Jarir 9M 2024 profit slightly lower to SAR 698.6M; Q3 at SAR 308.2M

Jarir 9M 2024 profit slightly lower to SAR 698.6M; Q3 at SAR 308.2M

14/10/2024 Argaam Exclusive

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Jarir Marketing Co.’s (JMC) net profit saw a marginal decline to SAR 698.6 million in the first nine months of 2024, from SAR 699.9 million in the prior-year period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 7,792.42 7,966.47 2.2 %
Gross Income 947.72 971.74 2.5 %
Operating Income 713.28 708.88 (0.6 %)
Net Income 699.86 698.64 (0.2 %)
Average Shares 1,200.00 1,200.00 -
EPS (Riyals) 0.58 0.58 (0.2 %)

The nine-month profit fall was due to higher selling, marketing, general, administrative, and non-operating expenses.

 

This was despite an increase of total sales by 2.2%, mainly due to a rise in sales of the smart phones, computers, and tablets sections.

 

Gross profit increased by 2.5%, surpassing the sales growth rate due to an improvement in smartphone profit margins resulting from discounts received from vendors. In addition, other income moved higher.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 2,639.04 2,666.67 1.0 %
Gross Income 384.41 414.62 7.9 %
Operating Income 301.19 313.54 4.1 %
Net Income 296.33 308.23 4.0 %
Average Shares 1,200.00 1,200.00 -
EPS (Riyals) 0.25 0.26 4.0 %

The third-quarter net profit rose by 4% to SAR 308.2 million, from SAR 296.3 million in Q3 2023, buoyed by an increase in total sales by 1% year-on-year (YoY) due to a rise in sales of computers, tablets, and smart phones.

 

On a quarter-on-quarter basis, Q3 2024 net earnings jumped 80.1% from SAR 171.1 million in Q2 2024.

 

Total shareholders’ equity, no minority interest, stood at SAR 1.77 billion as of Sept. 30, 2024, compared to SAR 1.79 billion a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q2 2022 2,010.48 (0.2 %) 248.59 (5.1 %) 169.81 (13.4 %)
Q3 2022 2,517.03 13.2 % 372.26 8.2 % 283.42 2.7 %
Q4 2022 2,577.29 11.2 % 341.48 19.5 % 250.48 17.9 %
Q1 2023 2,717.65 18.8 % 323.74 (0.4 %) 249.42 (3.4 %)
Q2 2023 2,435.73 21.2 % 239.57 (3.6 %) 162.68 (4.2 %)
Q3 2023 2,639.04 4.8 % 384.41 3.3 % 301.19 6.3 %
Q4 2023 2,802.50 8.7 % 328.21 (3.9 %) 259.25 3.5 %
Q1 2024 2,649.85 (2.5 %) 294.65 (9.0 %) 221.12 (11.3 %)
Q2 2024 2,650.00 8.8 % 262.50 9.6 % 189.00 16.2 %
Q3 2024 2,666.67 1.0 % 414.62 7.9 % 313.54 4.1 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q2 2022 177.16 (6.4 %) 0.15 10.20 166.96 0.14
Q3 2022 273.72 0.4 % 0.23 - 273.72 0.23
Q4 2022 267.57 1.9 % 0.22 17.00 250.57 0.21
Q1 2023 247.75 (1.4 %) 0.21 - 247.75 0.21
Q2 2023 155.78 (12.1 %) 0.13 - 155.78 0.13
Q3 2023 296.33 8.3 % 0.25 - 296.33 0.25
Q4 2023 273.19 2.1 % 0.23 - 273.19 0.23
Q1 2024 219.32 (11.5 %) 0.18 - 219.32 0.18
Q2 2024 171.10 9.8 % 0.14 - 171.10 0.14
Q3 2024 308.23 4.0 % 0.26 - 308.23 0.26

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q2 2022 13.61 % 12.12 % 10.22 %
Q3 2022 13.49 % 11.88 % 10.03 %
Q4 2022 13.71 % 12.02 % 10.04 %
Q1 2023 13.09 % 11.43 % 9.56 %
Q2 2023 12.46 % 10.97 % 9.05 %
Q3 2023 12.43 % 11.05 % 9.17 %
Q4 2023 12.04 % 10.91 % 9.18 %
Q1 2024 11.84 % 10.71 % 8.97 %
Q2 2024 11.82 % 10.68 % 8.94 %
Q3 2024 12.07 % 10.77 % 9.02 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q2 2022 1,200.00 0.80 0.75 1.42
Q3 2022 1,200.00 0.80 0.76 1.50
Q4 2022 1,200.00 0.81 0.79 1.50
Q1 2023 1,200.00 0.81 0.78 1.48
Q2 2023 1,200.00 0.79 0.77 1.40
Q3 2023 1,200.00 0.81 0.79 1.50
Q4 2023 1,200.00 0.81 0.81 1.48
Q1 2024 1,200.00 0.79 0.79 1.42
Q2 2024 1,200.00 0.80 0.80 1.38
Q3 2024 1,200.00 0.81 0.81 1.48

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q2 2022 20.25 21.59 11.45
Q3 2022 20.77 21.88 11.12
Q4 2022 18.56 19.10 9.99
Q1 2023 20.24 20.83 11.02
Q2 2023 21.01 21.39 11.78
Q3 2023 17.99 18.31 9.67
Q4 2023 19.21 19.21 10.55
Q1 2024 18.42 18.42 10.18
Q2 2024 15.78 15.78 9.17
Q3 2024 16.22 16.22 8.86

Business Segments (Million)

Compared With The
Period Retail sector Wholesale sector E-Commerce Other sectors
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
Q2 2022 1,778.00 45.00 165.00 22.00
Q3 2022 2,003.00 115.00 371.00 28.00
Q4 2022 1,988.00 68.00 474.00 47.00
Q1 2023 1,950.00 64.00 665.00 39.00
Q2 2023 1,944.00 41.00 422.00 28.00
Q3 2023 1,988.00 126.00 485.00 40.00
Q4 2023 2,273.00 59.00 434.00 37.00
Q1 2024 2,105.00 53.00 470.00 22.00
Q2 2024 1,906.00 34.00 691.00 19.00
Q3 2024 1,859.00 117.00 658.00 32.00

Analysts Estimates (Million)

Item Q3 2024 (e) Q3 2024 (a) Change‬
Average 307.36 308.23 0.28 %

Estimates vs Actual (Million)

Item Q3 2024 (e) Q3 2024 (a) Change
U-Capital 308.80 308.23 (0.2) %
AlJazira Capital 306.90 308.23 0.4 %
SNB Capital 306.00 308.23 0.7 %
GIB Capital 311.00 308.23 (0.9) %
Al Rajhi Capital 314.00 308.23 (1.8) %
Riyad Capital 317.00 308.23 (2.8) %
Sico 297.00 308.23 3.8 %
Hermes 323.00 308.23 (4.6) %
Goldman Sachs 288.00 308.23 7.0 %
OSOOL AND BAKHEET 332.27 308.23 (7.2) %
YAQEEN 277.00 308.23 11.3 %

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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