Al-Akaria’s net profit plunges 47% to SAR 148 mln in FY15

19/01/2016 Argaam Exclusive

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Share Price

19.24
0.10 0.52 %

Saudi Real Estate Co. (ALAKARIA)

 

Saudi Real Estate Co. (Al-Akaria) reported net profit of SAR 147.62 million for the 2015 fiscal year, marking a steep fall of 46.6 percent year-on-year (YOY) which the company attributed to reduced land sales and decline in earnings from affiliates.



Financials (M)

Item 2014 2015 Change‬
Revenues 341.24 278.89 (18.3 %)
Gross Income 253.40 194.92 (23.1 %)
Operating Income 228.64 165.73 (27.5 %)
Net Income 276.25 147.63 (46.6 %)
Average Shares 276.53 276.53 -
EPS (Riyals) 1.00 0.53 (46.6 %)

 

The company, which develops and manages residential and commercial projects in the kingdom, posted a net profit of SAR 29.42 million in Q4-2015, a 78 percent YOY drop due to increased expenses and reduced land sales. Profit for the period was 23 percent lower than the previous quarter due to reconciliation of zakat provision.



Current Quarter Comparison (M)

Compared With The
Item Q4 2014 Q4 2015 Change‬
Revenues 144.51 72.30 (50.0 %)
Gross Income 117.48 52.38 (55.4 %)
Operating Income 112.93 42.02 (62.8 %)
Net Income 132.20 29.42 (77.7 %)
Average Shares 276.53 276.53 -
EPS (Riyals) 0.48 0.11 (77.7 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2006 45.69 15.5 % 30.77 40.1 % 30.14 51.7 % 0.12
Q2 2006 47.31 0.3 % 25.89 (9.2 %) 22.23 (53.2 %) 0.09
Q3 2006 35.14 (8.2 %) 18.10 (0.3 %) 15.79 (7.9 %) 0.06
Q4 2006 33.37 (37.7 %) 31.19 (44.2 %) 45.95 (14.6 %) 0.17
Q1 2007 35.68 (21.9 %) 22.20 (27.9 %) 31.36 4.1 % 0.11
Q2 2007 55.21 16.7 % 32.73 26.4 % 31.44 41.4 % 0.11
Q3 2007 63.89 81.8 % 46.99 159.6 % 45.15 185.9 % 0.16
Q4 2007 87.91 163.4 % 44.96 44.1 % 64.77 41.0 % 0.23
Q1 2008 47.66 33.6 % 29.26 31.8 % 28.39 (9.5 %) 0.10
Q2 2008 91.37 65.5 % 46.16 41.0 % 44.92 42.9 % 0.16
Q3 2008 42.47 (33.5 %) 25.69 (45.3 %) 31.42 (30.4 %) 0.11
Q4 2008 43.53 (50.5 %) 25.98 (42.2 %) 12.31 (81.0 %) 0.04
Q1 2009 43.92 (7.8 %) 30.13 3.0 % 31.02 9.3 % 0.11
Q2 2009 42.00 (54.0 %) 25.27 (45.3 %) 21.22 (52.8 %) 0.08
Q3 2009 41.87 (1.4 %) 24.89 (3.1 %) 19.80 (37.0 %) 0.07
Q4 2009 43.43 (0.2 %) 28.11 8.2 % 20.58 67.2 % 0.07
Q1 2010 50.04 13.9 % 33.22 10.3 % 30.68 (1.1 %) 0.11
Q2 2010 45.11 7.4 % 24.80 (1.8 %) 2.60 (87.8 %) 0.01
Q3 2010 58.86 40.6 % 38.27 53.8 % 33.05 66.9 % 0.12
Q4 2010 278.15 540.4 % 167.46 495.7 % 116.81 467.6 % 0.42
Q1 2011 69.62 39.1 % 45.22 36.1 % 30.16 (1.7 %) 0.11
Q2 2011 59.10 31.0 % 39.59 59.6 % 25.14 868.0 % 0.09
Q3 2011 59.12 0.5 % 38.06 (0.6 %) 33.80 2.3 % 0.12
Q4 2011 76.82 (72.4 %) 56.95 (66.0 %) 60.62 (48.1 %) 0.22
Q1 2012 60.60 (13.0 %) 42.03 (7.1 %) 38.18 26.6 % 0.14
Q2 2012 60.49 2.3 % 40.11 1.3 % 37.16 47.8 % 0.13
Q3 2012 141.32 139.0 % 52.31 37.4 % 47.24 39.8 % 0.17
Q4 2012 62.87 (18.2 %) 43.88 (22.9 %) 56.76 (6.4 %) 0.21
Q1 2013 63.21 4.3 % 45.69 8.7 % 42.15 10.4 % 0.15
Q2 2013 62.73 3.7 % 41.47 3.4 % 19.27 (48.2 %) 0.07
Q3 2013 67.11 (52.5 %) 46.80 (10.5 %) 36.21 (23.3 %) 0.13
Q4 2013 65.77 4.6 % 47.44 8.1 % 58.39 2.9 % 0.21
Q1 2014 63.76 0.9 % 43.68 (4.4 %) 37.47 (11.1 %) 0.14
Q2 2014 64.88 3.4 % 45.30 9.2 % 48.03 149.3 % 0.17
Q3 2014 68.08 1.5 % 46.94 0.3 % 61.27 69.2 % 0.22
Q4 2014 144.51 119.7 % 117.48 147.6 % 132.20 126.4 % 0.48
Q1 2015 67.20 5.4 % 46.39 6.2 % 43.12 15.1 % 0.16
Q2 2015 68.49 5.6 % 46.06 1.7 % 36.72 (23.5 %) 0.13
Q3 2015 70.90 4.1 % 50.09 6.7 % 38.37 (37.4 %) 0.14
Q4 2015 72.30 (50.0 %) 52.38 (55.4 %) 29.42 (77.7 %) 0.11
2015 278.89 (18.3 %) 194.92 (23.1 %) 147.63 (46.6 %) 0.53

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2006 72.22 % 76.29 % 96.63 %
Q2 2006 70.75 % 71.63 % 82.88 %
Q3 2006 71.94 % 70.39 % 83.56 %
Q4 2006 65.60 % 59.17 % 70.65 %
Q1 2007 64.28 % 55.77 % 76.13 %
Q2 2007 65.38 % 55.50 % 78.13 %
Q3 2007 70.75 % 61.36 % 81.79 %
Q4 2007 60.52 % 62.19 % 71.17 %
Q1 2008 60.45 % 61.31 % 66.65 %
Q2 2008 57.55 % 59.09 % 63.00 %
Q3 2008 54.22 % 55.82 % 62.91 %
Q4 2008 56.48 % 57.89 % 52.01 %
Q1 2009 57.82 % 60.15 % 54.08 %
Q2 2009 62.28 % 64.53 % 55.82 %
Q3 2009 62.03 % 64.75 % 49.24 %
Q4 2009 63.31 % 64.85 % 54.09 %
Q1 2010 62.87 % 65.29 % 52.04 %
Q2 2010 61.53 % 65.15 % 53.53 %
Q3 2010 63.01 % 65.94 % 55.63 %
Q4 2010 61.03 % 62.92 % 51.06 %
Q1 2011 61.05 % 61.89 % 50.48 %
Q2 2011 62.39 % 62.99 % 50.81 %
Q3 2011 62.30 % 63.34 % 50.95 %
Q4 2011 67.94 % 70.67 % 62.96 %
Q1 2012 69.09 % 70.46 % 65.22 %
Q2 2012 68.92 % 68.62 % 66.05 %
Q3 2012 56.42 % 54.34 % 54.01 %
Q4 2012 54.82 % 58.00 % 55.13 %
Q1 2013 55.50 % 60.86 % 55.91 %
Q2 2013 55.53 % 62.16 % 55.46 %
Q3 2013 69.48 % 80.40 % 69.53 %
Q4 2013 70.08 % 74.74 % 69.38 %
Q1 2014 69.17 % 72.93 % 67.43 %
Q2 2014 70.06 % 72.62 % 71.12 %
Q3 2014 69.85 % 71.83 % 78.16 %
Q4 2014 74.26 % 75.43 % 81.75 %
Q1 2015 74.30 % 75.34 % 82.57 %
Q2 2015 73.75 % 75.55 % 78.47 %
Q3 2015 74.06 % 75.76 % 71.32 %
Q4 2015 69.89 % 70.12 % 52.93 %
2015 69.89 % 70.11 % 52.93 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2006 244.38 0.61 0.73 6.03
Q2 2006 244.38 0.50 0.63 5.87
Q3 2006 244.38 0.50 0.62 5.90
Q4 2006 276.53 0.41 0.41 10.56
Q1 2007 276.53 0.42 0.42 10.97
Q2 2007 276.53 0.45 0.45 10.74
Q3 2007 276.53 0.56 0.56 11.03
Q4 2007 276.53 0.62 0.62 11.28
Q1 2008 276.53 0.61 0.61 11.36
Q2 2008 276.53 0.66 0.66 11.12
Q3 2008 276.53 0.61 0.61 11.12
Q4 2008 276.53 0.42 0.42 11.12
Q1 2009 276.53 0.43 0.43 11.22
Q2 2009 276.53 0.35 0.35 10.89
Q3 2009 276.53 0.31 0.31 10.99
Q4 2009 276.53 0.33 0.33 11.09
Q1 2010 276.53 0.33 0.33 11.23
Q2 2010 276.53 0.27 0.35 10.97
Q3 2010 276.53 0.31 0.40 11.11
Q4 2010 276.53 0.66 0.80 11.58
Q1 2011 276.53 0.66 0.82 11.70
Q2 2011 276.53 0.74 0.86 11.25
Q3 2011 276.53 0.74 0.86 11.35
Q4 2011 276.53 0.54 0.60 11.48
Q1 2012 276.53 0.57 0.60 11.88
Q2 2012 276.53 0.61 0.61 11.57
Q3 2012 276.53 0.66 0.66 11.80
Q4 2012 276.53 0.65 0.65 11.73
Q1 2013 276.53 0.66 0.66 11.90
Q2 2013 276.53 0.60 0.66 11.77
Q3 2013 276.53 0.56 0.64 11.72
Q4 2013 276.53 0.56 0.65 11.95
Q1 2014 276.53 0.55 0.63 11.92
Q2 2014 276.53 0.65 0.67 12.14
Q3 2014 276.53 0.74 0.74 12.20
Q4 2014 276.53 1.01 1.01 12.51
Q1 2015 276.53 1.03 1.03 12.44
Q2 2015 276.53 0.99 0.99 12.50
Q3 2015 276.53 0.91 0.91 12.33
Q4 2015 276.53 0.53 0.53 12.39

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2006 70.68 58.86 7.13
Q2 2006 96.39 77.61 8.29
Q3 2006 More than 100 86.30 9.08
Q4 2006 48.15 48.15 1.88
Q1 2007 53.28 53.28 2.03
Q2 2007 42.47 42.47 1.78
Q3 2007 42.57 42.57 2.15
Q4 2007 48.30 48.30 2.67
Q1 2008 42.91 42.91 2.32
Q2 2008 38.87 38.87 2.32
Q3 2008 27.27 27.27 1.50
Q4 2008 27.39 27.39 1.04
Q1 2009 26.33 26.33 1.02
Q2 2009 40.63 40.63 1.29
Q3 2009 52.28 52.28 1.45
Q4 2009 45.33 45.33 1.37
Q1 2010 45.67 45.67 1.36
Q2 2010 52.49 40.03 1.27
Q3 2010 47.00 37.19 1.33
Q4 2010 23.28 19.32 1.33
Q1 2011 21.74 17.41 1.23
Q2 2011 19.01 16.48 1.25
Q3 2011 17.91 15.53 1.17
Q4 2011 28.48 25.59 1.34
Q1 2012 30.74 29.08 1.48
Q2 2012 23.93 23.93 1.27
Q3 2012 22.56 22.56 1.27
Q4 2012 29.58 29.58 1.63
Q1 2013 30.27 30.27 1.69
Q2 2013 30.99 28.00 1.57
Q3 2013 33.41 28.99 1.59
Q4 2013 36.09 31.35 1.70
Q1 2014 38.39 33.22 1.76
Q2 2014 38.09 36.89 2.04
Q3 2014 37.81 37.81 2.30
Q4 2014 19.50 19.50 1.57
Q1 2015 20.38 20.38 1.69
Q2 2015 22.11 22.11 1.75
Q3 2015 15.10 15.10 1.11
Q4 2015 25.33 25.33 1.09

Business Segments (Million)

Compared With The
Period Rents Other real estate revenues Maintenance revenues Sale of Land Amana Project
Q1 2006 35.03 0.05 0.25 11.38 0.23
Q2 2006 33.54 0.01 2.27 10.04 0.21
Q1 2007 34.86 0.11 0.54 - 0.17
Q2 2007 36.18 - 0.73 18.03 0.27
Q1 2008 42.25 - - 5.40 -
Q2 2008 41.83 - - 49.54 -
Q3 2008 41.81 - - 0.66 -
Q4 2008 36.45 0.52 5.38 1.19 -
Q1 2009 42.57 0.66 0.68 - -
Q1 2010 48.72 0.22 1.09 - -
Q2 2010 43.43 0.63 1.05 - -
Q3 2010 57.54 2.61 (1.29) - -
Q4 2010 54.75 0.31 0.17 222.91 -
Q1 2011 57.26 0.22 0.63 11.51 -
Q2 2011 58.53 - 0.57 - -
Q3 2011 58.37 0.36 0.40 - -
Q4 2011 59.28 - 0.24 17.50 -
Q1 2012 59.99 - 0.60 - -
Q2 2012 59.94 0.01 0.54 - -
Q3 2012 60.76 0.01 0.57 79.99 -
Q4 2012 62.28 0.01 0.58 - -
Q1 2013 62.66 0.01 0.54 - -
Q2 2013 62.21 0.12 0.41 - -
Q3 2013 66.81 0.01 0.30 - -
Q4 2013 65.17 0.14 0.46 - -
Q1 2014 63.23 0.02 0.51 - -
Q2 2014 64.47 0.01 0.40 - -
Q3 2014 67.32 0.28 0.49 - -
Q4 2014 67.06 - 0.56 77.15 -
Q1 2015 66.68 0.02 0.51 - -

Analysts Estimates (Million)

Item Q4 2015 (e) Q4 2015 (a) Change‬
Average 92.80 29.42 (68.3 %)

Estimates vs Actual (Million)

Item Q4 2015 (e) Q4 2015 (a) Change
SNB Capital 44.70 29.42 (34.2) %
OSOOL AND BAKHEET 140.90 29.42 (79.1) %

Current
Market Cap (M Riyal) 7,215.00
Enterprise Value (EV) (M) 9,565.63
Shares Outstanding ((M)) 375.00
EPS ( Riyal) (TTM) 0.16
Book Value (BV) ( Riyal) 12.74
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 1.51
Return on Average Assets (%) (TTM) 0.7
Return on Average Equity (%) (TTM) 1.3

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