Al-Ahsa Development reports 2014 net loss of SAR 39.3 mln

20/01/2015 Argaam Exclusive

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AYYAN Investment Co. (AYYAN)

Al-Ahsa Development Company reported 2014 net loss of SAR 39.3 million, compared to a net profit of SAR 16 million for the same period last year.

A net loss of SAR 22.5 million was reported for Q4-2014 compared to a net profit of SAR 12.8 million for Q3.

Financials (M)

Item	2013	2014	Change‬
Revenues	6.48	6.79	4.8 %
Gross Income	0.65	0.74	13.8 %
Operating Income	(10.22)	(11.89)	(16.4 %)
Net Income	16.02	(36.08)	(325.2 %)
Average Shares	49.00	49.00	-
EPS (Riyals)	0.33	(0.74)	(325.2 %)

The company attributed reporting a net loss for 2014 compared to a net profit for the same period last year to:

- Investment impairment loss of SAR 3.8 million for the companies affiliates.

- Held for sale assets loss by SAR 31.8 million

- Decline in good will market value by SAR 6 million

- Realizing a loss of SAR 13.6 million from the revaluation of securities held for trading.

- Investment loss of SAR 8.2 million from affiliates’ income and securities.

- Increase of provisions and expenses.

Reporting a net loss for Q4-2014 compared to a net profit for the same period last year was attributed to:

- Realizing a loss of SAR 13.6 million from the revaluation of securities held for trading.

- The decline of company’s share in affiliates’ income by SAR 5.9 million.

- Decline in good will market value by SAR 6 million.

- Increase of provisions and expenses.

The company attributed Q4-2014’s net loss compared to the previous quarter (Q3-2014) to:

- Decline in good will market value by SAR 6 million

- Decline of gains realized on sale of available for trade investments by SAR 19.2 million.

- Increase of provisions and expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2013	Q4 2014	Change‬
Revenues	1.65	2.57	55.5 %
Gross Income	(0.28)	0.25	189.2 %
Operating Income	(4.24)	(6.61)	(56.0 %)
Net Income	10.71	(22.37)	(308.8 %)
Average Shares	49.00	49.00	-
EPS (Riyals)	0.22	(0.46)	(308.8 %)

Item	Q3 2014	Q4 2014	Change‬
Revenues	1.02	2.57	152.3 %
Gross Income	(0.08)	0.25	400.0 %
Operating Income	(2.57)	(6.61)	(157.3 %)
Net Income	(12.83)	(22.37)	(74.4 %)
Average Shares	49.00	49.00	-
EPS (Riyals)	(0.26)	(0.46)	(74.4 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2005	9.05	3433.6 %	1.50	173.6 %	27.05	(33.8 %)	0.55
Q2 2005	10.89	167.1 %	1.94	251.1 %	36.83	976.7 %	0.75
Q3 2005	8.05	376.0 %	0.81	148.6 %	21.11	95.2 %	0.43
Q4 2005	3.41	(17.5 %)	(1.86)	(13.7 %)	10.48	(33.5 %)	0.21
2005	31.39	209.1 %	2.39	136.1 %	95.47	51.1 %	1.95
Q1 2006	4.86	(46.3 %)	(0.18)	(111.8 %)	30.26	11.9 %	0.62
Q2 2006	5.24	(51.9 %)	(0.26)	(113.4 %)	31.68	(14.0 %)	0.65
Q3 2006	3.22	(60.0 %)	(0.93)	(214.2 %)	32.36	53.3 %	0.66
Q4 2006	4.54	33.1 %	(0.15)	92.0 %	(23.31)	(322.4 %)	(0.48)
2006	17.85	(43.2 %)	(1.51)	(163.3 %)	70.98	(25.6 %)	1.45
Q1 2007	8.69	78.8 %	2.21	1347.5 %	4.86	(83.9 %)	0.10
Q2 2007	7.57	44.6 %	1.92	840.9 %	4.14	(86.9 %)	0.08
Q3 2007	1.49	(53.7 %)	0.37	140.2 %	7.30	(77.4 %)	0.15
Q4 2007	-	-	(0.01)	91.3 %	17.44	174.8 %	0.36
2007	17.75	(0.6 %)	4.49	396.9 %	33.75	(52.5 %)	0.69
Q1 2008	-	-	-	-	5.86	20.6 %	0.12
Q2 2008	-	-	-	-	8.01	93.3 %	0.16
Q3 2008	-	-	-	-	(44.39)	(708.0 %)	(0.91)
Q4 2008	-	-	-	-	(25.72)	(247.5 %)	(0.52)
2008	-	-	-	-	(56.24)	(266.7 %)	(1.15)
Q1 2009	-	-	-	-	(6.25)	(206.7 %)	(0.13)
Q2 2009	-	-	-	-	7.42	(7.3 %)	0.15
Q3 2009	-	-	-	-	4.61	110.4 %	0.09
Q4 2009	-	-	-	-	(2.42)	90.6 %	(0.05)
2009	-	-	-	-	3.36	106.0 %	0.07
Q1 2010	-	-	-	-	6.32	201.0 %	0.13
Q2 2010	-	-	-	-	(2.83)	(138.1 %)	(0.06)
Q3 2010	-	-	-	-	2.48	(46.2 %)	0.05
Q4 2010	-	-	-	-	40.31	1769.2 %	0.82
2010	-	-	-	-	46.28	1277.4 %	0.94
Q1 2011	-	-	-	-	4.79	(24.2 %)	0.10
Q2 2011	-	-	-	-	2.88	202.0 %	0.06
Q3 2011	-	-	-	-	1.43	(42.4 %)	0.03
Q4 2011	-	-	-	-	(8.97)	(122.2 %)	(0.18)
2011	-	-	-	-	0.13	(99.7 %)	0.00
Q1 2012	3.38	-	3.38	-	3.29	(31.2 %)	0.07
Q2 2012	-	-	(3.38)	-	4.44	54.1 %	0.09
Q3 2012	-	-	-	-	(1.45)	(201.5 %)	(0.03)
Q4 2012	-	-	-	-	(3.62)	59.6 %	(0.07)
2012	-	-	-	-	2.67	1904.5 %	0.05
Q1 2013	1.43	(57.6 %)	0.45	(86.7 %)	0.61	(81.6 %)	0.01
Q2 2013	2.26	-	0.54	116.0 %	3.53	(20.6 %)	0.07
Q3 2013	1.13	-	(0.06)	-	1.17	180.6 %	0.02
Q4 2013	1.65	-	(0.28)	-	10.71	395.8 %	0.22
2013	6.48	-	0.65	-	16.02	500.8 %	0.33
Q1 2014	0.73	(49.1 %)	0.00	(100.4 %)	4.70	674.8 %	0.10
Q2 2014	2.47	9.4 %	0.58	6.9 %	(4.11)	(216.6 %)	(0.08)
Q3 2014	1.02	(10.1 %)	(0.08)	(36.1 %)	(12.83)	(1198.1 %)	(0.26)
Q4 2014	2.57	55.5 %	0.25	189.2 %	(22.37)	(308.8 %)	(0.46)
2014	6.79	4.8 %	0.74	13.8 %	(36.08)	(325.2 %)	(0.74)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2005	31.39	209.1 %	2.39	136.1 %	95.47	51.1 %	1.95
2006	17.85	(43.2 %)	(1.51)	(163.3 %)	70.98	(25.6 %)	1.45
2007	17.75	(0.6 %)	4.49	396.9 %	33.75	(52.5 %)	0.69
2008	-	-	-	-	(56.24)	(266.7 %)	(1.15)
2009	-	-	-	-	3.36	106.0 %	0.07
2010	-	-	-	-	46.28	1277.4 %	0.94
2011	-	-	-	-	0.13	(99.7 %)	0.00
2012	-	-	-	-	2.67	1904.5 %	0.05
2013	6.48	-	0.65	-	16.02	500.8 %	0.33
2014	6.79	4.8 %	0.74	13.8 %	(36.08)	(325.2 %)	(0.74)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	(16.28 %)	(34.79 %)	260.84 %
Q2 2005	0.51 %	(12.92 %)	351.18 %
Q3 2005	8.13 %	(3.16 %)	313.68 %
Q4 2005	7.60 %	(6.35 %)	304.12 %
2005	7.60 %	(6.35 %)	304.12 %
Q1 2006	2.61 %	(8.88 %)	362.75 %
Q2 2006	(6.88 %)	(17.31 %)	433.93 %
Q3 2006	(19.26 %)	(28.36 %)	626.68 %
Q4 2006	(8.47 %)	(16.59 %)	397.75 %
2006	(8.47 %)	(16.59 %)	397.75 %
Q1 2007	4.03 %	(9.21 %)	210.33 %
Q2 2007	12.71 %	(12.83 %)	75.22 %
Q3 2007	19.52 %	(4.30 %)	(31.41 %)
Q4 2007	25.28 %	(23.75 %)	190.16 %
2007	25.28 %	(23.75 %)	190.17 %
Q1 2008	25.14 %	(67.10 %)	383.50 %
Q2 2008	24.06 %	(373.12 %)	2,587.87 %
Q3 2008	-	-	-
Q4 2008	-	-	-
2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
2011	-	-	-
Q1 2012	100.00 %	(39.20 %)	134.47 %
Q2 2012	-	(141.95 %)	180.58 %
Q3 2012	-	(133.40 %)	95.48 %
Q4 2012	-	(139.43 %)	78.81 %
2012	-	-	-
Q1 2013	(204.53 %)	(539.68 %)	(1.46 %)
Q2 2013	26.79 %	(99.59 %)	(25.35 %)
Q3 2013	19.25 %	(89.06 %)	34.82 %
Q4 2013	10.04 %	(95.52 %)	315.10 %
2013	10.04 %	(95.52 %)	315.10 %
Q1 2014	3.43 %	(103.24 %)	424.48 %
Q2 2014	3.93 %	(88.57 %)	281.77 %
Q3 2014	3.63 %	(128.17 %)	620.97 %
Q4 2014	10.92 %	(157.30 %)	217.25 %
2014	10.90 %	(157.32 %)	208.89 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2005	7.60 %	(6.35 %)	304.12 %
2006	(8.47 %)	(16.59 %)	397.75 %
2007	25.28 %	(23.75 %)	190.17 %
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	10.04 %	(95.52 %)	315.10 %
2014	10.90 %	(157.32 %)	208.89 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	16.56 %	3.18 %	299.01 %
Q2 2005	17.78 %	8.50 %	338.35 %
Q3 2005	10.07 %	(0.74 %)	262.13 %
Q4 2005	(54.53 %)	(92.31 %)	307.57 %
Q1 2006	(3.64 %)	(2.80 %)	622.98 %
Q2 2006	(4.95 %)	(7.43 %)	605.06 %
Q3 2006	(28.77 %)	(33.30 %)	1,005.19 %
Q4 2006	(3.29 %)	(30.08 %)	(513.94 %)
Q1 2007	25.42 %	9.55 %	55.99 %
Q2 2007	25.36 %	(19.45 %)	54.76 %
Q3 2007	24.93 %	70.38 %	489.41 %
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	100.00 %	61.31 %	97.37 %
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	31.38 %	(66.11 %)	42.33 %
Q2 2013	23.87 %	(29.05 %)	155.97 %
Q3 2013	(5.39 %)	(123.43 %)	103.27 %
Q4 2013	(16.91 %)	(193.09 %)	915.52 %
Q1 2014	(0.27 %)	(98.77 %)	644.25 %
Q2 2014	23.32 %	0.08 %	(166.25 %)
Q3 2014	(8.16 %)	(355.95 %)	2,041.40 %
Q4 2014	9.70 %	(246.96 %)	(257.44 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2005	49.00	1.01	1.01	7.81
Q2 2005	49.00	1.85	1.85	8.56
Q3 2005	49.00	2.06	2.06	8.99
Q4 2005	49.00	1.95	1.95	9.21
Q1 2006	49.00	2.01	2.01	11.25
Q2 2006	49.00	1.91	1.91	10.25
Q3 2006	49.00	2.14	2.14	10.36
Q4 2006	49.00	1.45	1.45	9.31
Q1 2007	49.00	0.93	0.93	9.21
Q2 2007	49.00	0.37	0.37	9.12
Q3 2007	49.00	(0.14)	(0.14)	9.64
Q4 2007	49.00	0.69	0.69	10.62
Q1 2008	49.00	0.71	0.71	10.51
Q2 2008	49.00	0.79	0.79	10.65
Q3 2008	49.00	(0.27)	(0.27)	9.48
Q4 2008	49.00	(1.15)	(0.65)	8.11
Q1 2009	49.00	(1.40)	(0.89)	7.96
Q2 2009	49.00	(1.41)	(0.91)	8.45
Q3 2009	49.00	(0.41)	0.09	8.70
Q4 2009	49.00	0.07	0.07	8.57
Q1 2010	49.00	0.33	0.33	8.87
Q2 2010	49.00	0.12	0.12	8.65
Q3 2010	49.00	0.07	0.07	8.73
Q4 2010	49.00	0.94	1.35	9.78
Q1 2011	49.00	0.91	1.32	9.84
Q2 2011	49.00	1.03	1.44	9.85
Q3 2011	49.00	1.01	1.42	9.79
Q4 2011	49.00	0.00	0.12	9.60
Q1 2012	49.00	(0.03)	0.09	10.22
Q2 2012	49.00	0.00	0.12	9.77
Q3 2012	49.00	(0.05)	0.07	9.86
Q4 2012	49.00	0.05	0.05	9.87
Q1 2013	49.00	0.00	0.00	9.92
Q2 2013	49.00	(0.02)	(0.02)	10.13
Q3 2013	49.00	0.03	0.03	10.33
Q4 2013	49.00	0.33	0.42	10.71
Q1 2014	49.00	0.41	0.50	10.68
Q2 2014	49.00	0.25	0.34	10.71
Q3 2014	49.00	(0.03)	0.74	10.52
Q4 2014	49.00	(0.71)	0.30	9.90

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2005	49.00	1.95	1.95	9.21
2006	49.00	1.45	1.45	9.31
2007	49.00	0.69	0.69	10.62
2008	49.00	(1.15)	(0.65)	8.11
2009	49.00	0.07	0.07	8.57
2010	49.00	0.94	1.35	9.78
2011	49.00	0.00	0.12	9.60
2012	49.00	0.05	0.05	9.87
2013	49.00	0.33	0.42	10.71
2014	49.00	(0.74)	0.29	9.90

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2005	38.58	38.58	4.98
Q2 2005	28.69	28.69	6.18
Q3 2005	34.87	34.87	7.97
Q4 2005	47.89	47.89	10.13
Q1 2006	31.81	31.81	5.69
Q2 2006	69.97	69.97	13.02
Q3 2006	61.28	61.28	12.65
Q4 2006	33.55	33.55	5.22
Q1 2007	49.53	49.53	5.00
Q2 2007	94.77	94.77	3.83
Q3 2007	NEG	NEG	4.63
Q4 2007	70.04	70.04	4.54
Q1 2008	53.82	53.82	3.63
Q2 2008	43.86	43.86	3.24
Q3 2008	NEG	NEG	2.07
Q4 2008	NEG	NEG	1.75
Q1 2009	NEG	NEG	2.68
Q2 2009	NEG	NEG	2.28
Q3 2009	NEG	More than 100	2.14
Q4 2009	More than 100	More than 100	2.07
Q1 2010	60.23	60.23	2.21
Q2 2010	More than 100	More than 100	2.04
Q3 2010	More than 100	More than 100	1.89
Q4 2010	19.25	13.44	1.86
Q1 2011	19.19	13.26	1.78
Q2 2011	17.58	12.59	1.84
Q3 2011	16.08	11.44	1.66
Q4 2011	More than 100	More than 100	2.24
Q1 2012	NEG	More than 100	3.51
Q2 2012	More than 100	More than 100	2.17
Q3 2012	NEG	More than 100	2.51
Q4 2012	More than 100	More than 100	2.18
Q1 2013	NEG	NEG	2.50
Q2 2013	NEG	NEG	2.17
Q3 2013	More than 100	More than 100	2.40
Q4 2013	74.26	58.28	2.27
Q1 2014	68.36	56.11	2.63
Q2 2014	More than 100	83.92	2.70
Q3 2014	NEG	42.36	3.00
Q4 2014	NEG	79.52	2.42

Period	P/E	Adjusted P/E	Price/book
2005	47.89	47.89	10.13
2006	33.55	33.55	5.22
2007	70.04	70.04	4.54
2008	NEG	NEG	1.75
2009	More than 100	More than 100	2.07
2010	19.25	13.44	1.86
2011	More than 100	More than 100	2.24
2012	More than 100	More than 100	2.18
2013	74.26	58.28	2.27
2014	NEG	82.72	2.42

Business Segments (Million)

Compared With The

Period	Manufacturing sector	Investments	Food
Q1 2013	-	3.29	1.43
Q2 2013	-	5.37	2.26
Q3 2013	-	3.62	1.13
Q4 2013	-	2.52	1.65
Q1 2014	0.73	-	-
Q2 2014	2.47	-	-
Q3 2014	1.02	-	-
Q4 2014	2.57	-	-

Period	Manufacturing sector	Investments	Food
2013	-	14.80	6.48
2014	6.79	-	-

Financial Ratios

	Current
Market Cap (M Riyal)	1,593.45
Enterprise Value (EV) (M)	2,306.71
Shares Outstanding ((M))	80.64
EPS ( Riyal) (TTM)	(2.79)
Book Value (BV) ( Riyal)	5.49
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	3.60
Return on Average Assets (%) (TTM)	(13.69 )
Return on Average Equity (%) (TTM)	(39.81 )

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Al-Ahsa Development reports 2014 net loss of SAR 39.3 mln

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Share Price

AYYAN Investment Co. (AYYAN)

Financials (M)

Current Quarter Comparison (M)

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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 Q4

Financial Ratios

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Al-Ahsa Development reports 2014 net loss of SAR 39.3 mln

View other reports

Share Price

AYYAN Investment Co. (AYYAN)

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) Q4 2014

Revenue by Business Segment (Latest) 2014 Q4

Financial Ratios

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Business Segments (Million)