Savola posts higher net profit at SAR 1704m at the end of 2013

31/12/2013 Argaam Exclusive

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Share Price

43.70
0.55 1.27 %

Savola Group (SAVOLA GROUP)

Savola Group, Saudi Arabia's largest non-petrochemical industrial group, reported SAR 1704m net profit at the end of 2013, a 22% increase compared to last year, as shown in the following table:



Financials (M)

Item 2012 2013 Change‬
Revenues 27,391.49 25,280.72 (7.7 %)
Gross Income 4,761.57 4,773.54 0.3 %
Operating Income 1,803.96 1,729.35 (4.1 %)
Net Income 1,402.21 1,704.48 21.6 %
Average Shares 500.00 508.50 1.7 %
EPS (Riyals) 2.80 3.35 19.5 %


Current Quarter Comparison (M)

Compared With The
Item Q4 2012 Q4 2013 Change‬
Revenues 6,943.66 5,047.40 (27.3 %)
Gross Income 1,411.28 951.93 (32.5 %)
Operating Income 607.10 249.23 (58.9 %)
Net Income 413.36 564.16 36.5 %
Average Shares 500.00 508.50 1.7 %
EPS (Riyals) 0.83 1.11 34.2 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2004 1,118.14 19.2 % 200.46 17.4 % 66.16 29.2 % 0.15
Q2 2004 1,237.71 31.2 % 223.39 42.1 % 89.99 25.5 % 0.20
Q3 2004 1,234.73 18.2 % 212.83 0.7 % 104.03 34.0 % 0.23
Q4 2004 2,011.40 67.4 % 281.48 6.6 % 242.20 141.0 % 0.54
Q1 2005 1,551.24 38.7 % 240.86 20.2 % 106.06 60.3 % 0.24
Q2 2005 1,613.39 30.4 % 277.00 24.0 % 112.54 25.1 % 0.25
Q3 2005 1,844.23 49.4 % 353.95 66.3 % 791.42 660.7 % 1.78
Q4 2005 1,903.17 (5.4 %) 339.86 20.7 % 192.16 (20.7 %) 0.43
Q1 2006 1,922.71 23.9 % 318.93 32.4 % 135.80 28.0 % 0.27
Q2 2006 2,147.77 33.1 % 377.16 36.2 % 245.97 118.6 % 0.49
Q3 2006 2,560.31 38.8 % 454.49 28.4 % 533.78 (32.6 %) 1.07
Q4 2006 2,465.90 29.6 % 392.78 15.6 % 233.03 21.3 % 0.47
Q1 2007 2,247.62 16.9 % 378.12 18.6 % 137.46 1.2 % 0.27
Q2 2007 2,752.38 28.2 % 410.19 8.8 % 763.77 210.5 % 1.53
Q3 2007 2,779.50 8.6 % 463.44 2.0 % 151.39 (71.6 %) 0.30
Q4 2007 2,630.03 6.7 % 451.93 15.1 % 177.41 (23.9 %) 0.35
Q1 2008 2,996.43 33.3 % 481.74 27.4 % 250.48 82.2 % 0.50
Q2 2008 3,312.54 20.4 % 549.44 33.9 % 257.69 (66.3 %) 0.52
Q3 2008 3,919.41 41.0 % 511.13 10.3 % 158.04 4.4 % 0.32
Q4 2008 3,593.00 36.6 % 272.02 (39.8 %) (463.85) (361.5 %) (0.93)
Q1 2009 3,635.04 21.3 % 616.32 27.9 % 192.55 (23.1 %) 0.39
Q2 2009 4,356.80 31.5 % 776.33 41.3 % 212.50 (17.5 %) 0.43
Q3 2009 5,103.67 30.2 % 947.50 85.4 % 277.89 75.8 % 0.56
Q4 2009 4,821.69 34.2 % 767.16 182.0 % 268.62 157.9 % 0.54
Q1 2010 4,778.78 31.5 % 804.53 30.5 % 394.04 104.6 % 0.79
Q2 2010 4,868.07 11.7 % 709.82 (8.6 %) 207.65 (2.3 %) 0.42
Q3 2010 5,657.53 10.9 % 906.14 (4.4 %) 282.99 1.8 % 0.57
Q4 2010 5,725.10 18.7 % 994.74 29.7 % 2.02 (99.2 %) 0.00
Q1 2011 5,641.74 18.1 % 866.33 7.7 % 165.16 (58.1 %) 0.33
Q2 2011 6,312.58 29.7 % 959.88 35.2 % 230.74 11.1 % 0.46
Q3 2011 6,816.63 20.5 % 981.97 8.4 % 307.89 8.8 % 0.62
Q4 2011 6,424.75 12.2 % 1,162.55 16.9 % 498.59 24607.3 % 1.00
Q1 2012 6,588.97 16.8 % 995.71 14.9 % 242.31 46.7 % 0.48
Q2 2012 6,989.08 10.7 % 1,193.39 24.3 % 341.32 47.9 % 0.68
Q3 2012 6,869.78 0.8 % 1,161.19 18.3 % 405.22 31.6 % 0.81
Q4 2012 6,943.66 8.1 % 1,411.28 21.4 % 413.36 (17.1 %) 0.83
Q1 2013 7,189.86 9.1 % 1,390.62 39.7 % 295.20 21.8 % 0.58
Q2 2013 6,723.33 (3.8 %) 1,263.61 5.9 % 387.76 13.6 % 0.76
Q3 2013 6,320.13 (8.0 %) 1,167.37 0.5 % 457.36 12.9 % 0.90
Q4 2013 5,047.40 (27.3 %) 951.93 (32.5 %) 564.16 36.5 % 1.11
2013 25,280.72 (7.7 %) 4,773.54 0.3 % 1,704.48 21.6 % 3.35

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2004 19.34 % 8.93 % 4.78 %
Q2 2004 19.54 % 9.50 % 4.87 %
Q3 2004 18.79 % 8.80 % 5.23 %
Q4 2004 16.39 % 7.22 % 7.42 %
Q1 2005 15.88 % 7.13 % 7.55 %
Q2 2005 15.79 % 6.85 % 7.46 %
Q3 2005 16.43 % 6.71 % 16.60 %
Q4 2005 17.53 % 8.51 % 14.91 %
Q1 2006 17.71 % 8.45 % 14.56 %
Q2 2006 17.78 % 8.26 % 15.27 %
Q3 2006 17.46 % 8.58 % 10.97 %
Q4 2006 16.97 % 8.19 % 11.42 %
Q1 2007 17.01 % 8.21 % 11.04 %
Q2 2007 16.31 % 8.57 % 15.54 %
Q3 2007 16.05 % 8.40 % 11.47 %
Q4 2007 16.37 % 7.79 % 11.82 %
Q1 2008 16.20 % 7.36 % 12.04 %
Q2 2008 16.61 % 7.05 % 7.14 %
Q3 2008 15.51 % 6.35 % 6.56 %
Q4 2008 13.13 % 7.49 % 1.46 %
Q1 2009 13.48 % 7.68 % 1.00 %
Q2 2009 14.03 % 8.25 % 0.64 %
Q3 2009 15.65 % 9.45 % 1.31 %
Q4 2009 17.34 % 9.16 % 3.54 %
Q1 2010 17.29 % 8.89 % 3.34 %
Q2 2010 16.50 % 8.17 % 3.22 %
Q3 2010 15.84 % 7.64 % 3.15 %
Q4 2010 16.24 % 8.34 % 3.82 %
Q1 2011 15.88 % 8.17 % 3.53 %
Q2 2011 15.97 % 8.13 % 3.41 %
Q3 2011 15.52 % 7.78 % 3.36 %
Q4 2011 15.76 % 7.23 % 4.17 %
Q1 2012 15.68 % 7.39 % 4.31 %
Q2 2012 16.16 % 7.80 % 4.61 %
Q3 2012 16.79 % 8.26 % 4.97 %
Q4 2012 17.38 % 8.64 % 4.95 %
Q1 2013 18.42 % 9.48 % 5.03 %
Q2 2013 18.85 % 9.69 % 5.25 %
Q3 2013 19.25 % 9.79 % 5.55 %
Q4 2013 18.88 % 9.44 % 5.95 %
2013 18.88 % 9.44 % 5.95 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2004 444.63 0.71 0.46 4.06
Q2 2004 444.63 0.75 0.50 4.13
Q3 2004 444.63 0.81 0.56 4.23
Q4 2004 444.63 1.13 0.94 4.66
Q1 2005 444.63 1.22 1.03 4.76
Q2 2005 444.63 1.27 1.08 4.76
Q3 2005 444.63 2.82 2.62 6.48
Q4 2005 444.63 2.70 2.32 6.71
Q1 2006 500.00 2.46 2.12 10.76
Q2 2006 500.00 2.73 2.39 10.90
Q3 2006 500.00 2.22 1.87 11.97
Q4 2006 500.00 2.30 2.08 12.17
Q1 2007 500.00 2.30 2.08 12.49
Q2 2007 500.00 3.34 3.12 13.14
Q3 2007 500.00 2.57 2.35 13.43
Q4 2007 500.00 2.46 2.46 14.31
Q1 2008 500.00 2.69 2.69 14.06
Q2 2008 500.00 1.67 1.67 14.59
Q3 2008 500.00 1.69 1.69 13.84
Q4 2008 500.00 0.40 0.40 12.78
Q1 2009 500.00 0.29 0.29 12.95
Q2 2009 500.00 0.20 0.20 13.13
Q3 2009 500.00 0.44 0.44 13.39
Q4 2009 500.00 1.90 1.27 13.92
Q1 2010 500.00 2.31 1.27 14.74
Q2 2010 500.00 2.30 1.26 14.23
Q3 2010 500.00 2.31 1.27 14.47
Q4 2010 500.00 1.77 1.61 14.04
Q1 2011 500.00 1.32 1.55 14.02
Q2 2011 500.00 1.36 1.59 14.29
Q3 2011 500.00 1.41 1.65 14.56
Q4 2011 500.00 2.40 2.10 15.44
Q1 2012 500.00 2.56 2.25 16.57
Q2 2012 500.00 2.78 2.47 15.91
Q3 2012 500.00 2.97 2.67 16.29
Q4 2012 500.00 2.80 2.71 16.57
Q1 2013 508.50 2.86 2.77 15.94
Q2 2013 508.50 2.95 2.86 16.21
Q3 2013 508.50 3.06 2.96 16.64
Q4 2013 508.50 3.35 2.96 18.07

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2004 24.27 37.27 4.25
Q2 2004 30.17 45.03 5.49
Q3 2004 37.19 53.57 7.14
Q4 2004 31.47 38.02 7.64
Q1 2005 41.56 49.44 10.66
Q2 2005 74.58 88.07 19.92
Q3 2005 37.66 40.45 16.36
Q4 2005 45.41 52.98 18.29
Q1 2006 50.81 59.04 11.63
Q2 2006 36.61 41.87 9.17
Q3 2006 38.97 46.12 7.22
Q4 2006 16.30 18.03 3.08
Q1 2007 14.02 15.50 2.58
Q2 2007 9.25 9.90 2.35
Q3 2007 11.92 13.03 2.28
Q4 2007 15.55 15.55 2.67
Q1 2008 12.82 12.82 2.45
Q2 2008 23.13 23.13 2.65
Q3 2008 18.36 18.36 2.24
Q4 2008 63.86 63.86 2.02
Q1 2009 75.42 75.42 1.68
Q2 2009 More than 100 More than 100 1.81
Q3 2009 69.22 69.22 2.26
Q4 2009 16.95 25.46 2.32
Q1 2010 16.53 29.93 2.59
Q2 2010 16.28 29.62 2.63
Q3 2010 15.83 28.79 2.52
Q4 2010 19.27 21.26 2.43
Q1 2011 22.65 19.28 2.12
Q2 2011 21.33 18.23 2.03
Q3 2011 19.67 16.86 1.91
Q4 2011 12.75 14.60 1.98
Q1 2012 14.36 16.30 2.22
Q2 2012 13.33 14.98 2.33
Q3 2012 13.89 15.48 2.54
Q4 2012 15.23 15.76 2.58
Q1 2013 15.23 15.73 2.78
Q2 2013 17.07 17.62 3.16
Q3 2013 18.39 18.96 3.43
Q4 2013 19.66 22.29 3.47

Business Segments (Million)

Compared With The
Period Food sector Retail sector Investments Plastic Manufacturing & Whole sale sector Disposals
Q1 2004 - 476.37 - - 641.77 -
Q2 2004 - 493.52 - - 744.19 -
Q3 2004 - 512.82 - - 721.91 -
Q4 2004 - 609.77 15.43 - 1,386.20 -
Q1 2005 - 545.17 1.46 - 1,004.61 -
Q2 2005 - 599.24 2.61 - 1,011.55 -
Q3 2005 - 625.13 (4.06) - 1,223.17 -
Q4 2005 - 719.34 15.59 - 1,168.24 -
Q1 2006 - 700.35 1.14 - 1,221.22 -
Q2 2006 - 770.00 (1.14) - 1,378.91 -
Q3 2006 - 869.50 - - 1,690.81 -
Q4 2006 - 821.28 - - 1,644.62 -
Q1 2007 - 843.56 3.19 - 1,400.87 -
Q2 2007 - 934.88 (0.79) - 1,818.30 -
Q3 2007 - 1,201.16 6.11 - 1,572.23 -
Q4 2007 - 1,245.18 (3.68) - 1,388.53 -
Q1 2008 - 1,216.75 - - 1,779.67 -
Q2 2008 - 1,315.45 20.17 - 1,976.92 -
Q3 2008 - 1,614.46 10.08 - 2,294.87 -
Q4 2008 - 1,972.98 (30.25) - 1,650.27 -
Q1 2009 - 1,835.58 - - 1,799.46 -
Q2 2009 - 1,895.71 - - 2,461.09 -
Q3 2009 - 2,108.28 - - 2,995.40 -
Q4 2009 - 2,080.53 - - 2,741.16 -
Q1 2010 - 1,871.14 - - 2,907.64 -
Q2 2010 - 1,902.50 - - 2,965.56 -
Q3 2010 - 2,245.91 - - 3,411.62 -
Q4 2010 12,026.53 2,163.12 154.59 883.98 (9284.82) (218.30)
Q1 2011 3,296.45 2,161.01 32.59 209.36 - (57.66)
Q2 2011 3,875.14 2,216.41 26.04 261.85 - (68.54)
Q3 2011 4,069.58 2,489.74 34.65 274.60 - (50.26)
Q4 2011 3,982.74 2,314.39 29.54 255.73 - (157.65)
Q1 2012 4,068.67 2,329.29 20.45 236.24 - (65.67)
Q2 2012 4,327.47 2,427.10 19.71 290.20 - (75.41)
Q3 2012 3,915.84 2,722.23 19.71 273.72 - (61.72)
Q4 2012 4,076.70 2,677.90 78.67 253.03 - (142.63)
Q1 2013 4,386.49 2,606.25 19.29 249.06 - (71.22)
Q2 2013 3,859.23 2,635.50 19.29 304.51 - (95.20)
Q3 2013 3,241.41 2,813.52 19.29 304.95 - (59.03)
Q4 2013 3,065.27 2,869.33 83.10 (858.51) - (111.80)

Current
Market Cap (M Riyal) 23,334.95
Enterprise Value (EV) (M) 30,992.78
Shares Outstanding ((M)) 533.98
EPS ( Riyal) (TTM) 1.60
Book Value (BV) ( Riyal) 15.86
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 31.41
P/E (TTM) 27.29
Price/book 2.75
Return on Average Assets (%) (TTM) 2.8
Return on Average Equity (%) (TTM) 10.1

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