Jarir Marketing H1 profit rises 23% on higher sales

13/07/2017 Argaam Exclusive

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Share Price

Jarir Marketing Co. (JARIR)

Jarir Marketing Co., which owns bookstores and retail chains in Saudi Arabia, Kuwait and Abu Dhabi, reported a net profit of SAR 369.2 million in the first half of 2017, a 22.5 percent year-on-year (YoY) rise attributed to increased retail sales and the rise in the number of showrooms from 42 to 47.

Financials (M)

Item	6m 2016	6m 2017	Change‬
Revenues	2,808.17	3,289.76	17.1 %
Gross Income	377.53	440.09	16.6 %
Operating Income	282.91	346.16	22.4 %
Net Income	301.44	369.20	22.5 %
Average Shares	1,200.00	1,200.00	-
EPS (Riyals)	0.25	0.31	22.5 %

The company’s net profit for the second quarter was up 17 percent YoY at SAR 147.8 million due to higher retail sales, increased number of showrooms, and improved profit margins.

On quarter-on-quarter (QoQ) basis, Q2 net profit was down 33 percent.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2016	Q2 2017	Change‬
Revenues	1,390.74	1,584.80	14.0 %
Gross Income	162.76	192.72	18.4 %
Operating Income	116.18	133.22	14.7 %
Net Income	126.48	147.76	16.8 %
Average Shares	1,200.00	1,200.00	-
EPS (Riyals)	0.11	0.12	16.8 %

Item	Q1 2017	Q2 2017	Change‬
Revenues	1,704.95	1,584.80	(7.0 %)
Gross Income	247.38	192.72	(22.1 %)
Operating Income	212.94	133.22	(37.4 %)
Net Income	221.44	147.76	(33.3 %)
Average Shares	1,200.00	1,200.00	-
EPS (Riyals)	0.18	0.12	(33.3 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q3 2015	1,536.06	7.7 %	253.41	6.8 %	218.50	7.6 %	0.18
Q4 2015	1,524.05	(3.8 %)	243.74	1.4 %	208.09	1.1 %	0.17
2015	6,375.38	11.9 %	972.03	9.7 %	828.47	11.1 %	0.69
Q1 2016	1,417.43	(25.8 %)	214.77	(24.2 %)	174.96	(29.2 %)	0.15
Q2 2016	1,390.74	(1.1 %)	162.76	(15.0 %)	126.48	(18.3 %)	0.11
Q3 2016	1,520.93	(1.0 %)	252.93	(0.2 %)	217.92	(0.3 %)	0.18
Q4 2016	1,793.46	17.7 %	244.80	0.4 %	215.32	3.5 %	0.18
2016	6,122.56	(4.0 %)	875.76	(9.9 %)	734.31	(11.4 %)	0.61
Q1 2017	1,704.95	20.3 %	247.38	15.2 %	221.44	26.6 %	0.18
Q2 2017	1,584.80	14.0 %	192.72	18.4 %	147.76	16.8 %	0.12

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2015	6,375.38	11.9 %	972.03	9.7 %	828.47	11.1 %	0.69
2016	6,122.56	(4.0 %)	875.76	(9.9 %)	734.31	(11.4 %)	0.61

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2015	15.05 %	12.90 %	12.84 %
Q4 2015	15.25 %	13.19 %	12.99 %
2015	15.25 %	13.19 %	12.99 %
Q1 2016	15.35 %	13.10 %	12.86 %
Q2 2016	14.91 %	12.59 %	12.41 %
Q3 2016	14.94 %	12.65 %	12.50 %
Q4 2016	14.30 %	12.26 %	12.07 %
2016	14.30 %	12.30 %	12.06 %
Q1 2017	14.16 %	12.40 %	12.25 %
Q2 2017	14.20 %	12.33 %	12.10 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2015	15.25 %	13.19 %	12.99 %
2016	14.30 %	12.30 %	12.06 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2015	16.50 %	14.64 %	14.22 %
Q4 2015	15.99 %	13.53 %	13.65 %
Q1 2016	15.15 %	12.79 %	12.34 %
Q2 2016	11.70 %	9.10 %	9.09 %
Q3 2016	16.63 %	14.89 %	14.59 %
Q4 2016	13.65 %	12.07 %	12.01 %
Q1 2017	14.51 %	13.23 %	12.99 %
Q2 2017	12.16 %	9.21 %	8.86 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q3 2015	1,200.00	0.69	0.69	1.23
Q4 2015	1,200.00	0.69	0.69	1.25
Q1 2016	1,200.00	0.63	0.63	1.23
Q2 2016	1,200.00	0.61	0.61	1.23
Q3 2016	1,200.00	0.61	0.61	1.29
Q4 2016	1,200.00	0.61	0.62	1.25
Q1 2017	1,200.00	0.65	0.65	1.27
Q2 2017	1,200.00	0.67	0.67	1.23

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2015	1,200.00	0.69	0.69	1.25
2016	1,200.00	0.61	0.62	1.25

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q3 2015	19.60	19.60	10.94
Q4 2015	17.37	17.37	9.57
Q1 2016	13.47	13.47	6.90
Q2 2016	14.55	14.55	7.19
Q3 2016	11.47	11.41	5.38
Q4 2016	14.14	14.07	6.91
Q1 2017	15.56	15.48	7.95
Q2 2017	16.44	16.51	8.93

Period	P/E	Adjusted P/E	Price/book
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
2015	17.37	17.37	9.57
2016	14.15	14.07	6.91

Business Segments (Million)

Compared With The

Period	Retail sector	Wholesale sector	Other sectors
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	-
Q3 2015	1,367.00	169.00	-
Q4 2015	1,397.00	127.00	-
Q1 2016	1,293.00	85.00	39.00
Q2 2016	1,303.00	50.00	38.00
Q3 2016	1,326.00	150.00	45.00
Q4 2016	1,673.00	71.00	50.00
Q1 2017	1,530.00	133.00	42.00
Q2 2017	1,497.00	43.00	45.00

Period	Retail sector	Wholesale sector	Other sectors
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	-
2015	5,892.00	483.00	-
2016	5,595.00	356.00	172.00

Analysts Estimates (Million)

Item	Q2 2017 (e)	Q2 2017 (a)	Change‬
Average	153.95	147.76	(4.0 %)

Estimates vs Actual (Million)

Item	Q2 2017 (e)	Q2 2017 (a)	Change
SNB Capital	152.00	147.76	(2.8) %
OSOOL AND BAKHEET	143.20	147.76	3.2 %
AlJazira Capital	153.40	147.76	(3.7) %
HSBC	155.00	147.76	(4.7) %
Albilad Capital	160.00	147.76	(7.7) %
Hermes	137.00	147.76	7.9 %
Riyad Capital	161.00	147.76	(8.2) %
Al Rajhi Capital	170.00	147.76	(13.1) %

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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Jarir Marketing H1 profit rises 23% on higher sales

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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) 2017 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Jarir Marketing H1 profit rises 23% on higher sales

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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 2017

Revenue by Business Segment (Latest) 2017 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)