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Entaj posts 57% profit decline to SAR 27.1M in 2024, loses SAR 6.3M in Q4
Arabian Co. for Agricultural and Industrial Investments (Entaj) reported net earnings of SAR 27.1 million for 2024, a decline of 57% from SAR 62.7 million a year earlier.
Financials (M)
| Item | 2023 | 2024 | Change |
|---|---|---|---|
| Revenues | 1,099.35 | 1,244.89 | 13.2 % |
| Gross Income | 230.30 | 197.75 | (14.1 %) |
| Operating Income | 75.09 | 51.80 | (31.0 %) |
| Net Income | 62.66 | 27.10 | (56.8 %) |
| Average Shares | 30.00 | 30.00 | - |
| Earnings Per Share before unusual items | 2.09 | 0.90 | (56.8 %) |
| EPS (Riyals) | 2.09 | 0.90 | (56.8 %) |
This came amid higher depreciation, which resulted in a SAR 25 million financial impact. This was due to the company’s capacity expansion and higher finance costs on lower interest capitalization (fueled a SAR 9 million financial impact).
Furthermore, the company allocated a SAR 8 million incremental provisions for bio assets, primarily due to the fair-value reassessment and the impairment on day-old chicks.
Excluding the depreciation impact, earnings before interest, taxes, depreciation, and amortization (EBITDA) would have reached SAR 127.2 million, marking a 3.7% year-on-year (YoY) increase.
This came despite Entaj’s 13.2% YoY revenue growth to SAR 1.24 billion in 2024, given the elevated poultry sales. This was also supported by the company’s intense focus on modern trade and investments in production capacity expansion, besides work to enhance logistics capabilities and strengthen sales resources.
Current Quarter Comparison (M)
| Item | Q4 2023 | Q4 2024 | Change |
|---|---|---|---|
| Revenues | 307.87 | 316.35 | 2.8 % |
| Gross Income | 86.44 | 28.42 | (67.1 %) |
| Operating Income | 43.91 | (1.75) | (104.0 %) |
| Net Income | 41.23 | (6.28) | (115.2 %) |
| Average Shares | 30.00 | 30.00 | - |
| Earnings Per Share before unusual items | 1.37 | (0.21) | (115.2 %) |
| EPS (Riyals) | 1.37 | (0.21) | (115.2 %) |
In Q4 2024, the company turned to a net loss of SAR 6.3 million, against profits of SAR 41.23 million in Q4 2023.
Entaj posted a bottom line of SAR 4.39 million in Q3 2024.
Total shareholders' equity, no minority interest, reached SAR 460.6 million as of Dec. 31, 2024, up from SAR 436.6 million a year before.
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Share Price
Arabian Company for Agricultural and Industrial Investment (ENTAJ)
| Current | |
| Market Cap (M Riyal) | 1,611.00 |
| Enterprise Value (EV) (M) | 2,181.38 |
| Shares Outstanding ((M)) | 30.00 |
| EPS ( Riyal) (TTM) | 0.90 |
| Book Value (BV) ( Riyal) | 15.35 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | More than 100 |
| P/E (TTM) | More than 100 |
| Price/book | 3.50 |
| Return on Average Assets (%) (TTM) | 2.1 |
| Return on Average Equity (%) (TTM) | 3.3 |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | Earnings Per Share before unusual items |
|---|---|---|---|---|---|---|
| Q1 2024 | 21.97 | 36.5 % | 0.73 | - | 21.97 | 0.73 |
| Q2 2024 | 7.02 | 416.0 % | 0.23 | - | 7.02 | 0.23 |
| Q3 2024 | 4.39 | (42.0 %) | 0.15 | - | 4.39 | 0.15 |
| Q4 2024 | (6.28) | (115.2 %) | (0.21) | - | (6.28) | (0.21) |
| 2024 | 27.10 | (56.8 %) | 0.90 | - | 27.10 | 0.90 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2024 | 339.62 | 21.0 % | 75.15 | 29.7 % | 29.42 | 31.8 % |
| Q2 2024 | 290.77 | 20.5 % | 59.93 | 62.1 % | 13.16 | 1795.9 % |
| Q3 2024 | 298.14 | 10.7 % | 34.26 | (30.0 %) | 10.98 | 34.5 % |
| Q4 2024 | 316.35 | 2.8 % | 28.42 | (67.1 %) | (1.75) | (104.0 %) |
| 2024 | 1,244.89 | 13.2 % | 197.75 | (14.1 %) | 51.80 | (31.0 %) |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2024 | 21.37 % | 11.04 % | 5.92 % |
| Q2 2024 | 22.40 % | 12.34 % | 6.44 % |
| Q3 2024 | 20.69 % | 12.80 % | 6.03 % |
| Q4 2024 | 15.88 % | 9.49 % | 2.18 % |
| 2024 | 15.88 % | 9.49 % | 2.18 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2024 | 30.00 | 2.28 | 2.28 | 15.29 |
| Q2 2024 | 30.00 | 2.59 | 2.59 | - |
| Q3 2024 | 30.00 | 2.49 | 2.49 | 15.60 |
| Q4 2024 | 30.00 | 0.90 | 0.90 | 15.35 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2024 | - | - | - |
| Q2 2024 | - | - | - |
| Q3 2024 | - | - | - |
| Q4 2024 | - | - | - |
Business Segments (Million)
Q4 2024
| Period | Poultry sales | Table egg sales | Live birds sales | Red meat sales | Other sales | Exported poultry sales | Refrigerator sales |
|---|---|---|---|---|---|---|---|
| Q1 2024 | 335.54 | 2.29 | 0.42 | - | - | 1.37 | - |
| Q2 2024 | 272.70 | 6.94 | 9.29 | - | - | 1.22 | - |
| Q3 2024 | 280.09 | 13.27 | 1.00 | - | 0.11 | 3.67 | - |
| Q4 2024 | 299.31 | 14.95 | 0.42 | 0.10 | - | 1.57 | - |
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