Savola’s net profit surges to SAR 338 mln in 9M 2019

28/10/2019 Argaam Exclusive

View other reports

Share Price

45.50
(0.65) (1.41 %)

Savola Group (SAVOLA GROUP)

Savola Group reported a net profit after zakat and tax of SAR 338.3 million for the first nine months of 2019, compared to a net profit of SAR 5.6 million driven by higher gross profit amid improved sales and margins.

 

In addition, the nine-month figures were buoyed by lower operating costs and a reversal of zakat and tax provision for prior years’ assessments.



Financials (M)

Item 9m 2018 9m 2019 Change‬
Revenues 16,467.59 16,174.69 (1.8 %)
Gross Income 2,907.36 3,312.80 13.9 %
Operating Income (91.37) 458.06 601.3 %
Net Income 5.61 338.32 5931.7 %
Average Shares 533.98 533.98 -
EPS (Riyals) 0.01 0.63 5931.7 %

The edible oil producer generated a net profit after zakat and tax of SAR 221.8 million for the third quarter against a net loss of SAR 50.7 million in Q3 2018, thanks to higher gross profit and profit share from associates, along with lower finance costs and operating expenses.

 

When compared to the previous quarter, Savola’s net profit more than doubled on a steep decline in operating costs and finance charges, as well as higher profit share from associates.



Current Quarter Comparison (M)

Compared With The
Item Q3 2018 Q3 2019 Change‬
Revenues 5,212.03 5,148.13 (1.2 %)
Gross Income 932.00 1,084.18 16.3 %
Operating Income (36.92) 211.60 673.2 %
Net Income (50.73) 221.76 537.2 %
Average Shares 533.98 533.98 -
EPS (Riyals) (0.09) 0.42 537.2 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
Q1 2014 6,240.84 (13.2 %) 1,092.94 (21.4 %) 423.26 43.4 % 0.79
Q2 2014 7,336.58 9.1 % 1,251.38 (1.0 %) 513.27 32.4 % 0.96
Q3 2014 6,150.04 (2.7 %) 1,150.73 (1.4 %) 701.43 53.4 % 1.31
Q4 2014 6,860.38 35.9 % 1,368.67 43.8 % 434.36 (23.0 %) 0.81
Q1 2015 6,223.71 (0.3 %) 1,159.16 6.1 % 470.51 11.2 % 0.88
Q2 2015 7,036.49 (4.1 %) 1,353.24 8.1 % 434.37 (15.4 %) 0.81
Q3 2015 5,603.56 (8.9 %) 1,238.87 7.7 % 371.56 (47.0 %) 0.70
Q4 2015 6,261.83 (8.7 %) 1,274.13 (6.9 %) 515.32 18.6 % 0.97
Q1 2016 6,421.75 3.2 % 1,273.15 9.8 % 119.38 (74.6 %) 0.22
Q2 2016 7,140.78 1.5 % 1,332.79 (1.5 %) 253.52 (41.6 %) 0.47
Q3 2016 6,154.31 9.8 % 1,182.55 (4.5 %) 179.51 (51.7 %) 0.34
Q4 2016 6,613.95 5.6 % 864.48 (32.2 %) (915.70) (277.7 %) (1.71)
Q1 2017 5,786.91 (9.9 %) 1,040.13 (18.3 %) 4.78 (96.0 %) 0.01
Q2 2017 6,653.26 (6.8 %) 1,140.04 (14.5 %) 229.31 (9.5 %) 0.43
Q3 2017 5,595.78 (9.1 %) 1,053.79 (10.9 %) 829.04 361.8 % 1.55
Q4 2017 5,794.53 (12.4 %) 1,160.16 34.2 % (37.51) 95.9 % (0.07)
Q1 2018 5,107.98 (11.7 %) 908.50 (12.7 %) (84.32) (1864.7 %) (0.16)
Q2 2018 6,147.58 (7.6 %) 1,066.86 (6.4 %) 140.65 (38.7 %) 0.26
Q3 2018 5,212.03 (6.9 %) 932.00 (11.6 %) (50.73) (106.1 %) (0.09)
Q4 2018 5,346.97 (7.7 %) 990.60 (14.6 %) (525.99) (1,302.2 %) (0.99)
Q1 2019 5,387.89 5.5 % 1,065.47 17.3 % 6.33 107.5 % 0.01
Q2 2019 5,812.70 (5.4 %) 1,163.16 9.0 % 110.23 (21.6 %) 0.21
Q3 2019 5,148.13 (1.2 %) 1,084.18 16.3 % 221.76 537.2 % 0.42

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2014 18.40 % 8.63 % 6.69 %
Q2 2014 17.89 % 8.17 % 6.88 %
Q3 2014 17.95 % 8.18 % 7.08 %
Q4 2014 18.29 % 7.92 % 7.07 %
Q1 2015 18.55 % 7.64 % 6.42 %
Q2 2015 19.15 % 7.48 % 6.33 %
Q3 2015 19.90 % 7.24 % 5.96 %
Q4 2015 20.00 % 6.42 % 5.41 %
Q1 2016 20.29 % 6.53 % 5.31 %
Q2 2016 20.13 % 6.32 % 4.74 %
Q3 2016 19.49 % 5.49 % 3.93 %
Q4 2016 17.67 % 4.04 % 1.47 %
Q1 2017 17.20 % 3.34 % 0.58 %
Q2 2017 16.77 % 2.54 % 0.06 %
Q3 2017 16.63 % 2.63 % (0.13 %)
Q4 2017 18.44 % 4.53 % 1.97 %
Q1 2018 18.41 % 4.31 % 1.70 %
Q2 2018 18.50 % 4.33 % 1.65 %
Q3 2018 18.27 % 3.89 % 0.84 %
Q4 2018 17.87 % 3.05 % (1.02 %)
Q1 2019 18.35 % 4.18 % (0.78 %)
Q2 2019 19.08 % 5.40 % (0.97 %)
Q3 2019 19.84 % 7.10 % 0.19 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2014 533.98 3.43 3.05 18.56
Q2 2014 533.98 3.67 3.21 18.52
Q3 2014 533.98 4.12 3.29 19.36
Q4 2014 533.98 3.88 3.52 18.66
Q1 2015 533.98 3.97 3.19 18.92
Q2 2015 533.98 3.82 3.11 19.62
Q3 2015 533.98 3.20 2.87 19.24
Q4 2015 533.98 3.36 2.55 19.76
Q1 2016 533.98 2.70 2.52 18.43
Q2 2016 533.98 2.36 2.26 18.57
Q3 2016 533.98 2.00 1.91 18.50
Q4 2016 533.98 (0.68) 0.72 15.39
Q1 2017 533.98 (0.89) 0.28 15.39
Q2 2017 533.98 (0.94) 0.03 15.76
Q3 2017 533.98 0.28 (0.06) 17.22
Q4 2017 533.98 1.92 0.88 16.53
Q1 2018 533.98 1.75 0.74 16.08
Q2 2018 533.98 1.59 0.70 15.39
Q3 2018 533.98 (0.06) 0.35 14.30
Q4 2018 533.98 (0.97) (0.42) 13.35
Q1 2019 533.98 (0.80) (0.32) 13.37
Q2 2019 533.98 (0.86) (0.39) 13.55
Q3 2019 533.98 (0.35) 0.08 13.96

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2014 19.60 22.08 3.62
Q2 2014 18.83 21.48 3.73
Q3 2014 20.17 25.31 4.30
Q4 2014 20.28 22.36 4.22
Q1 2015 17.22 21.41 3.61
Q2 2015 17.92 21.99 3.49
Q3 2015 18.10 20.20 3.01
Q4 2015 14.97 19.72 2.54
Q1 2016 15.48 16.59 2.27
Q2 2016 15.45 16.16 1.96
Q3 2016 15.94 16.67 1.72
Q4 2016 NEG More than 50 2.61
Q1 2017 NEG More than 50 2.68
Q2 2017 NEG More than 50 3.20
Q3 2017 More than 50 NEG 2.65
Q4 2017 20.56 44.87 2.39
Q1 2018 25.21 More than 50 2.75
Q2 2018 23.46 More than 50 2.42
Q3 2018 NEG More than 50 2.11
Q4 2018 NEG NEG 2.01
Q1 2019 NEG NEG 2.34
Q2 2019 NEG NEG 2.40
Q3 2019 NEG More than 50 2.21

Business Segments (Million)

Compared With The
Period Food sector Retail sector Food services Frozen food Investments Plastic Manufacturing & Whole sale sector Disposals
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)
Q1 2014 3,463.82 2,818.18 - - 16.37 - - (57.53)
Q2 2014 4,119.66 3,283.45 - - 15.32 - - (81.85)
Q3 2014 3,336.91 2,868.20 - - 15.33 - - (70.40)
Q4 2014 3,671.56 3,234.54 - - 80.15 - - (125.88)
Q1 2015 3,086.66 3,192.49 - - 14.69 - - (70.13)
Q2 2015 3,369.06 3,781.59 - - 14.69 - - (128.85)
Q3 2015 2,553.93 3,091.95 - - 14.69 - - (57.01)
Q4 2015 2,802.55 3,466.70 - - 100.78 - - (108.20)
Q1 2016 2,924.81 3,271.22 283.55 - 13.75 - - (71.58)
Q2 2016 3,102.65 3,873.85 277.73 - 13.75 - - (127.20)
Q3 2016 2,717.25 3,174.73 315.17 - 13.75 - - (66.58)
Q4 2016 3,142.01 3,252.58 280.23 - 96.36 - - (157.23)
Q1 2017 2,954.09 2,674.10 275.01 - 11.54 - - (127.83)
Q2 2017 3,145.94 3,331.50 272.10 - 11.61 - - (107.89)
Q3 2017 2,698.83 2,653.43 311.72 - 11.61 - - (79.82)
Q4 2017 2,585.35 2,984.00 298.96 - 10.58 - - (84.36)
Q1 2018 2,571.71 2,377.14 286.30 - 11.41 - - (138.57)
Q3 2018 2,309.97 2,643.85 322.65 - 11.29 - - (75.71)
Q4 2018 2,160.94 2,866.52 325.20 94.11 12.94 - - (112.73)
Q1 2019 2,408.41 2,670.53 313.40 128.90 10.99 - - (144.35)
Q2 2019 2,349.92 2,867.97 309.30 181.73 10.35 - - (80.60)
Q3 2019 2,184.53 2,559.15 339.08 142.48 10.60 - - (87.71)

Analysts Estimates (Million)

Item Q3 2019 (e) Q3 2019 (a) Change‬
Average 89.00 221.76 149.16 %

Estimates vs Actual (Million)

Item Q3 2019 (e) Q3 2019 (a) Change
Al Rajhi Capital 130.00 221.76 70.6 %
SNB Capital 48.00 221.76 362.0 %

Current
Market Cap (M Riyal) 24,296.12
Enterprise Value (EV) (M) 31,953.94
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) 32.70
P/E (TTM) 28.41
Price/book 2.87
Return on Average Assets (%) (TTM) 2.8
Return on Average Equity (%) (TTM) 10.1

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.