Jarir Q1 2022 profit slips 6% to SAR 251.3 mln

Jarir Q1 2022 profit slips 6% to SAR 251.3 mln

14/04/2022 Argaam Exclusive

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Jarir Marketing Co. posted a 6% fall in Q1 2022 net profit after Zakat and tax to SAR 251.3 million, compared to SAR 267.6 million in the year-ago period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 2,530.39 2,286.89 (9.6 %)
Gross Income 337.57 325.05 (3.7 %)
Operating Income 276.92 258.12 (6.8 %)
Net Income 267.64 251.31 (6.1 %)
Average Shares 1,200.00 1,200.00 -
EPS (Riyals) 0.22 0.21 (6.1 %)

The company ascribed the profit decline year-on-year (YoY) to lower sales due to the drop in sales of some categories, namely smartphones, accessories, computer supplies, and video games.
 

This came despite the increased sales of school and office supplies, following the resumption of study in full attendance for all stages.
 

On a sequential basis, Q1 2022 net profit declined 4.3% from SAR 262.48 in the previous quarter.
 

The Tadawul-listed firm attributed the profit decline quarter-on-quarter (QoQ) to the slump in other income.
 

Other income in Q4 2021 included (among other factors) a capital gain of SAR 38 million on disposal of a parcel of land.
 

Total shareholders' equity, excluding minority interest, amounted to SAR 1.776 billion in Q2 2022, compared to SAR 1.711 billion in the prior-year period.
 

Jarir also noted that these estimated financial results for Q1 2022 were prepared by the management and have not yet been reviewed by the external auditor.
 

Comprehensive income in the current quarter, according to Jarir, is less than net profit by around SAR 11 million. This was mainly due to exchange losses related to the subsidiary in Egypt as a result of the Egyptian pound’s devaluation against foreign currencies including Saudi Riyal in March 2022.
 

Jarir also pointed out that a new showroom was opened during the three-month period.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q4 2020 2,553.83 6.7 % 362.96 4.3 % 304.52 8.6 %
Q1 2021 2,530.39 8.1 % 337.57 3.1 % 276.92 4.7 %
Q2 2021 2,015.28 (15.1 %) 262.03 (13.7 %) 195.98 (10.5 %)
Q3 2021 2,224.49 9.2 % 344.09 2.9 % 275.95 4.1 %
Q4 2021 2,318.11 (9.2 %) 285.64 (21.3 %) 212.39 (30.3 %)
Q1 2022 2,286.89 (9.6 %) 325.05 (3.7 %) 258.12 (6.8 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q4 2020 287.67 3.9 % 0.24 - 287.67 0.24
Q1 2021 267.64 6.3 % 0.22 - 267.64 0.22
Q2 2021 189.24 (9.2 %) 0.16 - 189.24 0.16
Q3 2021 272.50 6.8 % 0.23 11.10 261.40 0.22
Q4 2021 262.48 (8.8 %) 0.22 38.50 223.98 0.19
Q1 2022 251.31 (6.1 %) 0.21 - 251.31 0.21

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q4 2020 14.28 % 13.00 % 10.78 %
Q1 2021 14.10 % 12.87 % 10.73 %
Q2 2021 14.19 % 13.18 % 10.94 %
Q3 2021 14.01 % 13.00 % 10.79 %
Q4 2021 13.53 % 12.28 % 10.37 %
Q1 2022 13.76 % 12.44 % 10.47 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2020 1,200.00 0.84 0.84 1.44
Q1 2021 1,200.00 0.85 0.85 1.43
Q2 2021 1,200.00 0.83 0.83 1.37
Q3 2021 1,200.00 0.85 0.84 1.46
Q4 2021 1,200.00 0.83 0.79 1.47
Q1 2022 1,200.00 0.81 0.77 1.48

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2020 20.75 20.75 12.06
Q1 2021 21.43 21.43 12.77
Q2 2021 25.35 25.35 15.38
Q3 2021 24.73 25.00 14.35
Q4 2021 23.81 25.06 13.35
Q1 2022 24.23 25.53 13.31

Business Segments (Million)

Compared With The
Period Retail sector Wholesale sector E-Commerce Other sectors
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
Q4 2020 2,089.00 38.00 404.00 23.00
Q1 2021 2,276.00 40.00 193.00 21.00
Q2 2021 1,811.00 28.00 150.00 27.00
Q3 2021 1,868.00 78.00 255.00 23.00
Q4 2021 2,038.00 46.00 192.00 42.00
Q1 2022 2,012.00 69.00 181.00 25.00

Analysts Estimates (Million)

Item Q1 2022 (e) Q1 2022 (a) Change‬
Average 262.87 251.31 (4.4 %)

Estimates vs Actual (Million)

Item Q1 2022 (e) Q1 2022 (a) Change
SNB Capital 252.00 251.31 (0.3) %
Sico 250.00 251.31 0.5 %
OSOOL AND BAKHEET 249.42 251.31 0.8 %
Al Rajhi Capital 239.00 251.31 5.2 %
Hermes 266.00 251.31 (5.5) %
Riyad Capital 270.00 251.31 (6.9) %
U-Capital 273.20 251.31 (8.0) %
AlJazira Capital 222.20 251.31 13.1 %
Arqaam Capital 344.00 251.31 (26.9) %

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

Share Price

12.92
0.02 0.16 %

Jarir Marketing Co. (JARIR)


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