 2009 16.46 62.5 % 0.02 (18.82) 35.28 0.04
Q1 2010 31.74 94.1 % 0.04 - 31.74 0.04
Q2 2010 31.32 60.6 % 0.03 - 31.32 0.03
Q3 2010 45.87 82.0 % 0.05 - 45.87 0.05
Q4 2010 53.00 222.0 % 0.06 - 53.00 0.06
Q1 2011 36.50 15.0 % 0.04 (5.31) 41.81 0.05
Q2 2011 41.10 31.2 % 0.05 (0.58) 41.69 0.05
Q3 2011 35.99 (21.5 %) 0.04 - 35.99 0.04
Q4 2011 36.48 (31.2 %) 0.04 - 30.59 0.03
Q1 2012 33.86 (7.3 %) 0.04 - 33.86 0.04
Q2 2012 36.76 (10.6 %) 0.04 - 36.76 0.04
Q3 2012 40.68 13.0 % 0.05 - 40.68 0.05
Q4 2012 60.47 65.8 % 0.07 - 60.47 0.07
Q1 2013 40.81 20.5 % 0.05 - 40.81 0.05
Q2 2013 39.73 8.1 % 0.04 - 39.73 0.04
Q3 2013 41.94 3.1 % 0.05 - 41.94 0.05
Q4 2013 70.03 15.8 % 0.08 - 70.03 0.08
Q1 2014 46.47 13.9 % 0.05 - 46.47 0.05
Q2 2014 51.79 30.3 % 0.06 - 51.79 0.06
Q3 2014 42.29 0.8 % 0.05 - 42.29 0.05
Q4 2014 74.23 6.0 % 0.08 - 74.23 0.08
Q1 2015 48.89 5.2 % 0.05 - 48.89 0.05
Q2 2015 55.66 7.5 % 0.06 - 55.66 0.06
Q3 2015 37.09 (12.3 %) 0.04 - 37.09 0.04
Q4 2015 89.23 20.2 % 0.10 - 89.23 0.10
Q1 2016 46.62 (4.6 %) 0.05 (8.60) 55.22 0.06
Q2 2016 49.76 (10.6 %) 0.06 - 49.76 0.06
Q3 2016 36.19 (2.4 %) 0.04 - 36.19 0.04
Q4 2016 95.50 7.0 % 0.11 (4.42) 99.92 0.11
2016 228.07 (1.2 %) 0.25 (13.02) 241.09 0.27

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 4.52 % 1.88 % 2.62 %
Q3 2008 4.00 % 1.44 % 2.42 %
Q4 2008 4.16 % 1.24 % 2.19 %
Q1 2009 3.65 % 0.81 % 1.91 %
Q2 2009 3.77 % 1.02 % 2.08 %
Q3 2009 4.05 % 1.43 % 2.39 %
Q4 2009 4.49 % 2.09 % 3.14 %
Q1 2010 4.84 % 2.51 % 3.57 %
Q2 2010 5.04 % 2.68 % 3.83 %
Q3 2010 5.14 % 2.62 % 4.36 %
Q4 2010 5.32 % 2.88 % 4.73 %
Q1 2011 5.30 % 2.93 % 4.81 %
Q2 2011 5.20 % 2.96 % 4.87 %
Q3 2011 4.99 % 2.67 % 4.43 %
Q4 2011 4.44 % 2.15 % 3.81 %
Q1 2012 4.15 % 1.79 % 3.57 %
Q2 2012 10.16 % 3.03 % 3.41 %
Q3 2012 13.61 % 3.88 % 3.51 %
Q4 2012 16.68 % 4.90 % 4.18 %
Q1 2013 19.39 % 5.62 % 4.26 %
Q2 2013 16.22 % 4.71 % 4.19 %
Q3 2013 16.29 % 4.60 % 4.15 %
Q4 2013 16.84 % 4.65 % 4.20 %
Q1 2014 17.14 % 4.57 % 4.18 %
Q2 2014 16.80 % 4.65 % 4.13 %
Q3 2014 16.67 % 4.66 % 4.13 %
Q4 2014 16.59 % 4.81 % 4.09 %
Q1 2015 16.16 % 4.69 % 3.99 %
Q2 2015 16.06 % 4.53 % 3.91 %
Q3 2015 16.12 % 4.45 % 3.73 %
Q4 2015 16.54 % 4.58 % 3.83 %
Q1 2016 16.87 % 4.62 % 3.81 %
Q2 2016 17.21 % 4.44 % 3.57 %
Q3 2016 17.39 % 4.33 % 3.44 %
Q4 2016 17.17 % 4.40 % 3.42 %
2016 17.27 % 4.49 % 3.44 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2007 - - - -
Q2 2007 - - - -
Q3 2007 900.00 - - 0.26
Q4 2007 900.00 - - 0.26
Q1 2008 900.00 - - 0.29
Q2 2008 900.00 0.08 0.08 0.31
Q3 2008 900.00 0.07 0.07 0.32
Q4 2008 900.00 0.07 0.07 0.33
Q1 2009 900.00 0.06 0.06 0.35
Q2 2009 900.00 0.07 0.07 0.33
Q3 2009 900.00 0.08 0.08 0.36
Q4 2009 900.00 0.09 0.11 0.38
Q1 2010 900.00 0.10 0.12 0.35
Q2 2010 900.00 0.12 0.14 0.39
Q3 2010 900.00 0.14 0.16 0.44
Q4 2010 900.00 0.18 0.18 0.50
Q1 2011 900.00 0.19 0.19 0.46
Q2 2011 900.00 0.20 0.20 0.51
Q3 2011 900.00 0.19 0.19 0.55
Q4 2011 900.00 0.17 0.17 0.59
Q1 2012 900.00 0.16 0.16 0.63
Q2 2012 900.00 0.16 0.15 0.67
Q3 2012 900.00 0.16 0.16 0.71
Q4 2012 900.00 0.19 0.19 0.76
Q1 2013 900.00 0.20 0.20 0.80
Q2 2013 900.00 0.20 0.20 0.77
Q3 2013 900.00 0.20 0.20 0.82
Q4 2013 900.00 0.21 0.21 0.90
Q1 2014 900.00 0.22 0.22 0.95
Q2 2014 900.00 0.23 0.23 0.93
Q3 2014 900.00 0.23 0.23 0.98
Q4 2014 900.00 0.24 0.24 1.06
Q1 2015 900.00 0.24 0.24 1.11
Q2 2015 900.00 0.25 0.25 1.09
Q3 2015 900.00 0.24 0.24 1.13
Q4 2015 900.00 0.26 0.26 1.23
Q1 2016 900.00 0.25 0.26 1.17
Q2 2016 900.00 0.25 0.26 1.23
Q3 2016 900.00 0.25 0.26 1.27
Q4 2016 900.00 0.25 0.27 1.37

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 13.49 13.49 3.12
Q4 2008 14.45 14.45 3.01
Q1 2009 15.48 15.48 2.70
Q2 2009 22.06 22.06 4.41
Q3 2009 14.96 14.96 3.26
Q4 2009 14.73 11.86 3.33
Q1 2010 14.47 12.04 4.22
Q2 2010 16.44 13.94 4.92
Q3 2010 12.47 10.85 3.95
Q4 2010 10.84 10.84 3.91
Q1 2011 12.46 12.07 4.97
Q2 2011 12.40 12.00 4.77
Q3 2011 13.04 12.59 4.39
Q4 2011 14.99 14.99 4.23
Q1 2012 13.89 14.41 3.62
Q2 2012 13.45 14.02 3.20
Q3 2012 13.48 14.04 3.10
Q4 2012 10.78 10.78 2.72
Q1 2013 10.48 10.48 2.60
Q2 2013 13.87 13.87 3.63
Q3 2013 16.11 16.11 4.01
Q4 2013 14.58 14.58 3.48
Q1 2014 20.10 20.10 4.67
Q2 2014 22.80 22.80 5.73
Q3 2014 24.55 24.55 5.88
Q4 2014 22.06 22.06 4.97
Q1 2015 21.92 21.92 4.75
Q2 2015 21.91 21.91 4.93
Q3 2015 19.12 19.12 4.06
Q4 2015 17.34 17.34 3.62
Q1 2016 16.93 16.32 3.67
Q2 2016 20.21 19.45 4.07
Q3 2016 15.47 14.89 3.01
Q4 2016 19.50 18.44 3.61

Business Segments (Million)

Compared With The
Period Retail and wholesale Head office and leasing and others
Q1 2011 934.19 32.34
Q2 2011 987.16 38.21
Q3 2011 1,096.14 40.08
Q4 2011 925.31 37.48
Q1 2012 976.27 36.44
Q2 2012 1,020.85 3.02
Q3 2012 1,122.32 20.32
Q4 2012 985.76 21.90
Q1 2013 1,066.43 21.50
Q2 2013 1,161.19 23.94
Q3 2013 1,193.14 23.78
Q4 2013 1,159.21 23.98
Q1 2014 1,222.98 24.03
Q2 2014 1,511.39 22.85
Q3 2014 1,208.79 26.42
Q4 2014 1,308.74 22.64
Q1 2015 1,408.03 26.15
Q2 2015 1,725.54 27.56
Q3 2015 1,348.57 26.93
Q4 2015 1,553.66 30.55
Q1 2016 1,640.02 28.03
Q2 2016 2,020.19 28.36
Q3 2016 1,583.28 28.54
Q4 2016 1,928.23 38.64

Analysts Estimates (Million)

Item Q4 2016 (e) Q4 2016 (a) Change‬
Average 90.64 95.50 5.36 %

Estimates vs Actual (Million)

Item Q4 2016 (e) Q4 2016 (a) Change
Al Rajhi Capital 96.00 95.50 (0.5) %
Sico 97.00 95.50 (1.5) %
AlJazira Capital 92.20 95.50 3.6 %
Albilad Capital 91.00 95.50 4.9 %
SNB Capital 77.00 95.50 24.0 %


Financial Ratios
Current
Market Cap (M Riyal) 9,828.00
Enterprise Value (EV) (M) 9,890.51
Shares Outstanding ((M)) 900.00
EPS ( Riyal) (TTM) 0.45
Book Value (BV) ( Riyal) 1.15
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 25.61
P/E (TTM) 24.24
Price/book 9.46
Return on Average Assets (%) (TTM) 6.6
Return on Average Equity (%) (TTM) 36.1
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Share Price

Abdullah Al Othaim Markets Co.
10.92
(0.04) (0.36 %)

Abdullah Al Othaim Markets Co. (A.OTHAIM MARKET)

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