Al Arabia profit down 19% to SAR 192.5M in 9M 2024; Q3 at SAR 44.3M

Arabian Contracting Services Co. (Al Arabia) reported a net profit fall of 19% to SAR 192.5 million in the first nine months of 2024, from SAR 238.8 million a year earlier.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	910.68	1,166.02	28.0 %
Gross Income	408.93	445.10	8.8 %
Operating Income	319.56	325.79	1.9 %
Net Income	238.80	192.46	(19.4 %)
Average Shares	50.00	50.00	-
EPS (Riyals)	4.78	3.85	(19.4 %)

The nine-month net profit was hurt by higher operating expenses (OpEx) as the company gears up for all projects. Al Arabia commenced operations for advertising spaces at King Khalid International Airport (KKIA). Al Arabia also recorded a 146% year-on-year (YoY) increase in finance costs (FCs).

On the other hand, topline jumped 28% YoY to SAR 1.16 billion. This growth was driven by both outdoor and indoor advertisements, which recorded rises of 1% and 439% YoY, respectively. This is attributed to several reasons, including the start of operations at KKIA and the financial impact of the company’s full acquisition of Faden Media Co.

Other revenue drivers were the back-to-school and university season, the National Day and Foundation Day campaigns, as well as the 2024 eSports World Cup.

Moreover, the continuation of digital transformation initiatives and the adoption of smart solutions in outdoor advertising mediums contributed to expanding advertising spaces and increasing the capacity to accommodate a larger space of campaigns and advertisers.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	303.99	352.88	16.1 %
Gross Income	123.14	99.40	(19.3 %)
Operating Income	92.96	68.62	(26.2 %)
Net Income	62.93	44.31	(29.6 %)
Average Shares	50.00	50.00	-
EPS (Riyals)	1.26	0.89	(29.6 %)

Item	Q2 2024	Q3 2024	Change‬
Revenues	374.06	352.88	(5.7 %)
Gross Income	142.17	99.40	(30.1 %)
Operating Income	98.21	68.62	(30.1 %)
Net Income	47.32	44.31	(6.4 %)
Average Shares	50.00	50.00	-
EPS (Riyals)	0.95	0.89	(6.4 %)

The third-quarter net income fell by 30% to SAR 44.3 million, from SAR 62.9 million in Q3 2023 hurt by higher OpEx. FCs also increased by 130% YoY. This, however, was offset by a 16% YoY rise in revenue.

Compared to the previous quarter, Al Arabia’s net earnings decreased by 6.4% from SAR 47.3 million as revenue declined by 6% sequentially due to seasonal factors.

Total shareholders’ equity, after minority interest, rose to SAR 1.29 billion as of Sept. 30, 2024, from SAR 1.03 billion in the year-earlier period.

View More Financial Results

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Share Price

Arabian Contracting Services Co. (ALARABIA)

	Current
Market Cap (M Riyal)	8,030.00
Enterprise Value (EV) (M)	9,329.29
Shares Outstanding ((M))	50.00
EPS ( Riyal) (TTM)	5.44
Book Value (BV) ( Riyal)	25.89
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	29.53
P/E (TTM)	29.53
Price/book	6.20
Return on Average Assets (%) (TTM)	7.2
Return on Average Equity (%) (TTM)	23.4

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	612.30	-	176.29	-	130.71	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	639.16	4.4 %	190.13	7.9 %	146.90	12.4 %
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	787.50	23.2 %	336.42	76.9 %	264.45	80.0 %
Q1 2020	181.46	-	87.17	-	76.12	-
Q2 2020	32.93	-	(70.04)	-	(77.89)	-
Q3 2020	107.37	-	12.32	-	1.17	-
Q4 2020	175.83	-	69.60	-	52.03	-
2020	497.59	(36.8 %)	99.05	(70.6 %)	51.43	(80.6 %)
Q1 2021	148.58	(18.1 %)	50.12	(42.5 %)	36.65	(51.9 %)
Q2 2021	157.53	378.4 %	86.08	222.9 %	65.95	184.7 %
Q3 2021	188.39	75.5 %	86.76	604.5 %	68.84	5783.6 %
Q4 2021	226.13	28.6 %	107.32	54.2 %	89.90	72.8 %
2021	720.63	44.8 %	330.28	233.5 %	261.33	408.2 %
Q1 2022	287.40	93.4 %	129.11	157.6 %	106.01	189.2 %
Q2 2022	263.64	67.4 %	106.26	23.4 %	79.69	20.8 %
Q3 2022	257.72	36.8 %	106.05	22.2 %	85.49	24.2 %
Q4 2022	317.43	40.4 %	145.57	35.6 %	112.78	25.5 %
2022	1,126.18	56.3 %	486.99	47.4 %	383.96	46.9 %
Q1 2023	312.37	8.7 %	143.56	11.2 %	114.72	8.2 %
Q2 2023	294.32	11.6 %	142.23	33.9 %	111.88	40.4 %
Q3 2023	303.99	18.0 %	123.14	16.1 %	92.96	8.7 %
Q4 2023	369.19	16.3 %	189.24	30.0 %	132.20	17.2 %
2023	1,279.86	13.6 %	598.17	22.8 %	451.77	17.7 %
Q1 2024	439.07	40.6 %	203.54	41.8 %	158.96	38.6 %
Q2 2024	374.06	27.1 %	142.17	0.0 %	98.21	(12.2 %)
Q3 2024	352.88	16.1 %	99.40	(19.3 %)	68.62	(26.2 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	612.30	-	176.29	-	130.71	-
2018	639.16	4.4 %	190.13	7.9 %	146.90	12.4 %
2019	787.50	23.2 %	336.42	76.9 %	264.45	80.0 %
2020	497.59	(36.8 %)	99.05	(70.6 %)	51.43	(80.6 %)
2021	720.63	44.8 %	330.28	233.5 %	261.33	408.2 %
2022	1,126.18	56.3 %	486.99	47.4 %	383.96	46.9 %
2023	1,279.86	13.6 %	598.17	22.8 %	451.77	17.7 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	111.22	-	2.22	-	111.22	2.22
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	133.69	20.2 %	2.67	-	133.69	2.67
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	225.35	68.6 %	4.51	-	225.35	4.51
Q1 2020	68.56	-	1.37	-	68.56	1.37
Q2 2020	(83.91)	-	(1.68)	-	(83.91)	(1.68)
Q3 2020	(6.08)	-	(0.12)	-	(6.08)	(0.12)
Q4 2020	46.63	-	0.93	-	46.63	0.93
2020	25.20	(88.8 %)	0.50	-	25.20	0.50
Q1 2021	29.63	(56.8 %)	0.59	-	29.63	0.59
Q2 2021	48.94	158.3 %	0.98	-	48.94	0.98
Q3 2021	57.09	1039.4 %	1.14	-	57.09	1.14
Q4 2021	70.60	51.4 %	1.41	-	70.60	1.41
2021	206.25	718.4 %	4.12	-	206.25	4.12
Q1 2022	64.89	119.0 %	1.30	(24.36)	89.25	1.78
Q2 2022	62.79	28.3 %	1.26	-	62.79	1.26
Q3 2022	65.89	15.4 %	1.32	-	65.89	1.32
Q4 2022	81.13	14.9 %	1.62	-	81.13	1.62
2022	274.70	33.2 %	5.49	(24.36)	299.06	5.98
Q1 2023	90.82	40.0 %	1.82	-	90.82	1.82
Q2 2023	85.04	35.4 %	1.70	-	85.04	1.70
Q3 2023	62.93	(4.5 %)	1.26	-	62.93	1.26
Q4 2023	79.44	(2.1 %)	1.59	-	79.44	1.59
2023	318.24	15.8 %	6.36	-	318.24	6.36
Q1 2024	100.82	11.0 %	2.02	-	100.82	2.02
Q2 2024	47.32	(44.4 %)	0.95	-	47.32	0.95
Q3 2024	44.31	(29.6 %)	0.89	-	44.31	0.89

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	111.22	-	2.22	-	111.22	2.22
2018	133.69	20.2 %	2.67	-	133.69	2.67
2019	225.35	68.6 %	4.51	-	225.35	4.51
2020	25.20	(88.8 %)	0.50	-	25.20	0.50
2021	206.25	718.4 %	4.12	-	206.25	4.12
2022	274.70	33.2 %	5.49	(24.36)	299.06	5.98
2023	318.24	15.8 %	6.36	-	318.24	6.36

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	28.79 %	25.42 %	18.16 %
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	29.75 %	26.62 %	20.92 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	42.72 %	84.22 %	28.62 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	19.91 %	-	5.06 %
2020	19.91 %	84.03 %	5.06 %
Q1 2021	13.34 %	22.04 %	(2.96 %)
Q2 2021	37.01 %	52.64 %	20.21 %
Q3 2021	43.64 %	69.92 %	27.19 %
Q4 2021	45.83 %	80.01 %	28.62 %
2021	45.83 %	80.01 %	28.62 %
Q1 2022	47.62 %	79.04 %	30.93 %
Q2 2022	44.48 %	75.95 %	28.97 %
Q3 2022	43.36 %	75.39 %	27.88 %
Q4 2022	43.24 %	74.27 %	26.55 %
2022	43.24 %	74.27 %	26.55 %
Q1 2023	43.56 %	73.34 %	26.12 %
Q2 2023	45.47 %	75.58 %	27.32 %
Q3 2023	45.15 %	71.97 %	26.05 %
Q4 2023	46.74 %	72.65 %	24.86 %
2023	46.74 %	72.65 %	24.86 %
Q1 2024	46.79 %	66.83 %	23.34 %
Q2 2024	44.28 %	59.41 %	19.55 %
Q3 2024	41.32 %	-	17.71 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	28.79 %	25.42 %	18.16 %
2018	29.75 %	26.62 %	20.92 %
2019	42.72 %	84.22 %	28.62 %
2020	19.91 %	84.03 %	5.06 %
2021	45.83 %	80.01 %	28.62 %
2022	43.24 %	74.27 %	26.55 %
2023	46.74 %	72.65 %	24.86 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	48.04 %	-	37.78 %
Q2 2020	(212.69 %)	-	(254.83 %)
Q3 2020	11.47 %	-	(5.66 %)
Q4 2020	39.58 %	-	26.52 %
Q1 2021	33.73 %	85.54 %	19.94 %
Q2 2021	54.64 %	82.47 %	31.07 %
Q3 2021	46.05 %	84.73 %	30.30 %
Q4 2021	47.46 %	70.71 %	31.22 %
Q1 2022	44.92 %	79.99 %	31.05 %
Q2 2022	40.31 %	69.76 %	23.82 %
Q3 2022	41.15 %	80.12 %	25.57 %
Q4 2022	45.86 %	68.08 %	25.56 %
Q1 2023	45.96 %	76.12 %	29.08 %
Q2 2023	48.32 %	79.13 %	28.89 %
Q3 2023	40.51 %	64.85 %	20.70 %
Q4 2023	51.26 %	70.97 %	21.52 %
Q1 2024	46.36 %	56.46 %	22.96 %
Q2 2024	38.01 %	47.04 %	12.65 %
Q3 2024	28.17 %	-	12.56 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	-	-	-	-
Q4 2019	-	-	-	-
Q1 2020	50.00	-	-	11.38
Q2 2020	50.00	-	-	9.70
Q3 2020	50.00	-	-	9.58
Q4 2020	50.00	0.50	0.50	10.53
Q1 2021	50.00	(0.27)	(0.27)	11.12
Q2 2021	50.00	2.38	2.38	12.10
Q3 2021	50.00	3.65	3.65	13.24
Q4 2021	50.00	4.12	4.12	14.63
Q1 2022	50.00	4.83	5.32	15.92
Q2 2022	50.00	5.11	5.59	15.32
Q3 2022	50.00	5.28	5.77	16.62
Q4 2022	50.00	5.49	5.98	16.40
Q1 2023	50.00	6.01	6.01	18.13
Q2 2023	50.00	6.46	6.46	19.43
Q3 2023	50.00	6.40	6.40	20.69
Q4 2023	50.00	6.36	6.36	22.26
Q1 2024	50.00	6.56	6.56	24.28
Q2 2024	50.00	5.81	5.81	25.03
Q3 2024	50.00	5.44	5.44	25.89

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	50.00	2.22	2.22	12.94
2018	50.00	2.67	2.67	8.79
2019	50.00	4.51	4.51	10.49
2020	50.00	0.50	0.50	10.53
2021	50.00	4.12	4.12	14.63
2022	50.00	5.49	5.98	16.40
2023	50.00	6.36	6.36	22.26

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	24.53	24.53	6.92
Q1 2022	22.57	20.50	6.85
Q2 2022	19.21	17.54	6.40
Q3 2022	21.24	19.44	6.75
Q4 2022	19.48	17.89	6.53
Q1 2023	20.29	20.29	6.73
Q2 2023	27.56	27.56	9.16
Q3 2023	32.32	32.32	10.00
Q4 2023	37.86	37.86	10.83
Q1 2024	34.82	34.82	9.42
Q2 2024	38.83	38.83	9.01
Q3 2024	36.82	36.82	7.73

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	24.53	24.53	6.92
2022	19.48	17.89	6.53
2023	37.86	37.86	10.83

Business Segments (Million)

Compared With The

Period	Advertisement Sector	Printing	Reconciliation & elimination
Q1 2021	145.90	2.68	-
Q2 2021	154.48	3.05	-
Q3 2021	185.82	11.50	(8.93)
Q4 2021	220.75	7.99	(2.61)
Q1 2022	283.51	6.82	(2.92)
Q2 2022	259.73	0.98	-
Q3 2022	253.79	12.72	(8.79)
Q4 2022	309.18	12.52	(4.27)
Q1 2023	305.41	11.00	(4.04)
Q2 2023	287.02	10.33	(3.03)
Q3 2023	297.64	8.82	(2.47)
Q4 2023	363.20	7.90	(1.91)
Q1 2024	435.44	7.94	(4.31)
Q2 2024	369.56	7.20	(2.70)
Q3 2024	348.23	6.90	(2.25)

Period	Advertisement Sector	Printing	Reconciliation & elimination
2020	483.74	13.85	-
2021	706.94	25.22	(11.53)
2022	1,106.21	33.03	(13.06)
2023	1,253.26	38.05	(11.45)

Analysts Estimates (Million)

Item	Q3 2024 (e)	Q3 2024 (a)	Change‬
Average	60.40	44.31	(26.6 %)

Estimates vs Actual (Million)

Item	Q3 2024 (e)	Q3 2024 (a)	Change
GIB Capital	51.00	44.31	(13.1) %
Al Rajhi Capital	56.00	44.31	(20.9) %
United Securities Company	57.00	44.31	(22.3) %
AlJazira Capital	65.00	44.31	(31.8) %
YAQEEN	73.00	44.31	(39.3) %

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Al Arabia profit down 19% to SAR 192.5M in 9M 2024; Q3 at SAR 44.3M

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Arabian Contracting Services Co. (ALARABIA)

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Financial results (Million)

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Al Arabia profit down 19% to SAR 192.5M in 9M 2024; Q3 at SAR 44.3M

Financials (M)

Current Quarter Comparison (M)

View other reports

Share Price

Arabian Contracting Services Co. (ALARABIA)

Financial Ratios

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2024

Revenue by Business Segment (Latest) 2024 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

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Business Segments (Million)