Jarir H1 profit up 19% to SAR 402 mln

08/07/2015 Argaam Exclusive

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Share Price

Jarir Marketing Co. (JARIR)

Jarir Marketing Company, which operates Jarir Bookstores in Saudi Arabia, reported SAR 401.9 million in net profit in H1-2015, a 19 percent increase compared to the same period last year.

Financials (M)

Item	6m 2014	6m 2015	Change‬
Revenues	2,688.28	3,315.27	23.3 %
Gross Income	408.71	474.88	16.2 %
Operating Income	333.24	394.82	18.5 %
Net Income	336.56	401.88	19.4 %
Average Shares	1,200.00	1,200.00	-
EPS (Riyals)	0.28	0.33	19.4 %

When compared to the same period last year, the company saw better profit in Q2, which was attributed to higher sales in all sectors, particularly electronics. It also recorded lower general and administrative expenses and bank charges.

During the period, Jarir opened three new branches to increase the number of its showrooms from 35 to 38.

Second quarter profit, however, fell 37.29 percent when compared to Q1-2015 due to low seasonal demand for some of its products, particularly school supplies.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2014	Q2 2015	Change‬
Revenues	1,289.43	1,405.76	9.0 %
Gross Income	173.66	191.37	10.2 %
Operating Income	133.31	151.70	13.8 %
Net Income	135.23	154.86	14.5 %
Average Shares	1,200.00	1,200.00	-
EPS (Riyals)	0.11	0.13	14.5 %

Item	Q1 2015	Q2 2015	Change‬
Revenues	1,909.51	1,405.76	(26.4 %)
Gross Income	283.51	191.37	(32.5 %)
Operating Income	243.11	151.70	(37.6 %)
Net Income	247.02	154.86	(37.3 %)
Average Shares	1,200.00	1,200.00	-
EPS (Riyals)	0.21	0.13	(37.3 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2006	1,505.39	24.4 %	298.18	32.6 %	243.28	38.1 %	0.20
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
2007	1,741.23	15.7 %	332.00	11.3 %	276.25	13.6 %	0.23
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
2008	2,519.92	44.7 %	434.99	31.0 %	332.77	20.5 %	0.28
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
2009	2,555.31	1.4 %	486.38	11.8 %	373.97	12.4 %	0.31
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
2010	3,014.57	18.0 %	501.58	3.1 %	400.74	7.2 %	0.33
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
2011	4,147.31	37.6 %	633.62	26.3 %	512.99	28.0 %	0.43
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
2012	4,634.22	11.7 %	694.11	9.5 %	569.82	11.1 %	0.47
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
2013	5,242.67	13.1 %	794.36	14.4 %	653.26	14.6 %	0.54
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
Q1 2015	1,909.51	36.5 %	283.51	20.6 %	247.02	22.7 %	0.21
Q2 2015	1,405.76	9.0 %	191.37	10.2 %	154.86	14.5 %	0.13

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2005	1,209.73	46.5 %	224.92	38.8 %	176.22	46.1 %	0.15
2006	1,505.39	24.4 %	298.18	32.6 %	243.28	38.1 %	0.20
2007	1,741.23	15.7 %	332.00	11.3 %	276.25	13.6 %	0.23
2008	2,519.92	44.7 %	434.99	31.0 %	332.77	20.5 %	0.28
2009	2,555.31	1.4 %	486.38	11.8 %	373.97	12.4 %	0.31
2010	3,014.57	18.0 %	501.58	3.1 %	400.74	7.2 %	0.33
2011	4,147.31	37.6 %	633.62	26.3 %	512.99	28.0 %	0.43
2012	4,634.22	11.7 %	694.11	9.5 %	569.82	11.1 %	0.47
2013	5,242.67	13.1 %	794.36	14.4 %	653.26	14.6 %	0.54
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 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 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %
Q1 2015	15.06 %	12.79 %	12.74 %
Q2 2015	15.06 %	12.84 %	12.82 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2005	18.59 %	15.55 %	14.57 %
2006	19.81 %	16.90 %	16.16 %
2007	19.07 %	16.69 %	15.87 %
2008	17.26 %	14.42 %	13.21 %
2009	19.03 %	15.78 %	14.64 %
2010	16.64 %	13.78 %	13.29 %
2011	15.28 %	12.72 %	12.37 %
2012	14.98 %	12.59 %	12.30 %
2013	15.15 %	12.70 %	12.46 %
2014	15.56 %	13.18 %	13.08 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	21.38 %	19.46 %	19.47 %
Q2 2006	17.06 %	14.83 %	13.73 %
Q3 2006	21.98 %	19.56 %	18.08 %
Q4 2006	17.77 %	12.51 %	12.22 %
Q1 2007	20.76 %	19.29 %	18.69 %
Q2 2007	17.61 %	14.94 %	13.78 %
Q3 2007	21.20 %	19.42 %	18.31 %
Q4 2007	16.42 %	12.77 %	12.33 %
Q1 2008	20.20 %	17.37 %	16.25 %
Q2 2008	14.82 %	11.91 %	10.86 %
Q3 2008	17.26 %	15.05 %	13.88 %
Q4 2008	16.90 %	13.50 %	12.00 %
Q1 2009	19.11 %	16.69 %	16.23 %
Q2 2009	17.88 %	14.59 %	12.64 %
Q3 2009	20.23 %	16.59 %	15.21 %
Q4 2009	18.89 %	15.21 %	14.28 %
Q1 2010	17.97 %	15.34 %	14.90 %
Q2 2010	14.71 %	11.88 %	11.28 %
Q3 2010	17.25 %	14.64 %	13.99 %
Q4 2010	16.38 %	13.03 %	12.76 %
Q1 2011	17.20 %	14.85 %	14.46 %
Q2 2011	13.20 %	10.52 %	10.18 %
Q3 2011	15.22 %	12.92 %	12.65 %
Q4 2011	15.53 %	12.62 %	12.18 %
Q1 2012	15.90 %	13.84 %	13.73 %
Q2 2012	12.88 %	10.50 %	10.04 %
Q3 2012	16.25 %	13.94 %	13.51 %
Q4 2012	14.65 %	11.86 %	11.66 %
Q1 2013	15.85 %	13.94 %	13.60 %
Q2 2013	13.03 %	10.56 %	10.03 %
Q3 2013	16.41 %	14.18 %	13.96 %
Q4 2013	15.21 %	11.98 %	12.12 %
Q1 2014	16.80 %	14.93 %	14.39 %
Q2 2014	13.47 %	10.84 %	10.49 %
Q3 2014	16.64 %	14.55 %	14.23 %
Q4 2014	15.17 %	12.30 %	12.99 %
Q1 2015	14.85 %	13.20 %	12.94 %
Q2 2015	13.61 %	11.25 %	11.02 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q1 2015	1,200.00	0.66	0.66	1.20
Q2 2015	1,200.00	0.68	0.68	1.16

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2005	1,200.00	0.15	0.15	0.42
2006	1,200.00	0.20	0.20	0.53
2007	1,200.00	0.23	0.23	0.51
2008	1,200.00	0.28	0.28	0.57
2009	1,200.00	0.31	0.31	0.60
2010	1,200.00	0.33	0.33	0.66
2011	1,200.00	0.43	0.43	0.76
2012	1,200.00	0.47	0.47	0.86
2013	1,200.00	0.54	0.54	0.98
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 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
Q1 2015	25.01	25.01	13.73
Q2 2015	24.53	24.53	14.28

Period	P/E	Adjusted P/E	Price/book
2005	32.21	32.21	11.14
2006	18.22	18.22	7.00
2007	17.11	17.11	7.76
2008	15.51	15.51	7.51
2009	14.31	14.31	7.40
2010	15.07	15.07	7.57
2011	16.29	16.29	9.22
2012	16.35	16.35	9.08
2013	21.91	21.91	12.20
2014	22.43	22.43	12.30

Business Segments (Million)

Compared With The

Period	Retail sector	Wholesale sector
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
Q1 2015	1,783.00	127.00
Q2 2015	1,345.00	60.00

Period	Retail sector	Wholesale sector
2005	1,045.09	164.64
2006	1,318.24	187.14
2007	1,518.71	222.52
2008	2,231.20	288.72
2009	2,256.00	299.00
2010	2,681.00	334.00
2011	3,771.00	376.00
2012	4,205.00	429.00
2013	4,829.00	414.00
2014	5,243.00	456.00

Analysts Estimates (Million)

Item	Q2 2015 (e)	Q2 2015 (a)	Change‬
Average	165.18	154.86	(6.2 %)

Estimates vs Actual (Million)

Item	Q2 2015 (e)	Q2 2015 (a)	Change
Alistithmar Capital	154.60	154.86	0.2 %
Al Rajhi Capital	156.00	154.86	(0.7) %
SFC	156.00	154.86	(0.7) %
AlJazira Capital	158.80	154.86	(2.5) %
Albilad Capital	162.00	154.86	(4.4) %
SNB Capital	166.00	154.86	(6.7) %
OSOOL AND BAKHEET	167.00	154.86	(7.3) %
Riyad Capital	201.00	154.86	(23.0) %

Financial Ratios

	Current
Market Cap (M Riyal)	16,104.00
Enterprise Value (EV) (M)	16,253.93
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)	17.05
P/E (TTM)	17.05
Price/book	9.42
Return on Average Assets (%) (TTM)	22.8
Return on Average Equity (%) (TTM)	54.2

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Jarir H1 profit up 19% to SAR 402 mln

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Share Price

Jarir Marketing Co. (JARIR)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2015 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Jarir H1 profit up 19% to SAR 402 mln

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Share Price

Jarir Marketing Co. (JARIR)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2015

Revenue by Business Segment (Latest) 2015 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)