Nadec posts higher net profit at SAR 52.8m in I2 of 2014

30/06/2014 Argaam Exclusive

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Share Price

National Agricultural Development Co. (NADEC)

National Agriculture Development Company (NADEC), Saudi Arabia's largest agricultural company, reported SAR 52.8m net profit at the end of the first half of 2014, compared to SAR 52.3m in the same period last year, as shown in the following table:

Financials (M)

Item	6m 2013	6m 2014	Change‬
Revenues	967.49	1,059.68	9.5 %
Gross Income	346.35	391.16	12.9 %
Operating Income	64.01	69.02	7.8 %
Net Income	52.35	52.77	0.8 %
Average Shares	212.89	212.89	-
EPS (Riyals)	0.25	0.25	0.8 %

Current Quarter Comparison (M)

Compared With The

Item	Q2 2013	Q2 2014	Change‬
Revenues	543.00	575.64	6.0 %
Gross Income	184.49	209.51	13.6 %
Operating Income	37.72	34.61	(8.3 %)
Net Income	30.00	28.00	(6.7 %)
Average Shares	212.89	212.89	-
EPS (Riyals)	0.14	0.13	(6.7 %)

Item	Q1 2014	Q2 2014	Change‬
Revenues	484.04	575.64	18.9 %
Gross Income	181.66	209.51	15.3 %
Operating Income	34.41	34.61	0.6 %
Net Income	24.77	28.00	13.0 %
Average Shares	212.89	212.89	-
EPS (Riyals)	0.12	0.13	13.0 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2005	120.16	3.9 %	41.75	1.2 %	6.01	(27.8 %)	0.03
Q2 2005	165.18	(4.0 %)	73.23	29.5 %	27.03	28.6 %	0.13
Q3 2005	168.67	11.9 %	60.27	8.0 %	12.06	(23.4 %)	0.06
Q4 2005	248.69	65.0 %	77.14	32.2 %	17.08	28.9 %	0.08
2005	702.70	19.3 %	252.39	19.1 %	62.18	6.6 %	0.29
Q1 2006	151.17	25.8 %	51.71	23.9 %	5.27	(12.3 %)	0.02
Q2 2006	246.28	49.1 %	78.37	7.0 %	19.38	(28.3 %)	0.09
Q3 2006	216.32	28.2 %	103.47	71.7 %	36.66	204.0 %	0.17
Q4 2006	237.84	(4.4 %)	92.24	19.6 %	56.99	233.8 %	0.27
2006	851.60	21.2 %	325.79	29.1 %	118.30	90.3 %	0.56
Q1 2007	195.37	29.2 %	73.08	41.3 %	23.56	347.1 %	0.11
Q2 2007	294.84	19.7 %	95.70	22.1 %	22.89	18.1 %	0.11
Q3 2007	276.68	27.9 %	122.38	18.3 %	38.35	4.6 %	0.18
Q4 2007	315.24	32.5 %	115.43	25.1 %	(13.22)	(123.2 %)	(0.06)
2007	1,082.14	27.1 %	406.59	24.8 %	71.58	(39.5 %)	0.34
Q1 2008	259.00	32.6 %	89.04	21.8 %	4.08	(82.7 %)	0.02
Q2 2008	403.32	36.8 %	128.77	34.5 %	37.79	65.1 %	0.18
Q3 2008	358.36	29.5 %	143.94	17.6 %	31.64	(17.5 %)	0.15
Q4 2008	317.96	0.9 %	114.89	(0.5 %)	(4.71)	64.4 %	(0.02)
2008	1,338.63	23.7 %	476.62	17.2 %	68.80	(3.9 %)	0.32
Q1 2009	279.43	7.9 %	92.64	4.1 %	(4.37)	(207.1 %)	(0.02)
Q2 2009	390.91	(3.1 %)	100.65	(21.8 %)	(16.84)	(144.6 %)	(0.08)
Q3 2009	344.95	(3.7 %)	131.08	(8.9 %)	11.34	(64.2 %)	0.05
Q4 2009	319.22	0.4 %	94.08	(18.1 %)	(33.04)	(602.0 %)	(0.16)
2009	1,334.50	(0.3 %)	418.45	(12.2 %)	(42.91)	(162.4 %)	(0.20)
Q1 2010	318.88	14.1 %	108.92	17.6 %	3.82	187.6 %	0.02
Q2 2010	402.13	2.9 %	119.66	18.9 %	4.66	127.6 %	0.02
Q3 2010	353.50	2.5 %	134.21	2.4 %	15.94	40.6 %	0.07
Q4 2010	373.05	16.9 %	115.62	22.9 %	(13.96)	57.8 %	(0.07)
2010	1,447.56	8.5 %	478.41	14.3 %	10.46	124.4 %	0.05
Q1 2011	345.99	8.5 %	123.33	13.2 %	20.53	436.8 %	0.10
Q2 2011	430.32	7.0 %	137.27	14.7 %	19.49	318.5 %	0.09
Q3 2011	405.64	14.7 %	151.48	12.9 %	30.07	88.6 %	0.14
Q4 2011	375.71	0.7 %	137.77	19.2 %	21.20	251.9 %	0.10
2011	1,557.66	7.6 %	549.85	14.9 %	91.28	772.5 %	0.43
Q1 2012	368.00	6.4 %	139.45	13.1 %	21.48	4.6 %	0.10
Q2 2012	489.99	13.9 %	167.58	22.1 %	27.21	39.6 %	0.13
Q3 2012	456.77	12.6 %	180.18	18.9 %	32.67	8.7 %	0.15
Q4 2012	412.72	9.8 %	149.34	8.4 %	14.30	(32.5 %)	0.07
2012	1,727.47	10.9 %	636.54	15.8 %	95.66	4.8 %	0.45
Q1 2013	424.48	15.3 %	161.86	16.1 %	22.35	4.0 %	0.10
Q2 2013	543.00	10.8 %	184.49	10.1 %	30.00	10.3 %	0.14
Q3 2013	512.17	12.1 %	189.43	5.1 %	33.02	1.1 %	0.16
Q4 2013	448.44	8.7 %	168.89	13.1 %	14.81	3.6 %	0.07
2013	1,928.09	11.6 %	704.67	10.7 %	100.18	4.7 %	0.47
Q1 2014	484.04	14.0 %	181.66	12.2 %	24.77	10.9 %	0.12
Q2 2014	575.64	6.0 %	209.51	13.6 %	28.00	(6.7 %)	0.13

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2004	589.23	12.8 %	212.00	31.8 %	58.33	111.8 %	0.27
2005	702.70	19.3 %	252.39	19.1 %	62.18	6.6 %	0.29
2006	851.60	21.2 %	325.79	29.1 %	118.30	90.3 %	0.56
2007	1,082.14	27.1 %	406.59	24.8 %	71.58	(39.5 %)	0.34
2008	1,338.63	23.7 %	476.62	17.2 %	68.80	(3.9 %)	0.32
2009	1,334.50	(0.3 %)	418.45	(12.2 %)	(42.91)	(162.4 %)	(0.20)
2010	1,447.56	8.5 %	478.41	14.3 %	10.46	124.4 %	0.05
2011	1,557.66	7.6 %	549.85	14.9 %	91.28	772.5 %	0.43
2012	1,727.47	10.9 %	636.54	15.8 %	95.66	4.8 %	0.45
2013	1,928.09	11.6 %	704.67	10.7 %	100.18	4.7 %	0.47

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	35.79 %	20.71 %	9.43 %
Q2 2005	39.06 %	23.02 %	10.57 %
Q3 2005	38.63 %	22.47 %	9.65 %
Q4 2005	35.92 %	21.42 %	8.85 %
2005	35.92 %	21.42 %	8.85 %
Q1 2006	35.76 %	20.84 %	8.37 %
Q2 2006	32.83 %	18.26 %	6.60 %
Q3 2006	36.02 %	20.80 %	9.09 %
Q4 2006	38.26 %	21.45 %	9.62 %
2006	38.26 %	21.45 %	9.62 %
Q1 2007	38.75 %	21.69 %	11.18 %
Q2 2007	38.60 %	20.90 %	10.98 %
Q3 2007	38.16 %	20.47 %	10.49 %
Q4 2007	37.57 %	19.11 %	6.62 %
2007	37.57 %	19.11 %	6.61 %
Q1 2008	36.88 %	19.26 %	4.73 %
Q2 2008	36.33 %	20.22 %	5.51 %
Q3 2008	35.72 %	19.79 %	4.67 %
Q4 2008	35.61 %	19.23 %	4.55 %
2008	35.61 %	19.23 %	4.55 %
Q1 2009	35.34 %	18.95 %	3.67 %
Q2 2009	33.57 %	16.47 %	(0.39 %)
Q3 2009	32.95 %	16.22 %	(1.91 %)
Q4 2009	31.36 %	15.24 %	(3.33 %)
2009	31.36 %	15.24 %	(3.33 %)
Q1 2010	31.64 %	15.57 %	(2.73 %)
Q2 2010	32.76 %	16.95 %	(1.35 %)
Q3 2010	32.78 %	15.00 %	(1.12 %)
Q4 2010	33.05 %	14.96 %	0.20 %
2010	33.05 %	14.96 %	0.20 %
Q1 2011	33.42 %	15.14 %	1.37 %
Q2 2011	33.96 %	15.14 %	2.37 %
Q3 2011	33.94 %	16.49 %	3.18 %
Q4 2011	35.30 %	19.08 %	5.43 %
2011	35.30 %	19.08 %	5.43 %
Q1 2012	35.83 %	18.67 %	5.19 %
Q2 2012	36.37 %	18.81 %	5.59 %
Q3 2012	36.97 %	18.74 %	5.61 %
Q4 2012	36.85 %	17.78 %	5.02 %
2012	36.85 %	17.78 %	5.02 %
Q1 2013	36.94 %	17.69 %	5.05 %
Q2 2013	36.79 %	17.39 %	4.85 %
Q3 2013	36.20 %	17.13 %	4.65 %
Q4 2013	36.55 %	17.30 %	4.79 %
2013	36.55 %	17.30 %	4.79 %
Q1 2014	36.45 %	17.46 %	4.88 %
Q2 2014	37.10 %	17.35 %	4.92 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2004	35.98 %	20.83 %	9.90 %
2005	35.92 %	21.42 %	8.85 %
2006	38.26 %	21.45 %	9.62 %
2007	37.57 %	19.11 %	6.61 %
2008	35.61 %	19.23 %	4.55 %
2009	31.36 %	15.24 %	(3.33 %)
2010	33.05 %	14.96 %	0.20 %
2011	35.30 %	19.08 %	5.43 %
2012	36.85 %	17.78 %	5.02 %
2013	36.55 %	17.30 %	4.79 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	34.75 %	20.34 %	5.00 %
Q2 2005	44.34 %	29.09 %	16.37 %
Q3 2005	35.73 %	19.75 %	7.15 %
Q4 2005	31.02 %	17.96 %	6.87 %
Q1 2006	34.21 %	17.77 %	3.49 %
Q2 2006	31.82 %	17.82 %	7.87 %
Q3 2006	47.83 %	29.58 %	16.95 %
Q4 2006	38.78 %	20.15 %	8.65 %
Q1 2007	37.40 %	19.69 %	12.06 %
Q2 2007	32.46 %	15.94 %	7.76 %
Q3 2007	44.23 %	26.11 %	13.86 %
Q4 2007	36.62 %	15.58 %	(4.19 %)
Q1 2008	34.38 %	20.21 %	2.40 %
Q2 2008	31.93 %	19.81 %	9.35 %
Q3 2008	40.17 %	23.18 %	8.82 %
Q4 2008	36.13 %	13.24 %	(4.59 %)
Q1 2009	33.15 %	18.79 %	(1.76 %)
Q2 2009	25.75 %	11.28 %	(4.43 %)
Q3 2009	38.00 %	22.47 %	3.31 %
Q4 2009	29.47 %	9.17 %	(10.55 %)
Q1 2010	34.16 %	19.78 %	0.63 %
Q2 2010	29.76 %	16.16 %	0.38 %
Q3 2010	37.97 %	14.63 %	4.11 %
Q4 2010	30.99 %	9.87 %	(4.06 %)
Q1 2011	35.64 %	20.14 %	5.57 %
Q2 2011	31.90 %	16.11 %	3.94 %
Q3 2011	37.34 %	19.84 %	6.99 %
Q4 2011	36.67 %	20.70 %	5.30 %
Q1 2012	37.89 %	18.29 %	4.55 %
Q2 2012	34.20 %	16.90 %	5.44 %
Q3 2012	39.45 %	19.46 %	6.92 %
Q4 2012	36.18 %	16.49 %	2.84 %
Q1 2013	38.13 %	17.87 %	4.75 %
Q2 2013	33.98 %	15.95 %	4.73 %
Q3 2013	36.99 %	18.29 %	5.93 %
Q4 2013	37.66 %	17.27 %	3.63 %
Q1 2014	37.53 %	18.46 %	5.12 %
Q2 2014	36.40 %	15.64 %	4.86 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2005	212.89	0.26	0.26	4.17
Q2 2005	212.89	0.29	0.29	4.30
Q3 2005	212.89	0.27	0.27	4.35
Q4 2005	212.89	0.29	0.29	4.42
Q1 2006	212.89	0.29	0.29	4.46
Q2 2006	212.89	0.25	0.25	4.42
Q3 2006	212.89	0.37	0.37	4.52
Q4 2006	212.89	0.56	0.38	4.74
Q1 2007	212.89	0.64	0.47	4.88
Q2 2007	212.89	0.66	0.49	4.83
Q3 2007	212.89	0.67	0.49	4.83
Q4 2007	212.89	0.34	0.34	4.65
Q1 2008	212.89	0.24	0.25	4.66
Q2 2008	212.89	0.31	0.32	4.84
Q3 2008	212.89	0.28	0.29	4.99
Q4 2008	212.89	0.32	0.29	4.97
Q1 2009	212.89	0.28	0.23	4.74
Q2 2009	212.89	0.03	(0.02)	4.66
Q3 2009	212.89	(0.07)	(0.12)	4.72
Q4 2009	212.89	(0.20)	(0.21)	4.52
Q1 2010	212.89	(0.16)	(0.18)	4.60
Q2 2010	212.89	(0.06)	(0.09)	4.62
Q3 2010	212.89	(0.04)	(0.07)	4.70
Q4 2010	212.89	0.05	0.01	4.56
Q1 2011	212.89	0.13	0.09	4.66
Q2 2011	212.89	0.20	0.17	4.75
Q3 2011	212.89	0.26	0.23	4.89
Q4 2011	212.89	0.43	0.40	4.99
Q1 2012	212.89	0.43	0.38	4.88
Q2 2012	212.89	0.47	0.43	5.01
Q3 2012	212.89	0.48	0.45	5.02
Q4 2012	212.89	0.45	0.41	5.09
Q1 2013	212.89	0.45	0.42	5.19
Q2 2013	212.89	0.47	0.42	5.19
Q3 2013	212.89	0.47	0.41	5.34
Q4 2013	212.89	0.47	0.43	5.41
Q1 2014	212.89	0.48	0.46	5.53
Q2 2014	212.89	0.47	0.47	5.66

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2004	212.89	0.27	0.27	4.15
2005	212.89	0.29	0.29	4.42
2006	212.89	0.56	0.38	4.74
2007	212.89	0.34	0.34	4.65
2008	212.89	0.32	0.29	4.97
2009	212.89	(0.20)	(0.21)	4.52
2010	212.89	0.05	0.01	4.56
2011	212.89	0.43	0.40	4.99
2012	212.89	0.45	0.41	5.09
2013	212.89	0.47	0.43	5.41

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2005	40.24	40.24	2.54
Q2 2005	More than 50	More than 50	5.77
Q3 2005	More than 50	More than 50	6.04
Q4 2005	More than 50	More than 50	7.73
Q1 2006	More than 50	More than 50	4.66
Q2 2006	More than 50	More than 50	6.38
Q3 2006	More than 50	More than 50	5.79
Q4 2006	19.16	27.67	2.24
Q1 2007	24.27	33.09	3.19
Q2 2007	19.32	26.10	2.63
Q3 2007	22.38	30.11	3.09
Q4 2007	More than 50	More than 50	3.63
Q1 2008	More than 50	More than 50	3.41
Q2 2008	More than 50	More than 50	3.36
Q3 2008	47.08	45.54	2.67
Q4 2008	39.04	44.07	2.54
Q1 2009	41.40	More than 50	2.48
Q2 2009	More than 50	NEG	3.37
Q3 2009	NEG	NEG	3.32
Q4 2009	NEG	NEG	2.98
Q1 2010	NEG	NEG	2.67
Q2 2010	NEG	NEG	2.23
Q3 2010	NEG	NEG	2.17
Q4 2010	More than 50	More than 50	2.28
Q1 2011	More than 50	More than 50	2.22
Q2 2011	More than 50	More than 50	2.24
Q3 2011	39.67	44.99	2.14
Q4 2011	27.76	29.98	2.38
Q1 2012	30.50	34.33	2.71
Q2 2012	23.48	25.61	2.20
Q3 2012	26.19	28.32	2.51
Q4 2012	24.25	26.76	2.14
Q1 2013	23.86	25.56	2.08
Q2 2013	22.68	25.28	2.04
Q3 2013	24.64	27.93	2.16
Q4 2013	25.63	27.77	2.23
Q1 2014	33.06	34.94	2.88
Q2 2014	40.87	41.35	3.41

Period	P/E	Adjusted P/E	Price/book
2004	35.16	35.16	2.32
2005	More than 50	More than 50	7.73
2006	19.16	27.67	2.24
2007	More than 50	More than 50	3.63
2008	39.04	44.07	2.54
2009	NEG	NEG	2.98
2010	More than 50	More than 50	2.28
2011	27.76	29.98	2.38
2012	24.25	26.76	2.14
2013	25.63	27.77	2.23

Business Segments (Million)

Compared With The

Period	Diary and food production Sector	Agricultural Activity
Q3 2005	114.00	55.00
Q4 2005	138.00	111.00
Q1 2006	118.00	38.00
Q2 2006	140.00	125.00
Q3 2006	166.00	35.00
Q4 2006	162.00	68.00
Q1 2007	149.00	51.00
Q2 2007	188.00	122.00
Q3 2007	221.00	42.00
Q4 2007	203.00	107.00
Q1 2008	205.00	57.00
Q2 2008	256.00	152.00
Q3 2008	290.00	66.00
Q4 2008	243.00	70.00
Q1 2009	226.00	53.00
Q2 2009	268.00	125.00
Q3 2009	304.00	39.00
Q4 2009	260.00	60.00
Q1 2010	262.00	58.00
Q2 2010	296.00	114.00
Q3 2010	314.00	34.00
Q4 2010	282.00	88.00
Q1 2011	283.00	64.00
Q2 2011	320.00	124.00
Q3 2011	343.00	53.00
Q4 2011	304.00	67.00
Q1 2012	318.00	50.00
Q2 2012	374.00	121.00
Q3 2012	402.00	50.00
Q4 2012	352.00	60.00
Q1 2013	380.00	45.00
Q2 2013	419.00	124.00
Q3 2013	472.00	40.00
Q4 2013	396.00	52.00
Q1 2014	450.00	34.00
Q2 2014	494.00	82.00

Period	Diary and food production Sector	Agricultural Activity
2005	451.00	252.00
2006	586.00	266.00
2007	761.00	322.00
2008	994.00	345.00
2009	1,058.00	277.00
2010	1,154.00	294.00
2011	1,250.00	308.00
2012	1,446.00	281.00
2013	1,667.00	261.00

Financial Ratios

	Current
Market Cap (M Riyal)	9,305.59
Enterprise Value (EV) (M)	8,203.08
Shares Outstanding ((M))	301.64
EPS ( Riyal) (TTM)	1.21
Book Value (BV) ( Riyal)	12.25
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	27.39
P/E (TTM)	25.45
Price/book	2.52
Return on Average Assets (%) (TTM)	7.8
Return on Average Equity (%) (TTM)	14.6

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Nadec posts higher net profit at SAR 52.8m in I2 of 2014

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Share Price

National Agricultural Development Co. (NADEC)

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) 2014 Q2

Financial Ratios

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Nadec posts higher net profit at SAR 52.8m in I2 of 2014

View other reports

Share Price

National Agricultural Development Co. (NADEC)

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 2014

Revenue by Business Segment (Latest) 2014 Q2

Financial Ratios

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Business Segments (Million)