Jarir’s 2014 net profit up 13% to 740.4 mln

07/01/2015 Argaam Exclusive

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Jarir Marketing Co.
12.72
(0.22) (1.70 %)

Jarir Marketing Co. (JARIR)

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Jarir Marketing Company, which operates Jarir Bookstores in Saudi Arabia, reported a net profit of SAR 740.4 million in 2014, a 13 percent increase compared to last year.



Financials (M)

Item 2013 2014 Change‬
Revenues 5,242.67 5,698.72 8.7 %
Gross Income 794.36 886.48 11.6 %
Operating Income 648.03 726.82 12.2 %
Net Income 653.26 745.37 14.1 %
Average Shares 1,200.00 1,200.00 -
EPS (Riyals) 0.54 0.62 14.1 %

The company reported a net profit of SAR 200.8 million during the fourth quarter of 2014 compared to SAR 203.0 million in third quarter.

​The decline of Q4-2014’s net profit compared to Q3-2014 was attributed to the increase of sales of all departments except school and office supplies, which have a high profit margin due to back school season.

Jarir attributed the increase of net profit​ in 2014​ compared ​with ​the previous to the increase of sales in all of its departments, except laptops and tablets. The company also upped its showrooms across the kingdom from 32 stores to 36​ during the fourth quarter of 2014​.

It also ​realized ​a ​capital gain after selling its Alahsa building in Riyadh​ during fourth quarter of 2014​, and it witnessed a decline in some of its financial costs.

Compared with Q4-2013, net profits during Q4-2014 saw growth due to the increase of sales in all of the company’s departments, as well as added showrooms, and capital gains from its Alahsa building sale.



Current Quarter Comparison (M)

Compared With The
Item Q4 2013 Q4 2014 Change‬
Revenues 1,320.26 1,584.20 20.0 %
Gross Income 200.80 240.39 19.7 %
Operating Income 156.49 192.53 23.0 %
Net Income 160.03 205.81 28.6 %
Average Shares 1,200.00 1,200.00 -
EPS (Riyals) 0.13 0.17 28.6 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2005 272.81 34.5 % 53.33 24.5 % 43.55 30.1 % 0.04
Q2 2005 261.91 55.6 % 39.60 47.9 % 29.35 50.7 % 0.02
Q3 2005 360.81 37.1 % 76.03 30.0 % 60.99 31.3 % 0.05
Q4 2005 314.20 64.3 % 55.96 65.1 % 42.33 99.6 % 0.04
Q1 2006 390.82 43.3 % 83.55 56.7 % 76.08 74.7 % 0.06
Q2 2006 319.65 22.0 % 54.53 37.7 % 43.90 49.6 % 0.04
Q3 2006 446.76 23.8 % 98.22 29.2 % 80.76 32.4 % 0.07
Q4 2006 348.15 10.8 % 61.88 10.6 % 42.55 0.5 % 0.04
Q1 2007 428.49 9.6 % 88.95 6.5 % 80.09 5.3 % 0.07
Q2 2007 394.51 23.4 % 69.45 27.4 % 54.35 23.8 % 0.05
Q3 2007 477.65 6.9 % 101.24 3.1 % 87.48 8.3 % 0.07
Q4 2007 440.58 26.5 % 72.36 16.9 % 54.33 27.7 % 0.05
Q1 2008 597.65 39.5 % 120.72 35.7 % 97.11 21.3 % 0.08
Q2 2008 617.40 56.5 % 91.47 31.7 % 67.08 23.4 % 0.06
Q3 2008 636.72 33.3 % 109.92 8.6 % 88.40 1.0 % 0.07
Q4 2008 668.15 51.7 % 112.89 56.0 % 80.18 47.6 % 0.07
Q1 2009 662.06 10.8 % 126.50 4.8 % 107.45 10.6 % 0.09
Q2 2009 572.96 (7.2 %) 102.47 12.0 % 72.41 8.0 % 0.06
Q3 2009 595.80 (6.4 %) 120.53 9.7 % 90.64 2.5 % 0.08
Q4 2009 724.48 8.4 % 136.87 21.2 % 103.47 29.0 % 0.09
Q1 2010 795.47 20.2 % 142.97 13.0 % 118.49 10.3 % 0.10
Q2 2010 671.97 17.3 % 98.82 (3.6 %) 75.77 4.6 % 0.06
Q3 2010 735.32 23.4 % 126.84 5.2 % 102.87 13.5 % 0.09
Q4 2010 811.80 12.1 % 132.95 (2.9 %) 103.62 0.1 % 0.09
Q1 2011 945.63 18.9 % 162.68 13.8 % 136.77 15.4 % 0.11
Q2 2011 968.26 44.1 % 127.80 29.3 % 98.52 30.0 % 0.08
Q3 2011 1,208.91 64.4 % 183.99 45.1 % 152.88 48.6 % 0.13
Q4 2011 1,024.52 26.2 % 159.15 19.7 % 124.82 20.5 % 0.10
Q1 2012 1,196.21 26.5 % 190.19 16.9 % 164.23 20.1 % 0.14
Q2 2012 1,065.83 10.1 % 137.29 7.4 % 106.98 8.6 % 0.09
Q3 2012 1,189.84 (1.6 %) 193.39 5.1 % 160.71 5.1 % 0.13
Q4 2012 1,182.34 15.4 % 173.24 8.9 % 137.91 10.5 % 0.11
Q1 2013 1,329.98 11.2 % 210.75 10.8 % 180.84 10.1 % 0.15
Q2 2013 1,258.28 18.1 % 163.93 19.4 % 126.22 18.0 % 0.11
Q3 2013 1,334.15 12.1 % 218.87 13.2 % 186.19 15.9 % 0.16
Q4 2013 1,320.26 11.7 % 200.80 15.9 % 160.03 16.0 % 0.13
Q1 2014 1,398.85 5.2 % 235.05 11.5 % 201.33 11.3 % 0.17
Q2 2014 1,289.43 2.5 % 173.66 5.9 % 135.23 7.1 % 0.11
Q3 2014 1,426.25 6.9 % 237.37 8.5 % 203.00 9.0 % 0.17
Q4 2014 1,584.20 20.0 % 240.39 19.7 % 205.81 28.6 % 0.17
2014 5,698.72 8.7 % 886.48 11.6 % 745.37 14.1 % 0.62

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 19.26 % 15.64 % 14.59 %
Q2 2005 18.74 % 15.36 % 14.21 %
Q3 2005 18.67 % 15.71 % 14.27 %
Q4 2005 18.59 % 15.55 % 14.57 %
Q1 2006 19.22 % 16.40 % 15.72 %
Q2 2006 19.49 % 16.79 % 16.12 %
Q3 2006 19.86 % 17.09 % 16.52 %
Q4 2006 19.81 % 16.90 % 16.16 %
Q1 2007 19.67 % 16.92 % 16.03 %
Q2 2007 19.69 % 16.85 % 15.93 %
Q3 2007 19.50 % 16.86 % 16.04 %
Q4 2007 19.07 % 16.69 % 15.87 %
Q1 2008 19.04 % 16.32 % 15.35 %
Q2 2008 18.08 % 15.30 % 14.34 %
Q3 2008 17.21 % 14.37 % 13.39 %
Q4 2008 17.26 % 14.42 % 13.21 %
Q1 2009 17.06 % 14.32 % 13.28 %
Q2 2009 17.79 % 14.97 % 13.72 %
Q3 2009 18.50 % 15.33 % 14.03 %
Q4 2009 19.03 % 15.78 % 14.64 %
Q1 2010 18.70 % 15.42 % 14.32 %
Q2 2010 17.91 % 14.74 % 13.93 %
Q3 2010 17.27 % 14.34 % 13.68 %
Q4 2010 16.64 % 13.78 % 13.29 %
Q1 2011 16.47 % 13.70 % 13.24 %
Q2 2011 15.90 % 13.17 % 12.76 %
Q3 2011 15.44 % 12.82 % 12.50 %
Q4 2011 15.28 % 12.72 % 12.37 %
Q1 2012 15.03 % 12.57 % 12.29 %
Q2 2012 14.92 % 12.52 % 12.21 %
Q3 2012 15.19 % 12.79 % 12.44 %
Q4 2012 14.98 % 12.59 % 12.30 %
Q1 2013 14.99 % 12.66 % 12.30 %
Q2 2013 14.94 % 12.59 % 12.21 %
Q3 2013 15.02 % 12.69 % 12.36 %
Q4 2013 15.15 % 12.70 % 12.46 %
Q1 2014 15.41 % 12.97 % 12.68 %
Q2 2014 15.51 % 13.03 % 12.78 %
Q3 2014 15.58 % 13.14 % 12.87 %
Q4 2014 15.56 % 13.18 % 13.08 %
2014 15.56 % 13.18 % 13.08 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 1,200.00 0.11 0.11 0.31
Q2 2005 1,200.00 0.12 0.12 0.34
Q3 2005 1,200.00 0.13 0.13 0.39
Q4 2005 1,200.00 0.15 0.15 0.42
Q1 2006 1,200.00 0.17 0.17 0.39
Q2 2006 1,200.00 0.19 0.19 0.42
Q3 2006 1,200.00 0.20 0.20 0.49
Q4 2006 1,200.00 0.20 0.20 0.53
Q1 2007 1,200.00 0.21 0.21 0.44
Q2 2007 1,200.00 0.21 0.21 0.49
Q3 2007 1,200.00 0.22 0.22 0.56
Q4 2007 1,200.00 0.23 0.23 0.51
Q1 2008 1,200.00 0.24 0.24 0.49
Q2 2008 1,200.00 0.26 0.26 0.55
Q3 2008 1,200.00 0.26 0.26 0.51
Q4 2008 1,200.00 0.28 0.28 0.57
Q1 2009 1,200.00 0.29 0.29 0.55
Q2 2009 1,200.00 0.29 0.29 0.55
Q3 2009 1,200.00 0.29 0.29 0.57
Q4 2009 1,200.00 0.31 0.31 0.60
Q1 2010 1,200.00 0.32 0.32 0.62
Q2 2010 1,200.00 0.32 0.32 0.61
Q3 2010 1,200.00 0.33 0.33 0.64
Q4 2010 1,200.00 0.33 0.33 0.66
Q1 2011 1,200.00 0.35 0.35 0.71
Q2 2011 1,200.00 0.37 0.37 0.70
Q3 2011 1,200.00 0.41 0.41 0.76
Q4 2011 1,200.00 0.43 0.43 0.76
Q1 2012 1,200.00 0.45 0.45 0.81
Q2 2012 1,200.00 0.46 0.46 0.79
Q3 2012 1,200.00 0.46 0.46 0.86
Q4 2012 1,200.00 0.47 0.47 0.86
Q1 2013 1,200.00 0.49 0.49 0.91
Q2 2013 1,200.00 0.50 0.50 0.90
Q3 2013 1,200.00 0.53 0.53 0.97
Q4 2013 1,200.00 0.54 0.54 0.98
Q1 2014 1,200.00 0.56 0.56 1.04
Q2 2014 1,200.00 0.57 0.57 1.02
Q3 2014 1,200.00 0.58 0.58 1.10
Q4 2014 1,200.00 0.62 0.62 1.13

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 17.34 17.34 6.01
Q2 2005 27.31 27.31 9.45
Q3 2005 32.19 32.19 10.68
Q4 2005 32.21 32.21 11.14
Q1 2006 24.63 24.63 11.04
Q2 2006 23.78 23.78 10.42
Q3 2006 21.32 21.32 8.78
Q4 2006 18.22 18.22 7.00
Q1 2007 17.23 17.23 7.99
Q2 2007 15.77 15.77 6.92
Q3 2007 17.30 17.30 6.78
Q4 2007 17.11 17.11 7.76
Q1 2008 16.32 16.32 8.16
Q2 2008 18.29 18.29 8.49
Q3 2008 17.25 17.25 8.73
Q4 2008 15.51 15.51 7.51
Q1 2009 14.84 14.84 7.72
Q2 2009 15.10 15.10 8.01
Q3 2009 15.54 15.54 7.93
Q4 2009 14.31 14.31 7.40
Q1 2010 15.09 15.09 7.75
Q2 2010 16.07 16.07 8.51
Q3 2010 15.88 15.88 8.22
Q4 2010 15.07 15.07 7.57
Q1 2011 13.70 13.70 6.72
Q2 2011 15.96 15.96 8.34
Q3 2011 13.95 13.95 7.48
Q4 2011 16.29 16.29 9.22
Q1 2012 17.10 17.10 9.48
Q2 2012 16.51 16.51 9.54
Q3 2012 16.57 16.57 8.99
Q4 2012 16.35 16.35 9.08
Q1 2013 16.73 16.73 8.95
Q2 2013 19.12 19.12 10.74
Q3 2013 21.98 21.98 11.93
Q4 2013 21.91 21.91 12.20
Q1 2014 27.52 27.52 14.86
Q2 2014 25.93 25.93 14.50
Q3 2014 25.92 25.92 13.78
Q4 2014 22.43 22.43 12.30

Business Segments (Million)

Compared With The
Period Retail sector Wholesale sector
Q1 2005 223.39 49.42
Q2 2005 246.56 15.36
Q3 2005 277.35 83.46
Q4 2005 297.80 16.41
Q1 2006 333.62 57.20
Q2 2006 297.07 22.58
Q3 2006 361.61 85.15
Q4 2006 325.95 22.20
Q1 2007 359.78 68.71
Q2 2007 366.64 27.87
Q3 2007 388.22 89.43
Q4 2007 404.07 36.52
Q1 2008 501.96 95.69
Q2 2008 574.68 42.72
Q3 2008 553.83 82.88
Q4 2008 600.72 67.43
Q1 2009 562.00 100.00
Q2 2009 530.00 43.00
Q3 2009 501.00 95.00
Q4 2009 663.00 61.00
Q1 2010 678.00 117.00
Q2 2010 627.00 45.00
Q3 2010 623.00 113.00
Q4 2010 753.00 59.00
Q1 2011 827.00 119.00
Q2 2011 917.00 51.00
Q3 2011 1,067.00 142.00
Q4 2011 960.00 64.00
Q1 2012 1,070.00 126.00
Q2 2012 1,009.00 57.00
Q3 2012 1,034.00 156.00
Q4 2012 1,092.00 90.00
Q1 2013 1,224.00 106.00
Q2 2013 1,203.00 55.00
Q3 2013 1,173.00 161.00
Q4 2013 1,229.00 92.00
Q1 2014 1,275.00 124.00
Q2 2014 1,230.00 59.00
Q3 2014 1,252.00 175.00
Q4 2014 1,486.00 98.00

Analysts Estimates (Million)

Item Q4 2014 (e) Q4 2014 (a) Change‬
Average 169.80 205.81 21.20 %

Estimates vs Actual (Million)

Item Q4 2014 (e) Q4 2014 (a) Change
OSOOL AND BAKHEET 172.20 205.81 19.5 %
Alistithmar Capital 167.40 205.81 22.9 %


Financial Ratios
Current
Market Cap (M Riyal) 15,264.00
Enterprise Value (EV) (M) 15,413.93
Shares Outstanding ((M)) 1,200.00
EPS ( Riyal) (TTM) 0.79
Book Value (BV) ( Riyal) 1.42
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 16.16
P/E (TTM) 16.16
Price/book 8.93
Return on Average Assets (%) (TTM) 22.8
Return on Average Equity (%) (TTM) 54.2
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