Alhokair Group’s H1 net profit falls 32%

28/07/2016 Argaam Exclusive

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Abdulmohsen Alhokair Group for Tourism and Development (ALHOKAIR GROUP)

Abdulmohsen Alhokair Group for Tourism and Development Co. (Alhokair Group) reported a net profit of SAR 69 million for the first half of 2016, 32 percent year-on-year (YoY) decline. The company attributed the drop to seasonality factors, such as Ramadan, which fell in Q2 this year. Lower corporate and retail demand for hotels and entertainment centers and higher financing charges also weighed on earnings.

Financials (M)

Item	6m 2015	6m 2016	Change‬
Revenues	553.68	577.68	4.3 %
Gross Income	211.43	188.47	(10.9 %)
Operating Income	90.46	57.69	(36.2 %)
Net Income	100.68	65.66	(34.8 %)
Average Shares	226.54	226.54	-
EPS (Riyals)	0.44	0.29	(34.8 %)

Q2 net profit stood at SAR 19 million, down 56 percent YoY and 63 percent quarter-on-quarter, hurt by seasonality factors and lower profit share from associates.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2015	Q2 2016	Change‬
Revenues	275.62	279.87	1.5 %
Gross Income	97.93	82.22	(16.0 %)
Operating Income	35.22	12.15	(65.5 %)
Net Income	43.08	16.50	(61.7 %)
Average Shares	226.54	226.54	-
EPS (Riyals)	0.19	0.07	(61.7 %)

Item	Q1 2016	Q2 2016	Change‬
Revenues	297.81	279.87	(6.0 %)
Gross Income	106.25	82.22	(22.6 %)
Operating Income	45.54	12.15	(73.3 %)
Net Income	49.16	16.50	(66.4 %)
Average Shares	226.54	226.54	-
EPS (Riyals)	0.22	0.07	(66.4 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2007	-	-	-	-	-	-	-
Q2 2007	-	-	-	-	-	-	-
Q3 2007	-	-	-	-	-	-	-
Q4 2007	-	-	-	-	-	-	-
2007	-	-	-	-	-	-	-
Q1 2008	-	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-	-
2008	-	-	-	-	-	-	-
Q1 2009	-	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-	-
2009	-	-	-	-	-	-	-
Q1 2010	-	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-	-
2010	649.04	-	228.42	-	139.13	-	0.61
Q1 2011	-	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-	-
2011	722.59	11.3 %	275.74	20.7 %	175.78	26.3 %	0.78
Q1 2012	184.33	-	75.34	-	49.82	-	0.22
Q2 2012	199.62	-	82.19	-	53.21	-	0.23
Q3 2012	193.78	-	73.93	-	47.01	-	0.21
Q4 2012	192.62	-	64.59	-	29.92	-	0.13
2012	770.35	6.6 %	294.93	7.0 %	178.85	1.7 %	0.79
Q1 2013	218.12	18.3 %	83.27	10.5 %	47.79	(4.1 %)	0.21
Q2 2013	231.99	16.2 %	89.12	8.4 %	54.24	1.9 %	0.24
Q3 2013	217.19	12.1 %	69.53	(6.0 %)	32.55	(30.8 %)	0.14
Q4 2013	212.90	10.5 %	84.28	30.5 %	60.91	103.6 %	0.27
2013	880.06	14.2 %	325.86	10.5 %	195.65	9.4 %	0.86
Q1 2014	232.60	6.6 %	90.43	8.6 %	52.06	8.9 %	0.23
Q2 2014	241.06	3.9 %	88.93	(0.2 %)	51.61	(4.8 %)	0.23
Q3 2014	245.49	13.0 %	90.59	30.3 %	42.58	30.8 %	0.19
Q4 2014	232.47	9.2 %	86.37	2.5 %	50.24	(17.5 %)	0.22
2014	951.62	8.1 %	356.31	9.3 %	196.49	0.4 %	0.87
Q1 2015	278.05	19.5 %	113.50	25.5 %	57.60	10.6 %	0.25
Q2 2015	275.62	14.3 %	97.93	10.1 %	43.08	(16.5 %)	0.19
Q3 2015	316.63	29.0 %	118.98	31.3 %	57.20	34.3 %	0.25
Q4 2015	275.59	18.5 %	91.39	5.8 %	31.90	(36.5 %)	0.14
2015	1,145.90	20.4 %	421.80	18.4 %	189.78	(3.4 %)	0.84
Q1 2016	297.81	7.1 %	106.25	(6.4 %)	49.16	(14.7 %)	0.22
Q2 2016	279.87	1.5 %	82.22	(16.0 %)	16.50	(61.7 %)	0.07

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2006	-	-	-	-	-	-	-
2007	-	-	-	-	-	-	-
2008	-	-	-	-	-	-	-
2009	-	-	-	-	-	-	-
2010	649.04	-	228.42	-	139.13	-	0.61
2011	722.59	11.3 %	275.74	20.7 %	175.78	26.3 %	0.78
2012	770.35	6.6 %	294.93	7.0 %	178.85	1.7 %	0.79
2013	880.06	14.2 %	325.86	10.5 %	195.65	9.4 %	0.86
2014	951.62	8.1 %	356.31	9.3 %	196.49	0.4 %	0.87
2015	1,145.90	20.4 %	421.80	18.4 %	189.78	(3.4 %)	0.84

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	35.19 %	31.41 %	19.88 %
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
2011	38.16 %	34.38 %	24.33 %
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	38.43 %	32.12 %	23.36 %
2012	38.29 %	31.98 %	23.22 %
Q1 2013	37.80 %	30.93 %	22.13 %
Q2 2013	37.17 %	30.50 %	21.39 %
Q3 2013	35.64 %	28.73 %	19.13 %
Q4 2013	37.06 %	30.45 %	21.67 %
2013	37.03 %	30.42 %	21.70 %
Q1 2014	37.26 %	30.38 %	21.80 %
Q2 2014	36.86 %	29.92 %	21.29 %
Q3 2014	38.00 %	30.38 %	21.72 %
Q4 2014	37.44 %	30.06 %	20.65 %
2014	37.44 %	30.06 %	20.65 %
Q1 2015	38.05 %	29.92 %	20.26 %
Q2 2015	37.65 %	28.14 %	18.76 %
Q3 2015	37.79 %	28.23 %	18.87 %
Q4 2015	36.81 %	25.81 %	16.56 %
2015	36.81 %	25.81 %	16.56 %
Q1 2016	35.56 %	25.04 %	15.56 %
Q2 2016	34.09 %	23.40 %	13.23 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2006	-	-	-
2007	-	-	-
2008	-	-	-
2009	-	-	-
2010	35.19 %	31.41 %	19.88 %
2011	38.16 %	34.38 %	24.33 %
2012	38.29 %	31.98 %	23.22 %
2013	37.03 %	30.42 %	21.70 %
2014	37.44 %	30.06 %	20.65 %
2015	36.81 %	25.81 %	16.56 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	40.87 %	35.88 %	27.03 %
Q2 2012	41.17 %	34.12 %	26.65 %
Q3 2012	38.15 %	31.85 %	24.26 %
Q4 2012	33.53 %	26.72 %	15.53 %
Q1 2013	38.18 %	30.91 %	21.91 %
Q2 2013	38.42 %	32.12 %	23.38 %
Q3 2013	32.01 %	24.71 %	14.99 %
Q4 2013	39.59 %	34.01 %	26.39 %
Q1 2014	38.88 %	30.60 %	22.38 %
Q2 2014	36.89 %	30.35 %	21.41 %
Q3 2014	36.90 %	27.06 %	17.35 %
Q4 2014	37.15 %	32.40 %	21.61 %
Q1 2015	40.82 %	29.99 %	20.72 %
Q2 2015	35.53 %	23.64 %	15.63 %
Q3 2015	37.58 %	27.59 %	18.07 %
Q4 2015	33.16 %	21.71 %	11.58 %
Q1 2016	35.68 %	26.68 %	16.51 %
Q2 2016	29.38 %	16.82 %	5.90 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2007	-	-	-	-
Q2 2007	-	-	-	-
Q3 2007	-	-	-	-
Q4 2007	-	-	-	-
Q1 2008	-	-	-	-
Q2 2008	-	-	-	-
Q3 2008	-	-	-	-
Q4 2008	-	-	-	-
Q1 2009	-	-	-	-
Q2 2009	-	-	-	-
Q3 2009	-	-	-	-
Q4 2009	-	-	-	-
Q1 2010	-	-	-	-
Q2 2010	-	-	-	-
Q3 2010	-	-	-	-
Q4 2010	-	-	-	-
Q1 2011	-	-	-	-
Q2 2011	-	-	-	-
Q3 2011	-	-	-	-
Q4 2011	-	-	-	-
Q1 2012	226.54	-	-	3.83
Q2 2012	226.54	-	-	2.54
Q3 2012	226.54	-	-	2.74
Q4 2012	226.54	0.79	0.79	2.48
Q1 2013	226.54	0.79	0.79	2.70
Q2 2013	226.54	0.79	0.79	2.94
Q3 2013	226.54	0.73	0.73	3.08
Q4 2013	226.54	0.86	0.84	3.35
Q1 2014	226.54	0.88	0.86	3.27
Q2 2014	226.54	0.87	0.85	3.20
Q3 2014	226.54	0.91	0.89	3.08
Q4 2014	226.54	0.87	0.87	3.13
Q1 2015	226.54	0.89	0.89	3.39
Q2 2015	226.54	0.85	0.85	3.27
Q3 2015	226.54	0.92	0.92	3.53
Q4 2015	226.54	0.84	0.84	3.36
Q1 2016	226.54	0.80	0.80	2.95
Q2 2016	226.54	0.68	0.68	3.02

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2006	-	-	-	-
2007	-	-	-	-
2008	-	-	-	-
2009	-	-	-	-
2010	226.54	0.61	0.57	2.87
2011	226.54	0.78	0.78	3.65
2012	226.54	0.79	0.79	2.48
2013	226.54	0.86	0.84	3.35
2014	226.54	0.87	0.87	3.13
2015	226.54	0.84	0.84	3.36

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	23.07	23.63	6.27
Q3 2014	28.78	29.46	8.54
Q4 2014	20.68	20.68	5.73
Q1 2015	24.39	24.39	6.42
Q2 2015	29.97	29.97	7.82
Q3 2015	22.79	22.79	5.94
Q4 2015	23.77	23.77	5.92
Q1 2016	16.51	16.51	4.47
Q2 2016	17.99	17.99	4.07

Period	P/E	Adjusted P/E	Price/book
2006	-	-	-
2007	-	-	-
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	20.68	20.68	5.73
2015	23.77	23.77	5.92

Business Segments (Million)

Compared With The

Period	Hotels sector	Recreational centers sector	Other sectors	Disposals
Q1 2012	115.48	65.86	3.69	(0.69)
Q2 2012	130.73	65.52	4.20	(0.83)
Q3 2012	110.73	78.08	5.71	(0.74)
Q4 2012	126.00	62.92	3.46	0.24
Q1 2013	137.98	76.11	4.77	(0.74)
Q2 2013	151.69	76.30	4.76	(0.75)
Q3 2013	127.96	84.80	5.05	(0.76)
Q4 2013	135.45	73.43	4.97	(0.94)
Q1 2014	147.82	80.21	5.37	(0.80)
Q2 2014	158.09	78.81	4.94	(0.79)
Q3 2014	142.08	98.68	5.57	(0.84)
Q4 2014	144.34	83.69	5.28	(0.83)
Q1 2015	169.23	104.03	5.50	(0.70)
Q2 2015	177.58	93.11	5.58	(0.64)
Q3 2015	178.24	133.24	5.82	(0.67)
Q4 2015	177.93	89.39	9.14	(0.86)
Q1 2016	179.29	108.87	9.65	-
Q2 2016	174.97	96.54	8.35	-

Period	Hotels sector	Recreational centers sector	Other sectors	Disposals
2010	383.59	255.07	14.08	(3.70)
2011	428.55	283.09	14.51	(3.55)
2012	482.93	272.38	17.06	(2.02)
2013	553.07	310.64	19.55	(3.19)
2014	592.33	341.39	21.16	(3.26)
2015	702.98	419.76	26.03	(2.87)

Analysts Estimates (Million)

Item	Q2 2016 (e)	Q2 2016 (a)	Change‬
Average	42.73	16.50	(61.4 %)

Estimates vs Actual (Million)

Item	Q2 2016 (e)	Q2 2016 (a)	Change
AlJazira Capital	40.50	16.50	(59.3) %
OSOOL AND BAKHEET	42.20	16.50	(60.9) %
KASB Capital	45.50	16.50	(63.7) %

Financial Ratios

	Current
Market Cap (M Riyal)	784.35
Enterprise Value (EV) (M)	1,230.00
Shares Outstanding ((M))	315.00
EPS ( Riyal) (TTM)	(0.16)
Book Value (BV) ( Riyal)	0.66
Par Value ( Riyal)	1.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	3.78
Return on Average Assets (%) (TTM)	(2.46 )
Return on Average Equity (%) (TTM)	(22.04 )

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Alhokair Group’s H1 net profit falls 32%

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Share Price

Abdulmohsen Alhokair Group for Tourism and Development (ALHOKAIR GROUP)

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) 2016 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Alhokair Group’s H1 net profit falls 32%

View other reports

Share Price

Abdulmohsen Alhokair Group for Tourism and Development (ALHOKAIR GROUP)

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 2016

Revenue by Business Segment (Latest) 2016 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)