Jarir’s net profit rises 1% to SAR 715.3 mln in 9M 2020

Jarir’s net profit rises 1% to SAR 715.3 mln in 9M 2020

11/10/2020 Argaam Exclusive

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Jarir Marketing Co. (JMC) reported a net profit after Zakat and tax of SAR 715.3 million for the first nine months of 2020, a marginal rise of 1% year-on-year (YoY), driven by a 12% growth in sales, due to a rise in the retail sections, the computers and the smart phones.



Financials (M)

Item 9m 2019 9m 2020 Change‬
Revenues 6,030.45 6,751.99 12.0 %
Gross Income 925.17 965.65 4.4 %
Operating Income 741.28 748.48 1.0 %
Net Income 707.79 715.32 1.1 %
Average Shares 1,200.00 1,200.00 -
EPS (Riyals) 0.59 0.60 1.1 %

In Q3 2020, net profit after Zakat and tax fell by 16.3% YoY to SAR 255.2 million, hit by a decline in sales of several retail sections, particularly school and office supplies, as well as smart phones. Net profit was also hit by lower sales in most wholesale sections.

 

School and office supplies, and wholesale sections were negatively affected by the precautionary measure taken by the competent authorities to shift the traditional education process to remote learning. Sales were also hit by the VAT hike from 5% to 15%.

 



Current Quarter Comparison (M)

Compared With The
Item Q3 2019 Q3 2020 Change‬
Revenues 2,251.23 2,037.85 (9.5 %)
Gross Income 389.14 334.46 (14.1 %)
Operating Income 314.68 265.06 (15.8 %)
Net Income 304.97 255.24 (16.3 %)
Average Shares 1,200.00 1,200.00 -
EPS (Riyals) 0.25 0.21 (16.3 %)

When compared to the previous quarter, Jarir’s net profit jumped 22.4%, on a decrease in general and administrative expenses, which included a contribution of SAR 20 million to the Ministry of Health’s Health Endowment Fund in Q2 2020.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2011 945.63 18.9 % 162.68 13.8 % 135.53 15.3 %
Q2 2011 968.26 44.1 % 127.80 29.3 % 97.22 30.1 %
Q3 2011 1,208.91 64.4 % 183.99 45.1 % 150.90 47.0 %
Q4 2011 1,024.52 26.2 % 159.15 19.7 % 122.89 21.9 %
Q1 2012 1,196.21 26.5 % 190.19 16.9 % 160.77 18.6 %
Q2 2012 1,065.83 10.1 % 137.29 7.4 % 106.17 9.2 %
Q3 2012 1,189.84 (1.6 %) 193.39 5.1 % 160.05 6.1 %
Q4 2012 1,182.34 15.4 % 173.24 8.9 % 135.00 9.9 %
Q1 2013 1,329.98 11.2 % 210.75 10.8 % 179.70 11.8 %
Q2 2013 1,258.28 18.1 % 163.93 19.4 % 127.32 19.9 %
Q3 2013 1,334.15 12.1 % 218.87 13.2 % 184.54 15.3 %
Q4 2013 1,320.26 11.7 % 200.80 15.9 % 156.49 15.9 %
Q1 2014 1,398.85 5.2 % 235.05 11.5 % 199.92 11.3 %
Q2 2014 1,289.43 2.5 % 173.66 5.9 % 133.31 4.7 %
Q3 2014 1,426.25 6.9 % 237.37 8.5 % 201.05 9.0 %
Q4 2014 1,584.20 20.0 % 240.39 19.7 % 192.53 23.0 %
Q1 2015 1,909.51 36.5 % 283.51 20.6 % 243.11 21.6 %
Q2 2015 1,405.76 9.0 % 191.37 10.2 % 151.70 13.8 %
Q3 2015 1,536.06 7.7 % 253.41 6.8 % 215.98 7.4 %
Q4 2015 1,524.05 (3.8 %) 243.74 1.4 % 197.91 2.8 %
Q1 2016 1,417.43 (25.8 %) 214.77 (24.2 %) 166.73 (31.4 %)
Q2 2016 1,390.74 (1.1 %) 162.76 (15.0 %) 116.18 (23.4 %)
Q3 2016 1,520.93 (1.0 %) 252.93 (0.2 %) 215.03 (0.4 %)
Q4 2016 1,793.46 17.7 % 244.80 0.4 % 210.11 6.2 %
Q1 2017 1,704.95 20.3 % 247.38 15.2 % 212.94 27.7 %
Q2 2017 1,584.80 14.0 % 192.72 18.4 % 133.22 14.7 %
Q3 2017 1,651.79 8.6 % 290.72 14.9 % 242.42 12.7 %
Q4 2017 2,000.39 11.5 % 306.42 25.2 % 246.19 17.2 %
Q1 2018 1,599.42 (6.2 %) 242.67 (1.9 %) 210.02 (1.4 %)
Q2 2018 1,693.32 6.8 % 212.53 10.3 % 156.44 17.4 %
Q3 2018 1,932.08 17.0 % 338.56 16.5 % 285.09 17.6 %
Q4 2018 2,136.90 6.8 % 320.07 4.5 % 261.97 6.4 %
Q1 2019 1,886.64 18.0 % 302.14 24.5 % 248.14 18.2 %
Q2 2019 1,892.58 11.8 % 233.90 10.1 % 178.46 14.1 %
Q3 2019 2,251.23 16.5 % 389.14 14.9 % 314.68 10.4 %
Q4 2019 2,394.06 12.0 % 348.00 8.7 % 280.44 7.0 %
Q1 2020 2,340.22 24.0 % 327.46 8.4 % 264.51 6.6 %
Q2 2020 2,373.92 25.4 % 303.74 29.9 % 218.90 22.7 %
Q3 2020 2,037.85 (9.5 %) 334.46 (14.1 %) 265.06 (15.8 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2011 136.77 15.4 % 0.11 - 136.77 0.11
Q2 2011 98.52 30.0 % 0.08 - 98.52 0.08
Q3 2011 152.88 48.6 % 0.13 - 152.88 0.13
Q4 2011 124.82 20.5 % 0.10 - 124.82 0.10
Q1 2012 164.23 20.1 % 0.14 - 164.23 0.14
Q2 2012 106.98 8.6 % 0.09 - 106.98 0.09
Q3 2012 160.71 5.1 % 0.13 - 160.71 0.13
Q4 2012 137.91 10.5 % 0.11 - 137.91 0.11
Q1 2013 180.84 10.1 % 0.15 - 180.84 0.15
Q2 2013 126.22 18.0 % 0.11 - 126.22 0.11
Q3 2013 186.19 15.9 % 0.16 - 186.19 0.16
Q4 2013 160.03 16.0 % 0.13 - 160.03 0.13
Q1 2014 201.33 11.3 % 0.17 - 201.33 0.17
Q2 2014 135.23 7.1 % 0.11 - 135.23 0.11
Q3 2014 203.00 9.0 % 0.17 - 203.00 0.17
Q4 2014 205.81 28.6 % 0.17 - 205.81 0.17
Q1 2015 247.02 22.7 % 0.21 - 247.02 0.21
Q2 2015 154.86 14.5 % 0.13 - 154.86 0.13
Q3 2015 218.50 7.6 % 0.18 - 218.50 0.18
Q4 2015 208.09 1.1 % 0.17 - 208.09 0.17
Q1 2016 174.96 (29.2 %) 0.15 - 174.96 0.15
Q2 2016 126.48 (18.3 %) 0.11 - 126.48 0.11
Q3 2016 217.92 (0.3 %) 0.18 (4.00) 221.92 0.18
Q4 2016 215.32 3.5 % 0.18 - 215.32 0.18
Q1 2017 221.44 26.6 % 0.18 - 221.44 0.18
Q2 2017 147.76 16.8 % 0.12 7.40 140.36 0.12
Q3 2017 246.53 13.1 % 0.21 - 246.53 0.21
Q4 2017 251.93 17.0 % 0.21 - 251.93 0.21
Q1 2018 219.10 (1.1 %) 0.18 - 219.10 0.18
Q2 2018 162.59 10.0 % 0.14 - 162.59 0.14
Q3 2018 288.00 16.8 % 0.24 - 288.00 0.24
Q4 2018 290.31 15.2 % 0.24 - 290.31 0.24
Q1 2019 233.69 6.7 % 0.19 - 233.69 0.19
Q2 2019 169.13 4.0 % 0.14 - 169.13 0.14
Q3 2019 304.97 5.9 % 0.25 - 304.97 0.25
Q4 2019 276.94 (4.6 %) 0.23 - 276.94 0.23
Q1 2020 251.69 7.7 % 0.21 - 251.69 0.21
Q2 2020 208.39 23.2 % 0.17 - 208.39 0.17
Q3 2020 255.24 (16.3 %) 0.21 - 255.24 0.21

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2011 16.47 % 13.70 % 13.24 %
Q2 2011 15.90 % 13.17 % 12.76 %
Q3 2011 15.44 % 12.82 % 12.50 %
Q4 2011 15.28 % 12.72 % 12.37 %
Q1 2012 15.03 % 12.57 % 12.29 %
Q2 2012 14.92 % 12.52 % 12.21 %
Q3 2012 15.19 % 12.79 % 12.44 %
Q4 2012 14.98 % 12.59 % 12.30 %
Q1 2013 14.99 % 12.66 % 12.30 %
Q2 2013 14.94 % 12.59 % 12.21 %
Q3 2013 15.02 % 12.69 % 12.36 %
Q4 2013 15.15 % 12.70 % 12.46 %
Q1 2014 15.41 % 12.97 % 12.68 %
Q2 2014 15.51 % 13.03 % 12.78 %
Q3 2014 15.58 % 13.14 % 12.87 %
Q4 2014 15.56 % 13.18 % 13.08 %
Q1 2015 15.06 % 12.79 % 12.74 %
Q2 2015 15.06 % 12.84 % 12.82 %
Q3 2015 15.05 % 12.90 % 12.84 %
Q4 2015 15.25 % 13.19 % 12.99 %
Q1 2016 15.35 % 13.10 % 12.86 %
Q2 2016 14.91 % 12.59 % 12.41 %
Q3 2016 14.94 % 12.65 % 12.50 %
Q4 2016 14.30 % 12.26 % 12.07 %
Q1 2017 14.16 % 12.40 % 12.25 %
Q2 2017 14.20 % 12.33 % 12.10 %
Q3 2017 14.49 % 12.50 % 12.23 %
Q4 2017 14.94 % 12.73 % 12.39 %
Q1 2018 15.10 % 12.90 % 12.55 %
Q2 2018 15.15 % 13.07 % 12.67 %
Q3 2018 15.23 % 13.18 % 12.76 %
Q4 2018 15.13 % 13.18 % 13.04 %
Q1 2019 15.34 % 13.45 % 12.74 %
Q2 2019 15.22 % 13.68 % 12.50 %
Q3 2019 15.25 % 13.76 % 12.22 %
Q4 2019 15.11 % 13.85 % 11.69 %
Q1 2020 14.63 % 13.37 % 11.29 %
Q2 2020 14.62 % 13.11 % 11.13 %
Q3 2020 14.36 % 12.93 % 10.85 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2011 1,200.00 0.35 0.35 0.71
Q2 2011 1,200.00 0.37 0.37 0.70
Q3 2011 1,200.00 0.41 0.41 0.76
Q4 2011 1,200.00 0.43 0.43 0.76
Q1 2012 1,200.00 0.45 0.45 0.81
Q2 2012 1,200.00 0.46 0.46 0.79
Q3 2012 1,200.00 0.46 0.46 0.86
Q4 2012 1,200.00 0.47 0.47 0.86
Q1 2013 1,200.00 0.49 0.49 0.91
Q2 2013 1,200.00 0.50 0.50 0.90
Q3 2013 1,200.00 0.53 0.53 0.97
Q4 2013 1,200.00 0.54 0.54 0.98
Q1 2014 1,200.00 0.56 0.56 1.04
Q2 2014 1,200.00 0.57 0.57 1.02
Q3 2014 1,200.00 0.58 0.58 1.10
Q4 2014 1,200.00 0.62 0.62 1.13
Q1 2015 1,200.00 0.66 0.66 1.20
Q2 2015 1,200.00 0.68 0.68 1.16
Q3 2015 1,200.00 0.69 0.69 1.23
Q4 2015 1,200.00 0.69 0.69 1.25
Q1 2016 1,200.00 0.63 0.63 1.23
Q2 2016 1,200.00 0.61 0.61 1.23
Q3 2016 1,200.00 0.61 0.61 1.29
Q4 2016 1,200.00 0.61 0.62 1.25
Q1 2017 1,200.00 0.65 0.65 1.27
Q2 2017 1,200.00 0.67 0.67 1.23
Q3 2017 1,200.00 0.69 0.69 1.33
Q4 2017 1,200.00 0.72 0.72 1.36
Q1 2018 1,200.00 0.72 0.71 1.35
Q2 2018 1,200.00 0.73 0.73 1.30
Q3 2018 1,200.00 0.77 0.77 1.41
Q4 2018 1,200.00 0.80 0.80 1.42
Q1 2019 1,200.00 0.81 0.81 1.32
Q2 2019 1,200.00 0.82 0.82 1.27
Q3 2019 1,200.00 0.83 0.83 1.39
Q4 2019 1,200.00 0.82 0.82 1.37
Q1 2020 1,200.00 0.84 0.84 1.36
Q2 2020 1,200.00 0.87 0.87 1.36
Q3 2020 1,200.00 0.83 0.83 1.41

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2011 13.70 13.70 6.72
Q2 2011 15.96 15.96 8.34
Q3 2011 13.95 13.95 7.48
Q4 2011 16.29 16.29 9.22
Q1 2012 17.10 17.10 9.48
Q2 2012 16.51 16.51 9.54
Q3 2012 16.57 16.57 8.99
Q4 2012 16.35 16.35 9.08
Q1 2013 16.73 16.73 8.95
Q2 2013 19.12 19.12 10.74
Q3 2013 21.98 21.98 11.93
Q4 2013 21.91 21.91 12.20
Q1 2014 27.52 27.52 14.86
Q2 2014 25.93 25.93 14.50
Q3 2014 25.92 25.92 13.78
Q4 2014 22.43 22.43 12.30
Q1 2015 25.01 25.01 13.73
Q2 2015 24.53 24.53 14.28
Q3 2015 19.60 19.60 10.94
Q4 2015 17.37 17.37 9.57
Q1 2016 13.47 13.47 6.90
Q2 2016 14.55 14.55 7.19
Q3 2016 11.47 11.41 5.38
Q4 2016 14.14 14.07 6.91
Q1 2017 15.56 15.48 7.95
Q2 2017 16.44 16.51 8.93
Q3 2017 16.68 16.83 8.70
Q4 2017 15.22 15.35 8.12
Q1 2018 18.40 18.56 9.86
Q2 2018 18.18 18.18 10.24
Q3 2018 17.87 17.87 9.76
Q4 2018 19.00 19.00 10.73
Q1 2019 19.48 19.48 11.98
Q2 2019 20.45 20.45 13.11
Q3 2019 19.00 19.00 11.36
Q4 2019 20.18 20.18 12.08
Q1 2020 15.29 15.29 9.39
Q2 2020 16.81 16.81 10.71
Q3 2020 22.66 22.66 13.32

Business Segments (Million)

Compared With The
Period Retail sector Wholesale sector E-Commerce Other sectors
Q1 2011 827.00 119.00 - -
Q2 2011 917.00 51.00 - -
Q3 2011 1,067.00 142.00 - -
Q4 2011 960.00 64.00 - -
Q1 2012 1,070.00 126.00 - -
Q2 2012 1,009.00 57.00 - -
Q3 2012 1,034.00 156.00 - -
Q4 2012 1,092.00 90.00 - -
Q1 2013 1,224.00 106.00 - -
Q2 2013 1,203.00 55.00 - -
Q3 2013 1,173.00 161.00 - -
Q4 2013 1,229.00 92.00 - -
Q1 2014 1,275.00 124.00 - -
Q2 2014 1,230.00 59.00 - -
Q3 2014 1,252.00 175.00 - -
Q4 2014 1,486.00 98.00 - -
Q1 2015 1,783.00 127.00 - -
Q2 2015 1,345.00 60.00 - -
Q3 2015 1,367.00 169.00 - -
Q4 2015 1,397.00 127.00 - -
Q1 2016 1,293.00 85.00 - 39.00
Q2 2016 1,303.00 50.00 - 38.00
Q3 2016 1,326.00 150.00 - 45.00
Q4 2016 1,673.00 71.00 - 50.00
Q1 2017 1,530.00 133.00 - 42.00
Q2 2017 1,497.00 43.00 - 45.00
Q3 2017 1,446.00 154.00 - 52.00
Q4 2017 1,772.00 121.00 - 107.00
Q1 2018 1,487.00 61.00 - 51.00
Q2 2018 1,596.00 35.00 - 63.00
Q3 2018 1,667.00 158.00 - 107.00
Q4 2018 1,873.00 118.00 - 146.00
Q1 2019 1,723.00 66.00 - 98.00
Q3 2019 1,914.00 170.00 135.00 32.00
Q4 2019 2,149.00 93.00 120.20 32.50
Q1 2020 2,071.00 77.00 148.00 44.00
Q2 2020 1,780.00 44.00 520.00 30.00
Q3 2020 1,804.00 66.00 145.00 23.00

Analysts Estimates (Million)

Item Q3 2020 (e) Q3 2020 (a) Change‬
Average 270.33 255.24 (5.6 %)

Estimates vs Actual (Million)

Item Q3 2020 (e) Q3 2020 (a) Change
Al Rajhi Capital 225.00 255.24 13.4 %
Riyad Capital 304.00 255.24 (16.0) %
SNB Capital 211.00 255.24 21.0 %
AlJazira Capital 341.30 255.24 (25.2) %


Financial Ratios
Current
Market Cap (M Riyal) 15,504.00
Enterprise Value (EV) (M) 15,193.26
Shares Outstanding ((M)) 1,200.00
EPS ( Riyal) (TTM) 0.81
Book Value (BV) ( Riyal) 1.48
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 15.95
P/E (TTM) 15.95
Price/book 8.71
Return on Average Assets (%) (TTM) 23.5
Return on Average Equity (%) (TTM) 54.3
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Share Price

Jarir Marketing Co.
12.92
0.02 0.16 %

Jarir Marketing Co. (JARIR)

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