SADAFCO net profit falls 35% to SAR 92.2 mln in H1 2021/22

21/10/2021 Argaam Exclusive

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Share Price

337.00
(6.80) (1.98 %)

Saudia Dairy and Foodstuff Co. (SADAFCO)

Saudia Dairy & Foodstuff Co. (SADAFCO) reported a net profit attributable to shareholders of SAR 92.2 million for the six-month period ended Sept. 30, 2021, a decline of 35% from a net profit of SAR 140.7 million in the year-earlier period.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Revenues 1,101.39 1,022.48 (7.2 %)
Gross Income 360.22 312.02 (13.4 %)
Operating Income 148.28 101.47 (31.6 %)
Net Income 140.71 92.21 (34.5 %)
Average Shares 32.50 32.50 -
EPS (Riyals) 4.33 2.84 (34.5 %)

The profit decline was attributed to lower sales value driven by COVID-related tailwind last year (especially in Q1), higher raw materials prices and revised value-added tax (VAT) since Q2 last year.

 

In addition, sales and distribution expenses increased to 15%, from 14% last year, due a rise in routes and distribution focus.



Current Quarter Comparison (M)

Compared With The
Item Q2 2020 Q2 2021 Change‬
Revenues 535.40 530.08 (1.0 %)
Gross Income 176.92 161.54 (8.7 %)
Operating Income 72.52 57.69 (20.5 %)
Net Income 70.31 54.06 (23.1 %)
Average Shares 32.50 32.50 -
EPS (Riyals) 2.16 1.66 (23.1 %)

In Q2 2021/22, the net profit fell 23% to SAR 54.1 million.

 

On a sequential basis, Q2 net profit rose 41.7% from SAR 38.15 million.

 

Shareholders’ equity, after minority interest, increased to SAR 1.532 billion from SAR 1.517 billion a year earlier.

 

View more financial results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2012 410.58 24.5 % 126.84 19.9 % 31.77 16.4 % 0.98
Q2 2012 386.82 9.6 % 121.53 12.5 % 46.06 15.4 % 1.42
Q3 2012 383.20 11.9 % 115.76 12.8 % 35.54 (16.6 %) 1.09
Q4 2012 368.43 18.7 % 110.90 12.1 % 50.89 21.0 % 1.57
Q1 2013 427.85 4.2 % 128.47 1.3 % 32.89 3.5 % 1.01
Q2 2013 379.65 (1.9 %) 125.10 2.9 % 46.45 0.8 % 1.43
Q3 2013 358.83 (6.4 %) 117.99 1.9 % 38.69 8.9 % 1.19
Q4 2013 386.49 4.9 % 121.59 9.6 % 51.79 1.8 % 1.59
Q1 2014 463.61 8.4 % 137.24 6.8 % 34.03 3.5 % 1.05
Q2 2014 431.30 13.6 % 129.56 3.6 % 47.63 2.6 % 1.47
Q3 2014 447.79 24.8 % 126.94 7.6 % 30.10 (22.2 %) 0.93
Q4 2014 464.18 20.1 % 158.54 30.4 % 29.19 (43.6 %) 0.90
Q1 2015 520.68 12.3 % 179.73 31.0 % 58.29 71.3 % 1.79
Q2 2015 481.93 11.7 % 166.21 28.3 % 53.91 13.2 % 1.66
Q3 2015 496.12 10.8 % 171.89 35.4 % 68.13 126.4 % 2.10
Q4 2015 484.04 4.3 % 190.80 20.3 % 79.88 173.7 % 2.46
Q1 2016 475.74 (8.6 %) 192.24 7.0 % 81.15 39.2 % 2.50
Q2 2016 445.03 (7.7 %) 171.79 3.4 % 80.85 50.0 % 2.49
Q3 2016 436.09 (12.1 %) 158.98 (7.5 %) 67.84 (0.4 %) 2.09
Q4 2016 430.00 (11.2 %) 167.25 (12.3 %) 73.84 (7.6 %) 2.27
Q1 2017 452.83 (4.8 %) 175.18 (8.9 %) 77.07 (5.0 %) 2.37
Q2 2017 441.31 (0.8 %) 171.32 (0.3 %) 75.16 (7.0 %) 2.31
Q3 2017 419.93 (3.7 %) 149.44 (6.0 %) 58.52 (13.7 %) 1.80
Q4 2017 378.61 (11.9 %) 137.73 (17.7 %) 50.13 (32.1 %) 1.54
Q1 2018 410.17 (9.4 %) 133.52 (23.8 %) 50.20 (34.9 %) 1.54
Q2 2018 476.62 8.0 % 145.83 (14.9 %) 54.09 (28.0 %) 1.66
Q3 2018 462.67 10.2 % 139.80 (6.5 %) 54.15 (7.5 %) 1.67
Q4 2018 463.50 22.4 % 161.15 17.0 % 59.95 19.6 % 1.84
Q1 2019 485.23 18.3 % 156.47 17.2 % 58.28 16.1 % 1.79
Q2 2019 521.08 9.3 % 176.78 21.2 % 65.16 20.5 % 2.00
Q3 2019 488.47 5.6 % 176.12 26.0 % 68.32 26.2 % 2.10
Q4 2019 561.31 21.1 % 179.81 11.6 % 74.50 24.3 % 2.29
Q1 2020 565.99 16.6 % 183.30 17.1 % 70.40 20.8 % 2.17
Q2 2020 535.40 2.7 % 176.92 0.1 % 70.31 7.9 % 2.16
Q3 2020 482.02 (1.3 %) 160.80 (8.7 %) 63.77 (6.7 %) 1.96
Q4 2020 521.98 (7.0 %) 172.81 (3.9 %) 56.08 (24.7 %) 1.73
Q1 2021 492.40 (13.0 %) 150.47 (17.9 %) 38.15 (45.8 %) 1.17
Q2 2021 530.08 (1.0 %) 161.54 (8.7 %) 54.06 (23.1 %) 1.66

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2012 30.81 % 14.31 % 11.04 %
Q2 2012 31.02 % 14.48 % 11.20 %
Q3 2012 31.05 % 13.93 % 10.42 %
Q4 2012 30.67 % 14.30 % 10.60 %
Q1 2013 30.43 % 14.29 % 10.56 %
Q2 2013 30.80 % 14.72 % 10.63 %
Q3 2013 31.44 % 15.25 % 11.01 %
Q4 2013 31.76 % 15.51 % 10.94 %
Q1 2014 31.60 % 15.58 % 10.76 %
Q2 2014 30.87 % 15.26 % 10.50 %
Q3 2014 29.80 % 14.13 % 9.46 %
Q4 2014 30.57 % 12.56 % 7.80 %
Q1 2015 31.91 % 13.56 % 8.86 %
Q2 2015 32.98 % 13.61 % 8.96 %
Q3 2015 34.46 % 15.75 % 10.67 %
Q4 2015 35.74 % 18.05 % 13.12 %
Q1 2016 37.21 % 19.66 % 14.61 %
Q2 2016 38.23 % 21.33 % 16.31 %
Q3 2016 38.78 % 21.64 % 16.82 %
Q4 2016 38.63 % 21.05 % 17.00 %
Q1 2017 38.16 % 20.91 % 16.98 %
Q2 2017 38.22 % 20.43 % 16.70 %
Q3 2017 38.03 % 19.99 % 16.32 %
Q4 2017 37.44 % 20.13 % 15.41 %
Q1 2018 35.88 % 18.82 % 14.18 %
Q2 2018 33.61 % 17.17 % 12.63 %
Q3 2018 32.23 % 16.41 % 12.07 %
Q4 2018 32.01 % 16.13 % 12.05 %
Q1 2019 31.95 % 16.44 % 12.00 %
Q2 2019 32.82 % 17.12 % 12.29 %
Q3 2019 34.24 % 18.23 % 12.85 %
Q4 2019 33.52 % 18.85 % 12.95 %
Q1 2020 33.51 % 18.92 % 13.03 %
Q2 2020 33.29 % 19.10 % 13.18 %
Q3 2020 32.68 % 18.72 % 13.01 %
Q4 2020 32.95 % 18.02 % 12.38 %
Q1 2021 32.53 % 17.10 % 11.24 %
Q2 2021 31.86 % 16.41 % 10.46 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2012 32.50 4.81 4.81 22.02
Q2 2012 32.50 5.00 5.00 23.45
Q3 2012 32.50 4.78 4.78 24.53
Q4 2012 32.50 5.05 5.05 26.12
Q1 2013 32.50 5.09 5.09 24.11
Q2 2013 32.50 5.10 5.10 25.52
Q3 2013 32.50 5.20 5.20 26.67
Q4 2013 32.50 5.23 5.23 28.35
Q1 2014 32.50 5.26 5.26 25.91
Q2 2014 32.50 5.30 5.30 27.37
Q3 2014 32.50 5.03 5.03 28.26
Q4 2014 32.50 4.34 4.34 29.17
Q1 2015 32.50 5.08 5.08 27.46
Q2 2015 32.50 5.28 5.28 29.12
Q3 2015 32.50 6.45 6.45 31.15
Q4 2015 32.50 8.01 8.01 33.61
Q1 2016 32.50 8.71 8.71 31.88
Q2 2016 32.50 9.54 9.54 34.42
Q3 2016 32.50 9.53 9.53 36.56
Q4 2016 32.50 9.34 9.34 38.80
Q1 2017 32.50 9.22 9.22 37.17
Q2 2017 32.50 9.04 9.04 39.49
Q3 2017 32.50 8.76 8.76 39.29
Q4 2017 32.50 8.03 8.03 40.65
Q1 2018 32.50 7.20 7.20 42.22
Q2 2018 32.50 6.55 6.55 41.16
Q3 2018 32.50 6.42 6.42 40.82
Q4 2018 32.50 6.72 6.72 41.18
Q1 2019 32.50 6.97 6.97 41.01
Q2 2019 32.50 7.31 7.31 43.01
Q3 2019 32.50 7.75 7.75 42.64
Q4 2019 32.50 8.19 8.19 44.83
Q1 2020 32.50 8.57 8.57 44.53
Q2 2020 32.50 8.72 8.72 46.69
Q3 2020 32.50 8.58 8.58 48.65
Q4 2020 32.50 8.02 8.02 47.18
Q1 2021 32.50 7.02 7.02 48.56
Q2 2021 32.50 6.52 6.52 47.15

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2012 12.16 12.16 2.66
Q2 2012 11.30 11.30 2.41
Q3 2012 12.23 12.23 2.39
Q4 2012 12.81 12.81 2.48
Q1 2013 12.82 12.82 2.71
Q2 2013 17.01 17.01 3.40
Q3 2013 17.84 17.84 3.48
Q4 2013 16.51 16.51 3.04
Q1 2014 18.15 18.15 3.69
Q2 2014 19.06 19.06 3.69
Q3 2014 24.65 24.65 4.39
Q4 2014 27.42 27.42 4.08
Q1 2015 23.74 23.74 4.39
Q2 2015 27.09 27.09 4.91
Q3 2015 21.02 21.02 4.35
Q4 2015 13.99 13.99 3.33
Q1 2016 14.23 14.23 3.89
Q2 2016 15.61 15.61 4.33
Q3 2016 12.91 12.91 3.37
Q4 2016 13.33 13.33 3.21
Q1 2017 14.35 14.35 3.56
Q2 2017 13.73 13.73 3.14
Q3 2017 13.64 13.64 3.04
Q4 2017 16.31 16.31 3.22
Q1 2018 16.37 16.37 2.79
Q2 2018 14.38 14.38 2.29
Q3 2018 14.02 14.02 2.20
Q4 2018 14.94 14.94 2.44
Q1 2019 14.84 14.84 2.52
Q2 2019 15.73 15.73 2.67
Q3 2019 17.30 17.30 3.14
Q4 2019 17.45 17.45 3.19
Q1 2020 15.99 15.99 3.08
Q2 2020 18.91 18.91 3.53
Q3 2020 21.25 21.25 3.75
Q4 2020 21.49 21.49 3.71
Q1 2021 23.57 23.57 3.41
Q2 2021 27.22 27.22 3.83

Business Segments (Million)

Compared With The
Period Drinks Non-drinks
Q1 2016 311.95 163.79
Q2 2016 306.89 138.14
Q3 2016 297.45 138.64
Q4 2016 298.79 131.17
Q1 2017 285.15 167.68
Q2 2017 304.61 136.70
Q3 2017 268.91 151.02
Q4 2017 270.84 107.78
Q1 2018 247.91 162.26
Q2 2018 278.67 197.96
Q3 2018 280.46 182.20
Q4 2018 287.69 175.81
Q1 2019 278.48 206.75
Q2 2019 310.46 210.62
Q3 2019 325.65 162.81
Q4 2019 333.52 227.80
Q1 2020 352.05 213.95
Q2 2020 317.08 218.32
Q3 2020 297.61 184.41
Q4 2020 310.43 211.56
Q1 2021 271.59 220.81
Q2 2021 298.72 231.36

Analysts Estimates (Million)

Item Q2 2021 (e) Q2 2021 (a) Change‬
Average 54.00 54.06 0.11 %

Estimates vs Actual (Million)

Item Q2 2021 (e) Q2 2021 (a) Change
Al Rajhi Capital 54.00 54.06 0.1 %

Current
Market Cap (M Riyal) 10,952.50
Enterprise Value (EV) (M) 10,191.52
Shares Outstanding ((M)) 32.50
EPS ( Riyal) (TTM) 13.97
Book Value (BV) ( Riyal) 56.42
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 23.30
P/E (TTM) 24.13
Price/book 5.97
Return on Average Assets (%) (TTM) 17.2
Return on Average Equity (%) (TTM) 26.0

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