Thimar’s net profit up 48% to SAR 12.4m for the first nine months of 2014

30/09/2014 Argaam Exclusive

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Share Price

Thimar Development Holding Co.
13.56
(0.06) (0.44 %)

Thimar Development Holding Co. (THIMAR)

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National Agriculture Marketing Company (Thimar), a retailer of agriculture and meat products, reported a net profit of SAR 12.4m (SAR 1.24/share) for the nine months ended September 30, 2014, a 48% increase compared to the same period last year.

A net profit of SAR 3.4m was reported for Q3-2014 compared to SAR 3.0m in Q2.



Financials (M)

Item 9m 2013 9m 2014 Change‬
Revenues 78.01 109.21 40.0 %
Gross Income 15.78 26.53 68.1 %
Operating Income 2.75 7.48 172.3 %
Net Income 8.38 12.45 48.5 %
Average Shares 14.88 14.88 -
EPS (Riyals) 0.56 0.84 48.5 %

The company attributed the increase of the first nine months of 2014’s net profit, compared to the same period last year, to the increase of sales and high profit margin, despite the decline of revenue from investment securities from SAR 6.3m in 2013 to SAR 5.6m this year.

The increase of Q3-2014’s net profit compared to the same period last year was attributed to the increase of sales and high profit margin.

The increase of Q3-2014’s net profit compared to the previous period (Q2-2014) was attributed to the increase of revenue from investment securities from SAR 607 thousand for Q2 to SAR 1.7 mn for Q3.



Current Quarter Comparison (M)

Compared With The
Item Q3 2013 Q3 2014 Change‬
Revenues 27.44 31.21 13.7 %
Gross Income 5.55 8.73 57.1 %
Operating Income 1.21 1.94 60.3 %
Net Income 3.05 3.43 12.4 %
Average Shares 14.88 14.88 -
EPS (Riyals) 0.21 0.23 12.4 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2005 19.01 53.4 % 3.96 46.9 % (0.48) 7.2 % (0.03)
Q2 2005 20.09 49.5 % 4.41 95.7 % 3.95 711.1 % 0.27
Q3 2005 20.01 41.0 % 3.21 46.6 % 3.71 449.7 % 0.25
Q4 2005 25.32 33.1 % 4.12 20.4 % 0.96 1190.9 % 0.06
Q1 2006 22.24 17.0 % 2.79 (29.6 %) (1.85) (287.4 %) (0.12)
Q2 2006 25.06 24.8 % 3.09 (30.0 %) (7.23) (283.1 %) (0.49)
Q3 2006 27.19 35.9 % 2.09 (35.0 %) (5.24) (241.4 %) (0.35)
Q4 2006 29.87 18.0 % 3.78 (8.1 %) (1.81) (289.0 %) (0.12)
Q1 2007 26.18 17.7 % 5.76 106.7 % 0.52 128.0 % 0.03
Q2 2007 28.35 13.1 % 5.25 70.1 % (2.51) 65.3 % (0.17)
Q3 2007 34.48 26.8 % 6.50 211.4 % (0.96) 81.7 % (0.06)
Q4 2007 32.67 9.4 % 5.88 55.4 % 5.51 403.8 % 0.37
Q1 2008 31.26 19.4 % 6.21 7.8 % (0.95) (283.2 %) (0.06)
Q2 2008 37.72 33.0 % 7.51 43.0 % 2.12 184.3 % 0.14
Q3 2008 35.95 4.3 % 6.84 5.2 % (3.66) (281.6 %) (0.25)
Q4 2008 41.16 26.0 % 6.32 7.5 % (7.74) (240.4 %) (0.52)
Q1 2009 35.50 13.6 % 5.71 (8.0 %) (1.51) (58.9 %) (0.10)
Q2 2009 32.64 (13.5 %) 2.25 (70.1 %) (4.31) (303.7 %) (0.29)
Q3 2009 33.43 (7.0 %) 3.78 (44.8 %) (2.21) 39.6 % (0.15)
Q4 2009 29.95 (27.2 %) 5.21 (17.6 %) (2.60) 66.4 % (0.17)
Q1 2010 25.17 (29.1 %) 5.40 (5.5 %) (1.51) (0.1 %) (0.10)
Q2 2010 16.88 (48.3 %) 6.08 170.7 % 0.15 103.4 % 0.01
Q3 2010 18.89 (43.5 %) 1.27 (66.5 %) (5.40) (144.3 %) (0.36)
Q4 2010 14.86 (50.4 %) (3.83) (173.5 %) (12.34) (374.5 %) (0.83)
Q1 2011 10.25 (59.3 %) 1.56 (71.1 %) (2.05) (35.7 %) (0.14)
Q2 2011 12.97 (23.1 %) 2.22 (63.5 %) (3.07) (2188.4 %) (0.21)
Q3 2011 16.56 (12.3 %) 2.52 99.2 % (1.06) 80.4 % (0.07)
Q4 2011 15.06 1.3 % 1.85 148.3 % 10.80 187.5 % 0.73
Q1 2012 15.82 54.4 % 2.99 91.8 % (0.87) 57.6 % (0.06)
Q2 2012 21.78 67.9 % 4.41 98.9 % 0.36 111.8 % 0.02
Q3 2012 22.38 35.1 % 4.43 75.7 % 0.60 157.1 % 0.04
Q4 2012 21.73 44.3 % 5.14 178.2 % 0.93 (91.3 %) 0.06
Q1 2013 24.11 52.4 % 4.49 50.2 % 2.56 394.6 % 0.17
Q2 2013 26.46 21.5 % 5.73 29.9 % 2.77 662.0 % 0.19
Q3 2013 27.44 22.6 % 5.55 25.3 % 3.05 405.8 % 0.21
Q4 2013 34.25 57.6 % 9.39 82.5 % 5.21 458.0 % 0.35
Q1 2014 44.65 85.2 % 8.62 91.9 % 6.01 134.4 % 0.40
Q2 2014 33.35 26.0 % 9.18 60.1 % 3.01 8.8 % 0.20
Q3 2014 31.21 13.7 % 8.73 57.1 % 3.43 12.4 % 0.23

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 18.01 % (2.52 %) (3.46 %)
Q2 2005 19.34 % (2.05 %) 3.21 %
Q3 2005 19.20 % (1.93 %) 9.07 %
Q4 2005 18.60 % (1.45 %) 9.64 %
Q1 2006 16.57 % (3.05 %) 7.72 %
Q2 2006 14.25 % (4.79 %) (4.76 %)
Q3 2006 12.10 % (6.05 %) (13.39 %)
Q4 2006 11.26 % (6.26 %) (15.46 %)
Q1 2007 13.59 % (3.84 %) (12.71 %)
Q2 2007 15.13 % (3.22 %) (8.11 %)
Q3 2007 17.91 % (0.51 %) (4.01 %)
Q4 2007 19.22 % 0.56 % 2.10 %
Q1 2008 18.81 % 0.13 % 0.86 %
Q2 2008 19.17 % 2.15 % 4.20 %
Q3 2008 19.21 % 2.14 % 2.19 %
Q4 2008 18.40 % (0.53 %) (7.01 %)
Q1 2009 17.55 % (0.86 %) (7.18 %)
Q2 2009 14.54 % (5.48 %) (11.86 %)
Q3 2009 12.65 % (7.66 %) (11.05 %)
Q4 2009 12.88 % (7.76 %) (8.09 %)
Q1 2010 13.72 % (9.04 %) (8.78 %)
Q2 2010 19.40 % (4.92 %) (5.86 %)
Q3 2010 19.74 % (7.82 %) (10.31 %)
Q4 2010 11.76 % (22.06 %) (25.21 %)
Q1 2011 8.34 % (27.83 %) (32.27 %)
Q2 2011 2.14 % (31.95 %) (40.13 %)
Q3 2011 4.52 % (28.76 %) (34.33 %)
Q4 2011 14.86 % (18.98 %) (26.86 %)
Q1 2012 15.86 % (14.98 %) (22.42 %)
Q2 2012 17.01 % (9.94 %) (14.61 %)
Q3 2012 18.24 % (4.51 %) (10.94 %)
Q4 2012 20.78 % 5.60 % 1.26 %
Q1 2013 20.54 % 6.43 % 2.46 %
Q2 2013 20.91 % 6.59 % 2.79 %
Q3 2013 20.98 % 6.70 % 3.04 %
Q4 2013 22.42 % 8.19 % 4.43 %
Q1 2014 22.06 % 8.79 % 5.59 %
Q2 2014 23.44 % 9.60 % 6.46 %
Q3 2014 25.04 % 9.98 % 6.77 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 14.88 (0.15) (0.15) 6.48
Q2 2005 14.88 0.16 0.16 6.72
Q3 2005 14.88 0.48 0.48 6.99
Q4 2005 14.88 0.55 0.55 7.05
Q1 2006 14.88 0.45 0.45 6.93
Q2 2006 14.88 (0.30) (0.30) 6.44
Q3 2006 14.88 (0.90) (0.90) 6.09
Q4 2006 14.88 (1.08) (1.08) 5.96
Q1 2007 14.88 (0.93) (0.93) 5.99
Q2 2007 14.88 (0.61) (0.61) 5.82
Q3 2007 14.88 (0.32) (0.32) 5.76
Q4 2007 14.88 0.17 0.17 6.13
Q1 2008 14.88 0.07 0.07 6.07
Q2 2008 14.88 0.38 0.38 6.21
Q3 2008 14.88 0.20 0.20 5.96
Q4 2008 14.88 (0.69) (0.69) 5.42
Q1 2009 14.88 (0.73) (0.73) 5.27
Q2 2009 14.88 (1.16) (1.16) 4.98
Q3 2009 14.88 (1.06) (1.06) 4.88
Q4 2009 14.88 (0.71) (0.71) 4.63
Q1 2010 14.88 (0.71) (0.71) 4.53
Q2 2010 14.88 (0.42) (0.42) 4.54
Q3 2010 14.88 (0.63) (0.63) 4.22
Q4 2010 14.88 (1.28) (1.28) 2.18
Q1 2011 14.88 (1.32) (1.32) 2.09
Q2 2011 14.88 (1.54) (1.54) 1.83
Q3 2011 14.88 (1.24) (1.26) 1.76
Q4 2011 14.88 0.31 (0.99) 2.49
Q1 2012 14.88 0.39 (0.91) 2.40
Q2 2012 14.88 0.62 (0.68) 2.37
Q3 2012 14.88 0.73 (0.55) 2.40
Q4 2012 14.88 0.07 0.07 2.50
Q1 2013 14.88 0.30 0.15 3.11
Q2 2013 14.88 0.46 0.18 3.16
Q3 2013 14.88 0.63 0.20 3.25
Q4 2013 14.88 0.91 0.33 3.48
Q1 2014 14.88 1.15 0.50 3.72
Q2 2014 14.88 1.16 0.61 3.91
Q3 2014 14.88 1.19 0.65 4.12

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 NEG NEG 4.08
Q2 2005 More than 50 More than 50 5.98
Q3 2005 More than 50 More than 50 9.38
Q4 2005 More than 50 More than 50 13.62
Q1 2006 More than 50 More than 50 14.19
Q2 2006 NEG NEG 18.06
Q3 2006 NEG NEG 27.41
Q4 2006 NEG NEG 8.29
Q1 2007 NEG NEG 9.19
Q2 2007 NEG NEG 10.76
Q3 2007 NEG NEG 12.36
Q4 2007 More than 50 More than 50 9.86
Q1 2008 More than 50 More than 50 5.91
Q2 2008 More than 50 More than 50 5.32
Q3 2008 More than 50 More than 50 3.28
Q4 2008 NEG NEG 3.06
Q1 2009 NEG NEG 3.88
Q2 2009 NEG NEG 9.56
Q3 2009 NEG NEG 8.72
Q4 2009 NEG NEG 10.44
Q1 2010 NEG NEG 10.25
Q2 2010 NEG NEG 5.64
Q3 2010 NEG NEG 6.00
Q4 2010 NEG NEG 11.39
Q1 2011 NEG NEG 10.87
Q2 2011 NEG NEG 13.12
Q3 2011 NEG NEG 14.10
Q4 2011 More than 50 NEG 11.26
Q1 2012 More than 50 NEG 16.23
Q2 2012 39.50 NEG 10.34
Q3 2012 42.28 NEG 12.91
Q4 2012 More than 50 More than 50 13.09
Q1 2013 More than 50 More than 50 12.19
Q2 2013 More than 50 More than 50 11.80
Q3 2013 More than 50 More than 50 10.93
Q4 2013 More than 50 More than 50 13.67
Q1 2014 More than 50 More than 50 28.84
Q2 2014 More than 50 More than 50 22.85
Q3 2014 More than 50 More than 50 25.19


Financial Ratios
Current
Market Cap (M Riyal) 340.50
Enterprise Value (EV) (M) 301.51
Shares Outstanding ((M)) 25.00
EPS ( Riyal) (TTM) (0.34)
Book Value (BV) ( Riyal) 1.15
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 11.81
Return on Average Assets (%) (TTM) (11.47 )
Return on Average Equity (%) (TTM) -
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