Wafrah swings to H1 net loss of SAR 3.2 mln

02/08/2015 Argaam Exclusive

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Share Price

Wafrah for Industry & Development Co. (WAFRAH)

 

Wafrah for Industry and Development Co. reported a net loss of SAR 3.2 million for H1-2015, compared to a net profit of SAR 3.2 million in the same period last year on lower sales, higher cost of sales and raw materials prices, as well as lower selling prices of the company’s products due to intense competition.



Financials (M)

Item 6m 2014 6m 2015 Change‬
Revenues 48.80 43.88 (10.1 %)
Gross Income 17.77 11.90 (33.0 %)
Operating Income 3.98 (2.61) (165.6 %)
Net Income 3.22 (3.24) (200.6 %)
Average Shares 19.70 19.70 -
EPS (Riyals) 0.16 (0.16) (200.6 %)

 

For the second quarter, the company reported a net profit of SAR 508,502, compared to a net profit of SAR 2.2 million in the year earlier period.

 

For the previous quarter, the company made a net loss of SAR 3.7 million. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2014 Q2 2015 Change‬
Revenues 26.71 28.82 7.9 %
Gross Income 9.61 7.96 (17.2 %)
Operating Income 2.40 0.81 (66.2 %)
Net Income 2.15 0.51 (76.4 %)
Average Shares 19.70 19.70 -
EPS (Riyals) 0.11 0.03 (76.4 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2006 11.84 12.8 % 3.19 59.5 % 0.73 169.0 % 0.04
Q2 2006 13.92 5.5 % 3.52 (7.3 %) 44.37 85221.2 % 2.25
Q3 2006 14.62 (11.4 %) 3.64 16.0 % 0.90 204.8 % 0.05
Q4 2006 13.51 18.1 % 6.28 116.0 % 4.80 110.4 % 0.24
Q1 2007 16.48 39.2 % 7.39 131.6 % 4.38 504.6 % 0.22
Q2 2007 18.55 33.3 % 8.51 141.5 % 3.34 (92.5 %) 0.17
Q3 2007 18.01 23.2 % 6.60 81.4 % 1.16 29.0 % 0.06
Q4 2007 11.92 (11.8 %) 3.07 (51.1 %) (1.34) (128.0 %) (0.07)
Q1 2008 17.03 3.4 % 5.90 (20.2 %) 2.86 (34.8 %) 0.15
Q2 2008 19.89 7.2 % 6.98 (18.0 %) 4.30 28.6 % 0.22
Q3 2008 26.07 44.8 % 10.12 53.4 % 7.42 541.2 % 0.38
Q4 2008 12.59 5.6 % 3.50 13.9 % (0.45) 66.8 % (0.02)
Q1 2009 17.98 5.5 % 6.63 12.5 % 2.76 (3.3 %) 0.14
Q2 2009 20.72 4.2 % 7.06 1.2 % 1.84 (57.2 %) 0.09
Q3 2009 18.77 (28.0 %) 7.08 (30.0 %) 1.60 (78.4 %) 0.08
Q4 2009 13.80 9.6 % 4.14 18.6 % (0.46) (2.5 %) (0.02)
Q1 2010 19.33 7.5 % 8.13 22.5 % 3.05 10.4 % 0.15
Q2 2010 21.13 2.0 % 7.69 8.9 % 12.09 556.3 % 0.61
Q3 2010 20.18 7.5 % 7.25 2.4 % 2.25 40.5 % 0.11
Q4 2010 12.85 (6.9 %) 4.64 12.0 % 0.05 110.1 % 0.00
Q1 2011 21.36 10.5 % 8.74 7.5 % 4.48 46.6 % 0.23
Q2 2011 24.05 13.8 % 8.29 7.8 % 2.44 (79.8 %) 0.12
Q3 2011 21.28 5.4 % 7.53 3.8 % 2.01 (10.4 %) 0.10
Q4 2011 15.20 18.3 % 4.14 (10.8 %) 0.90 1850.0 % 0.05
Q1 2012 17.63 (17.5 %) 5.23 (40.1 %) 0.50 (88.9 %) 0.03
Q2 2012 25.02 4.0 % 9.21 11.1 % 3.52 44.3 % 0.18
Q3 2012 20.95 (1.6 %) 6.91 (8.2 %) 1.60 (20.8 %) 0.08
Q4 2012 16.48 8.4 % 5.29 27.8 % 0.23 (74.5 %) 0.01
Q1 2013 21.36 21.2 % 7.04 34.6 % 1.27 156.4 % 0.06
Q2 2013 25.56 2.2 % 8.48 (7.8 %) 2.63 (25.2 %) 0.13
Q3 2013 20.34 (2.9 %) 6.64 (4.0 %) 1.00 (37.4 %) 0.05
Q4 2013 18.89 14.6 % 5.99 13.3 % 2.21 866.8 % 0.11
Q1 2014 22.09 3.4 % 8.15 15.8 % 1.06 (16.2 %) 0.05
Q2 2014 26.71 4.5 % 9.61 13.3 % 2.15 (18.3 %) 0.11
Q3 2014 20.51 0.8 % 4.88 (26.4 %) 0.53 (47.4 %) 0.03
Q4 2014 17.52 (7.3 %) 3.22 (46.3 %) (3.29) (248.6 %) (0.17)
Q1 2015 15.06 (31.8 %) 3.94 (51.6 %) (3.74) (451.9 %) (0.19)
Q2 2015 28.82 7.9 % 7.96 (17.2 %) 0.51 (76.4 %) 0.03

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2006 24.60 % 16.19 % (8.27 %)
Q2 2006 23.75 % 13.84 % (10.73 %)
Q3 2006 25.59 % 8.41 % (7.74 %)
Q4 2006 30.86 % 20.35 % 9.44 %
Q1 2007 35.59 % 24.65 % 14.95 %
Q2 2007 40.87 % 31.60 % 21.25 %
Q3 2007 43.24 % 32.19 % 20.56 %
Q4 2007 39.36 % 28.52 % 11.61 %
Q1 2008 36.75 % 26.27 % 9.18 %
Q2 2008 33.72 % 22.67 % 10.43 %
Q3 2008 34.79 % 26.11 % 17.67 %
Q4 2008 35.05 % 24.06 % 18.70 %
Q1 2009 35.58 % 24.19 % 18.34 %
Q2 2009 35.30 % 23.10 % 14.97 %
Q3 2009 34.65 % 19.33 % 8.22 %
Q4 2009 34.97 % 19.53 % 8.07 %
Q1 2010 36.38 % 19.58 % 8.31 %
Q2 2010 37.04 % 19.89 % 8.98 %
Q3 2010 36.56 % 20.76 % 9.65 %
Q4 2010 37.70 % 21.88 % 10.37 %
Q1 2011 37.50 % 21.86 % 11.98 %
Q2 2011 36.87 % 22.28 % 11.63 %
Q3 2011 36.71 % 22.07 % 11.19 %
Q4 2011 35.04 % 20.52 % 12.00 %
Q1 2012 32.23 % 18.12 % 7.48 %
Q2 2012 32.99 % 18.86 % 8.75 %
Q3 2012 32.35 % 18.17 % 8.26 %
Q4 2012 33.27 % 19.40 % 7.29 %
Q1 2013 33.94 % 19.32 % 7.89 %
Q2 2013 32.87 % 17.81 % 6.79 %
Q3 2013 32.78 % 16.81 % 6.13 %
Q4 2013 32.68 % 16.52 % 7.91 %
Q1 2014 33.68 % 16.08 % 7.61 %
Q2 2014 34.53 % 14.82 % 6.96 %
Q3 2014 32.48 % 11.65 % 6.41 %
Q4 2014 29.79 % 9.00 % (3.54 %)
Q1 2015 27.14 % 5.17 % (9.88 %)
Q2 2015 24.42 % 8.95 % (11.64 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2006 19.70 (2.34) (0.22) 5.09
Q2 2006 19.70 (0.09) (0.29) 7.29
Q3 2006 19.70 0.00 (0.20) 7.32
Q4 2006 19.70 2.58 0.26 7.54
Q1 2007 19.70 2.76 0.44 7.76
Q2 2007 19.70 0.68 0.68 8.03
Q3 2007 19.70 0.69 0.69 8.09
Q4 2007 19.70 0.38 0.38 8.03
Q1 2008 19.70 0.31 0.31 8.18
Q2 2008 19.70 0.35 0.35 8.40
Q3 2008 19.70 0.67 0.67 8.76
Q4 2008 19.70 0.72 0.72 8.64
Q1 2009 19.70 0.71 0.71 8.78
Q2 2009 19.70 0.59 0.59 8.91
Q3 2009 19.70 0.29 0.29 9.00
Q4 2009 19.70 0.29 0.29 8.97
Q1 2010 19.70 0.31 0.31 9.13
Q2 2010 19.70 0.83 0.33 9.74
Q3 2010 19.70 0.86 0.36 9.86
Q4 2010 19.70 0.89 0.39 9.86
Q1 2011 19.70 0.96 0.46 10.10
Q2 2011 19.70 0.47 0.46 10.24
Q3 2011 19.70 0.46 0.45 10.33
Q4 2011 19.70 0.50 0.50 10.38
Q1 2012 19.70 0.30 0.30 10.46
Q2 2012 19.70 0.35 0.35 10.61
Q3 2012 19.70 0.33 0.33 10.71
Q4 2012 19.70 0.30 0.30 10.72
Q1 2013 19.70 0.34 0.34 10.81
Q2 2013 19.70 0.29 0.29 10.98
Q3 2013 19.70 0.26 0.26 11.05
Q4 2013 19.70 0.36 0.35 11.19
Q1 2014 19.70 0.35 0.34 11.29
Q2 2014 19.70 0.33 0.31 11.43
Q3 2014 19.70 0.30 0.29 10.85
Q4 2014 19.70 0.02 (0.16) 10.31
Q1 2015 19.70 (0.22) (0.40) 10.11
Q2 2015 19.70 (0.30) (0.48) 10.15

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2006 NEG NEG 14.59
Q2 2006 NEG NEG 13.54
Q3 2006 More than 100 NEG 19.79
Q4 2006 16.54 More than 100 5.65
Q1 2007 17.59 More than 100 6.27
Q2 2007 56.91 56.91 4.83
Q3 2007 70.85 70.85 6.08
Q4 2007 More than 100 More than 100 5.76
Q1 2008 More than 100 More than 100 3.83
Q2 2008 78.34 78.34 3.30
Q3 2008 23.88 23.88 1.83
Q4 2008 18.54 18.54 1.54
Q1 2009 21.51 21.51 1.75
Q2 2009 44.45 44.45 2.93
Q3 2009 79.58 79.58 2.58
Q4 2009 81.57 81.57 2.65
Q1 2010 82.35 82.40 2.76
Q2 2010 23.81 59.14 2.02
Q3 2010 22.49 52.97 1.96
Q4 2010 21.91 50.12 1.97
Q1 2011 19.26 40.14 1.82
Q2 2011 60.75 61.34 2.77
Q3 2011 59.45 59.92 2.62
Q4 2011 67.45 67.45 3.24
Q1 2012 More than 100 More than 100 3.48
Q2 2012 72.79 72.79 2.41
Q3 2012 90.65 90.65 2.80
Q4 2012 More than 100 More than 100 2.77
Q1 2013 More than 100 More than 100 4.04
Q2 2013 More than 100 More than 100 3.52
Q3 2013 More than 100 More than 100 3.28
Q4 2013 More than 100 More than 100 3.41
Q1 2014 More than 100 More than 100 3.69
Q2 2014 More than 100 More than 100 6.19
Q3 2014 More than 100 More than 100 6.37
Q4 2014 More than 100 NEG 3.89
Q1 2015 NEG NEG 4.13
Q2 2015 NEG NEG 4.41

Business Segments (Million)

Compared With The
Period Pasta sector Vegetable sector Breakfast beans sector Food Factory Dates Factory
Q3 2007 7.48 7.23 0.58 2.72 -
Q4 2007 2.48 6.08 0.73 2.63 -
Q3 2008 16.11 6.66 0.40 2.91 -
Q4 2008 3.42 6.10 0.23 2.83 -
Q1 2009 7.85 6.78 0.56 2.79 -
Q1 2010 7.71 7.44 0.35 3.84 -
Q3 2011 11.13 8.18 0.10 1.87 -
Q4 2011 4.87 7.78 0.16 2.39 -
Q1 2012 8.72 6.33 0.19 2.40 -
Q2 2012 15.37 7.12 0.25 2.28 -
Q3 2012 11.47 6.39 0.32 2.76 -
Q4 2012 5.43 8.49 0.11 2.46 -
Q1 2013 9.13 9.50 0.06 2.67 -
Q2 2013 15.90 7.34 - 2.35 -
Q3 2013 9.97 7.65 0.17 2.55 -
Q4 2013 4.66 10.89 0.12 3.23 -
Q1 2014 7.93 11.81 0.10 2.24 -
Q2 2014 14.55 9.95 0.09 2.12 -
Q3 2014 4.69 12.16 0.09 3.57 -
Q4 2014 6.39 8.25 0.18 2.52 0.19
Q1 2015 6.08 7.65 0.22 1.10 -
Q2 2015 16.17 10.68 0.14 1.68 0.16

Current
Market Cap (M Riyal) 1,024.39
Enterprise Value (EV) (M) 980.76
Shares Outstanding ((M)) 23.15
EPS ( Riyal) (TTM) 1.12
Book Value (BV) ( Riyal) 10.50
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 39.42
P/E (TTM) 39.42
Price/book 4.21
Return on Average Assets (%) (TTM) 8.0
Return on Average Equity (%) (TTM) 11.2

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