Jazan Development posts net loss at SAR 0.9m in I2 of 2014

30/06/2014 Argaam Exclusive

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Jazan Development and Investment Co. (JAZADCO)

Jazan Development CoJazan Development Company, reported SAR 0.9m net loss at the end of the first half of 2014, compared to SAR 156m net profit in the same period last year, as shown in the following table:



Financials (M)

Item 6m 2013 6m 2014 Change‬
Revenues 18.47 29.08 57.4 %
Gross Income (6.58) 2.77 142.1 %
Operating Income (14.53) (2.79) 80.8 %
Net Income 155.98 (0.93) (100.6 %)
Average Shares 50.00 50.00 -
EPS (Riyals) 3.12 (0.02) (100.6 %)


Current Quarter Comparison (M)

Compared With The
Item Q2 2013 Q2 2014 Change‬
Revenues 11.39 15.21 33.6 %
Gross Income (1.94) 3.01 255.4 %
Operating Income (6.37) 0.27 104.3 %
Net Income 134.11 1.15 (99.1 %)
Average Shares 50.00 50.00 -
EPS (Riyals) 2.68 0.02 (99.1 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2005 4.26 32.3 % 0.71 2.2 % 6.86 185.8 % 0.14
Q2 2005 7.58 24.0 % 0.57 45.1 % 29.67 275.1 % 0.59
Q3 2005 3.30 88.4 % (0.14) (836.8 %) 20.72 2309.1 % 0.41
Q4 2005 3.77 81.5 % (0.25) (104.1 %) 11.15 (38.7 %) 0.22
Q1 2006 5.74 34.7 % 1.41 98.7 % 82.97 1110.2 % 1.66
Q2 2006 6.65 (12.3 %) 0.82 43.1 % 27.36 (7.8 %) 0.55
Q3 2006 4.14 25.3 % 0.20 239.3 % 18.06 (12.8 %) 0.36
Q4 2006 2.13 (43.4 %) (0.34) (35.6 %) 6.25 (43.9 %) 0.13
Q1 2007 8.81 53.4 % 2.97 110.6 % 8.62 (89.6 %) 0.17
Q2 2007 6.01 (9.5 %) (0.08) (110.1 %) 2.03 (92.6 %) 0.04
Q3 2007 7.63 84.4 % 1.71 778.5 % 4.43 (75.5 %) 0.09
Q4 2007 4.36 104.2 % (0.57) (70.4 %) (0.80) (112.9 %) (0.02)
Q1 2008 13.75 56.1 % 2.62 (11.9 %) 5.00 (42.0 %) 0.10
Q2 2008 13.36 122.1 % 1.56 1981.9 % 7.42 265.8 % 0.15
Q3 2008 4.86 (36.2 %) (3.26) (290.1 %) 11.19 152.3 % 0.22
Q4 2008 9.66 121.6 % (0.12) 78.8 % (3.77) (368.5 %) (0.08)
Q1 2009 5.07 (63.2 %) 1.07 (59.2 %) 0.07 (98.7 %) 0.00
Q2 2009 13.09 (2.0 %) 1.49 (4.7 %) 0.73 (90.2 %) 0.01
Q3 2009 11.15 129.2 % 1.17 136.0 % (2.76) (124.7 %) (0.06)
Q4 2009 12.63 30.7 % 4.47 3793.4 % (32.11) (752.3 %) (0.64)
Q1 2010 22.66 347.3 % 4.64 334.2 % 3.02 4403.0 % 0.06
Q2 2010 23.84 82.2 % (4.78) (420.8 %) (33.09) (4645.2 %) (0.66)
Q3 2010 12.94 16.1 % (0.42) (136.1 %) 22.23 905.6 % 0.44
Q4 2010 16.01 26.8 % (1.04) (123.3 %) (13.89) 56.7 % (0.28)
Q1 2011 20.06 (11.5 %) (4.16) (189.5 %) (6.70) (322.2 %) (0.13)
Q2 2011 20.98 (12.0 %) 0.18 103.8 % (4.94) 85.1 % (0.10)
Q3 2011 16.15 24.8 % (5.03) (1,085.1 %) (26.51) (219.2 %) (0.53)
Q4 2011 13.07 (18.4 %) (7.10) (581.7 %) (30.89) (122.4 %) (0.62)
Q1 2012 7.10 (64.6 %) (3.19) 23.2 % (4.05) 39.6 % (0.08)
Q2 2012 7.91 (62.3 %) (5.80) (3286.3 %) (6.33) (28.1 %) (0.13)
Q3 2012 8.58 (46.9 %) (4.15) 17.3 % (9.69) 63.4 % (0.19)
Q4 2012 14.94 14.3 % (4.20) 40.9 % 1.73 105.6 % 0.03
Q1 2013 7.09 (0.2 %) (4.65) (45.7 %) 21.87 640.4 % 0.44
Q2 2013 11.39 43.9 % (1.94) 66.6 % 134.11 2219.6 % 2.68
Q3 2013 9.62 12.1 % (2.06) 50.4 % (5.24) 45.9 % (0.10)
Q4 2013 16.41 9.9 % (3.56) 15.2 % (50.09) (2993.8 %) (1.00)
Q1 2014 13.87 95.8 % (0.24) 94.8 % (2.08) (109.5 %) (0.04)
Q2 2014 15.21 33.6 % 3.01 255.4 % 1.15 (99.1 %) 0.02

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 7.06 % (36.63 %) 237.92 %
Q2 2005 7.54 % (23.90 %) 354.52 %
Q3 2005 5.94 % (21.07 %) 437.96 %
Q4 2005 4.74 % (19.54 %) 361.58 %
Q1 2006 7.83 % (10.83 %) 708.62 %
Q2 2006 9.48 % (2.50 %) 730.68 %
Q3 2006 10.74 % (0.19 %) 687.58 %
Q4 2006 11.21 % 3.49 % 721.71 %
Q1 2007 16.81 % 14.17 % 277.54 %
Q2 2007 13.03 % 4.67 % 165.78 %
Q3 2007 17.36 % 15.84 % 86.78 %
Q4 2007 15.04 % 9.33 % 53.26 %
Q1 2008 11.58 % 7.83 % 33.56 %
Q2 2008 13.61 % 12.04 % 41.05 %
Q3 2008 0.97 % (1.60 %) 62.76 %
Q4 2008 1.93 % 1.01 % 47.66 %
Q1 2009 (2.26 %) (1.59 %) 45.26 %
Q2 2009 (2.51 %) 0.73 % 25.14 %
Q3 2009 9.27 % 14.62 % (14.71 %)
Q4 2009 19.56 % 26.36 % (81.27 %)
Q1 2010 19.78 % 27.05 % (52.29 %)
Q2 2010 7.84 % 14.17 % (92.42 %)
Q3 2010 5.43 % 14.21 % (55.43 %)
Q4 2010 (2.12 %) 8.77 % (28.79 %)
Q1 2011 (14.27 %) (2.22 %) (43.16 %)
Q2 2011 (7.77 %) 4.20 % (4.71 %)
Q3 2011 (13.72 %) (3.01 %) (71.09 %)
Q4 2011 (22.92 %) (12.68 %) (49.84 %)
Q1 2012 (26.42 %) (14.60 %) (56.48 %)
Q2 2012 (47.75 %) (32.91 %) (76.32 %)
Q3 2012 (55.24 %) (38.85 %) (46.20 %)
Q4 2012 (45.01 %) (27.87 %) (71.14 %)
Q1 2013 (48.81 %) (32.30 %) (78.00 %)
Q2 2013 (35.57 %) (18.99 %) (106.04 %)
Q3 2013 (29.85 %) (15.73 %) (93.23 %)
Q4 2013 (27.43 %) (4.80 %) (154.13 %)
Q1 2014 (15.21 %) 0.65 % (124.75 %)
Q2 2014 (5.17 %) 7.33 % (76.25 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 50.00 0.68 0.68 5.50
Q2 2005 50.00 1.11 1.11 7.76
Q3 2005 50.00 1.51 1.51 8.38
Q4 2005 50.00 1.37 1.37 8.44
Q1 2006 50.00 2.89 2.89 16.09
Q2 2006 50.00 2.84 2.84 16.53
Q3 2006 50.00 2.79 2.79 16.64
Q4 2006 50.00 2.69 2.69 16.09
Q1 2007 50.00 1.21 1.21 16.26
Q2 2007 50.00 0.70 0.70 14.89
Q3 2007 50.00 0.43 0.43 14.92
Q4 2007 50.00 0.29 0.29 14.96
Q1 2008 50.00 0.21 0.21 14.52
Q2 2008 50.00 0.32 0.32 14.10
Q3 2008 50.00 0.46 0.46 13.89
Q4 2008 50.00 0.40 0.40 13.51
Q1 2009 50.00 0.30 0.30 12.90
Q2 2009 50.00 0.16 0.16 13.10
Q3 2009 50.00 (0.11) (0.11) 12.60
Q4 2009 50.00 (0.68) (0.68) 12.44
Q1 2010 50.00 (0.62) (0.62) 12.99
Q2 2010 50.00 (1.30) (1.30) 12.29
Q3 2010 50.00 (0.80) (0.80) 12.28
Q4 2010 50.00 (0.43) (0.43) 12.00
Q1 2011 50.00 (0.63) (0.63) 11.84
Q2 2011 50.00 (0.07) (0.07) 11.81
Q3 2011 50.00 (1.04) (1.04) 11.25
Q4 2011 50.00 (1.38) (0.70) 10.54
Q1 2012 50.00 (1.33) (0.65) 10.50
Q2 2012 50.00 (1.36) (0.67) 10.32
Q3 2012 50.00 (1.02) (0.34) 10.11
Q4 2012 50.00 (0.37) (0.55) 10.14
Q1 2013 50.00 0.15 (0.60) 10.30
Q2 2013 50.00 2.96 (0.89) 12.98
Q3 2013 50.00 3.05 (0.80) 12.88
Q4 2013 50.00 2.01 (1.37) 11.92
Q1 2014 50.00 1.53 (1.28) 11.88
Q2 2014 50.00 (1.13) (0.84) 11.90

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 21.22 21.22 2.61
Q2 2005 24.09 24.09 3.45
Q3 2005 23.95 23.95 4.31
Q4 2005 More than 50 More than 50 9.24
Q1 2006 14.67 14.67 2.64
Q2 2006 21.45 21.45 3.69
Q3 2006 26.16 26.16 4.39
Q4 2006 9.01 9.01 1.51
Q1 2007 20.32 20.32 1.51
Q2 2007 27.17 27.17 1.28
Q3 2007 More than 50 More than 50 1.66
Q4 2007 More than 50 More than 50 1.67
Q1 2008 More than 50 More than 50 1.22
Q2 2008 More than 50 More than 50 1.21
Q3 2008 27.41 27.41 0.90
Q4 2008 23.32 23.32 0.68
Q1 2009 31.02 31.02 0.72
Q2 2009 More than 50 More than 50 0.91
Q3 2009 NEG NEG 0.87
Q4 2009 NEG NEG 1.08
Q1 2010 NEG NEG 1.14
Q2 2010 NEG NEG 1.11
Q3 2010 NEG NEG 1.18
Q4 2010 NEG NEG 1.12
Q1 2011 NEG NEG 1.49
Q2 2011 NEG NEG 1.74
Q3 2011 NEG NEG 1.75
Q4 2011 NEG NEG 3.01
Q1 2012 NEG NEG 2.31
Q2 2012 NEG NEG 1.44
Q3 2012 NEG NEG 1.58
Q4 2012 NEG NEG 1.50
Q1 2013 More than 50 NEG 1.56
Q2 2013 5.51 NEG 1.26
Q3 2013 5.38 NEG 1.27
Q4 2013 8.67 NEG 1.46
Q1 2014 12.06 NEG 1.56
Q2 2014 NEG NEG 1.74

Business Segments (Million)

Compared With The
Period Agricultural Activity Commercial sector Investment properties sector
Q3 2010 11.30 1.23 0.42
Q4 2010 12.25 3.29 0.47
Q1 2011 17.52 2.01 0.53
Q2 2011 17.12 3.23 0.62
Q3 2011 11.91 3.51 0.74
Q4 2011 8.74 3.10 1.22
Q1 2012 3.24 3.03 0.83
Q2 2012 2.44 4.68 0.79
Q3 2012 0.53 7.11 0.94
Q4 2012 7.94 6.10 0.89
Q1 2013 2.71 3.49 0.89
Q2 2013 3.85 6.64 0.91
Q3 2013 1.15 7.53 0.93
Q4 2013 7.83 7.63 0.95
Q1 2014 6.59 6.34 0.94
Q2 2014 4.87 9.28 1.05

Current
Market Cap (M Riyal) 823.00
Enterprise Value (EV) (M) 846.92
Shares Outstanding ((M)) 50.00
EPS ( Riyal) (TTM) 0.04
Book Value (BV) ( Riyal) 10.16
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 50
P/E (TTM) More than 50
Price/book 1.62
Return on Average Assets (%) (TTM) 0.3
Return on Average Equity (%) (TTM) 0.3

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