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Alandalus Property’s net profit up 7% in FY16
19/01/2017
Argaam Exclusive
Alandalus Property Co. reported a net profit of SAR 100.4 million for the fiscal year 2016, a 6.8 percent year-on-year increase on higher rent revenue and lower cost of revenue. The increase in income from investments in associates and other revenue besides the decrease in financing costs also contributed to the increase in net profit.
Financials (M)
| Item | 2015 | 2016 | Change |
|---|---|---|---|
| Revenues | 126.73 | 131.67 | 3.9 % |
| Gross Income | 75.08 | 81.96 | 9.2 % |
| Operating Income | 65.60 | 69.29 | 5.6 % |
| Net Income | 94.07 | 91.82 | (2.4 %) |
| Average Shares | 93.33 | 93.33 | - |
| Earnings Per Share before unusual items | 1.01 | 0.98 | (2.4 %) |
| EPS (Riyals) | 1.01 | 0.98 | (2.4 %) |
The company reported a net profit of SAR 24.6 million for the fourth quarter of 2016, a 13.6 percent increase compared to the same period last year.
When compared to the third quarter of 2016, net profit dropped 6.3 percent due to lower rent revenue, drop in income from investments in associates and the higher general and administrative expenses.
Current Quarter Comparison (M)
| Item | Q4 2015 | Q4 2016 | Change |
|---|---|---|---|
| Revenues | 32.37 | 33.62 | 3.9 % |
| Gross Income | 16.66 | 20.98 | 25.9 % |
| Operating Income | 13.64 | 17.58 | 28.9 % |
| Net Income | 21.68 | 15.81 | (27.1 %) |
| Average Shares | 93.33 | 93.33 | - |
| Earnings Per Share before unusual items | 0.23 | 0.17 | (27.1 %) |
| EPS (Riyals) | 0.23 | 0.17 | (27.1 %) |
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Share Price
Alandalus Property Co. (ALANDALUS)
| Current | |
| Market Cap (M Riyal) | 2,239.92 |
| Enterprise Value (EV) (M) | 3,150.06 |
| Shares Outstanding ((M)) | 93.33 |
| EPS ( Riyal) (TTM) | (0.34) |
| Book Value (BV) ( Riyal) | 10.89 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | Neg |
| P/E (TTM) | NEG |
| Price/book | 2.20 |
| Return on Average Assets (%) (TTM) | (1.40 ) |
| Return on Average Equity (%) (TTM) | (3.03 ) |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2016 | 31.69 | 7.1 % | 19.84 | 8.8 % | 16.93 | 4.0 % |
| Q2 2016 | 32.06 | 1.1 % | 20.17 | (1.2 %) | 17.15 | (7.5 %) |
| Q3 2016 | 34.30 | 3.8 % | 20.97 | 6.1 % | 17.64 | 3.2 % |
| Q4 2016 | 33.62 | 3.9 % | 20.98 | 25.9 % | 17.58 | 28.9 % |
| 2016 | 131.67 | 3.9 % | 81.96 | 9.2 % | 69.29 | 5.6 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | Earnings Per Share before unusual items |
|---|---|---|---|---|---|---|
| Q1 2016 | 24.80 | 5.3 % | 0.27 | - | 24.80 | 0.27 |
| Q2 2016 | 24.85 | 0.8 % | 0.27 | - | 24.85 | 0.27 |
| Q3 2016 | 26.37 | 9.1 % | 0.28 | - | 26.37 | 0.28 |
| Q4 2016 | 15.81 | (27.1 %) | 0.17 | - | 15.81 | 0.17 |
| 2016 | 91.82 | (2.4 %) | 0.98 | - | 91.82 | 0.98 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2016 | 59.52 % | 61.03 % | 73.99 % |
| Q2 2016 | 59.17 % | 59.81 % | 73.93 % |
| Q3 2016 | 59.53 % | 59.73 % | 74.91 % |
| Q4 2016 | 62.25 % | 60.32 % | 69.74 % |
| 2016 | 62.25 % | 60.32 % | 69.74 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2016 | 93.33 | 1.02 | 1.02 | 9.19 |
| Q2 2016 | 93.33 | 1.02 | 1.02 | 9.08 |
| Q3 2016 | 93.33 | 1.05 | 1.05 | 9.37 |
| Q4 2016 | 93.33 | 0.98 | 0.98 | 9.54 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2016 | 15.43 | 15.43 | 1.71 |
| Q2 2016 | 14.79 | 14.79 | 1.67 |
| Q3 2016 | 10.83 | 10.83 | 1.21 |
| Q4 2016 | 14.97 | 14.97 | 1.54 |
Business Segments (Million)
Q4 2016
| Period | Retail sector | Office sector |
|---|---|---|
| Q1 2016 | 31.54 | 0.26 |
| Q2 2016 | 32.10 | 0.26 |
| Q3 2016 | 33.64 | 0.26 |
| Q4 2016 | 33.36 | 0.26 |
Analysts Estimates (Million)
| Item | Q4 2016 (e) | Q4 2016 (net income) | Change | Q4 2016 (before unusual items) | Change |
|---|---|---|---|---|---|
| Average | 22.30 | 15.81 | (29.1 %) | 15.81 | (29.1 %) |
Estimates vs Actual (Million)
| Item | Q4 2016 (e) | Q4 2016 (net income) | Change | Q4 2016 (before unusual items) | Change |
|---|---|---|---|---|---|
| OSOOL AND BAKHEET | 22.30 | 15.81 | (29.1) % | 15.81 | (29.1) % |
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