Al Akaria swings to SAR 27.9 mln net profit in 9M 2022; Q3 at SAR 12.1 mln

07/11/2022 Argaam Exclusive

Saudi Real Estate Co. (Al Akaria) reported a net profit after Zakat and tax of SAR 27.9 million for the first nine months of 2022, versus a net loss of SAR 37.7 million in the year-earlier period.

 

This was triggered by lower selling and marketing expenses, a drop in impairment provisions, higher revenue from land and residential unit sales, and an increase in the company profit share from an associate.



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 486.80 1,254.82 157.8 %
Gross Income 156.57 286.61 83.1 %
Operating Income 9.32 143.76 1442.6 %
Net Income (37.65) 27.95 174.2 %
Average Shares 276.53 375.00 35.6 %
EPS (Riyals) (0.14) 0.07 154.7 %

The real estate developer turned SAR 12.1 million profit in Q3 2022, versus a net loss after Zakat and tax of SAR 23.9 million in the year-earlier period, driven by an increase of 172% year-on-year (YoY) in revenue due to sales of residential units, lower general and administrative expenses (G&As), decreased selling and marketing expenses and higher other income.

 

On a sequential basis, net profit after Zakat and tax slumped 73.3%, from SAR 45.3 million.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 141.29 384.88 172.4 %
Gross Income 45.37 85.72 88.9 %
Operating Income (1.72) 53.59 3219.3 %
Net Income (23.93) 12.09 150.5 %
Average Shares 276.53 375.00 35.6 %
EPS (Riyals) (0.09) 0.03 137.3 %

Total shareholders’ equity, excluding minority interest, reached SAR 4.518 billion as of Sept. 30, 2022, compared to SAR 2.828 billion in the prior-year period.

 

Accumulated losses reached SAR 229 million, or 6.1% of capital, as of Sept. 30, 2022.

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Share Price

Saudi Real Estate Co.
24.68
0.20 0.82 %

Saudi Real Estate Co. (ALAKARIA)

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Financial Ratios
Current
Market Cap (M Riyal) 9,255.00
Enterprise Value (EV) (M) 11,589.54
Shares Outstanding ((M)) 375.00
EPS ( Riyal) (TTM) 0.49
Book Value (BV) ( Riyal) 12.79
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 1.93
Return on Average Assets (%) (TTM) 2.0
Return on Average Equity (%) (TTM) 3.9
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 63.21 4.3 % 45.69 8.7 % 41.93 11.9 %
Q2 2013 62.73 3.7 % 41.47 3.4 % 35.97 2.2 %
Q3 2013 67.11 (52.5 %) 46.80 (10.5 %) 43.26 (11.1 %)
Q4 2013 65.77 4.6 % 47.44 8.1 % 42.11 4.8 %
Q1 2014 63.76 0.9 % 43.68 (4.4 %) 37.26 (11.1 %)
Q2 2014 64.88 3.4 % 45.30 9.2 % 36.65 1.9 %
Q3 2014 68.08 1.5 % 46.94 0.3 % 41.79 (3.4 %)
Q4 2014 144.51 119.7 % 117.48 147.6 % 112.93 168.2 %
Q1 2015 67.20 5.4 % 46.39 6.2 % 39.52 6.1 %
Q2 2015 68.49 5.6 % 46.06 1.7 % 39.79 8.6 %
Q3 2015 70.90 4.1 % 50.09 6.7 % 44.40 6.3 %
Q4 2015 72.30 (50.0 %) 52.38 (55.4 %) 42.02 (62.8 %)
Q1 2016 72.63 8.1 % 50.41 8.7 % 41.41 4.8 %
Q2 2016 74.65 9.0 % 50.42 9.5 % 41.70 4.8 %
Q3 2016 77.67 9.5 % 48.99 (2.2 %) 30.33 (31.7 %)
Q4 2016 89.52 23.8 % 66.52 27.0 % 49.11 16.9 %
Q1 2017 78.60 8.2 % 52.38 3.9 % 40.43 (2.4 %)
Q2 2017 78.65 5.4 % 53.06 5.2 % 35.45 (15.0 %)
Q3 2017 80.13 3.2 % 52.47 7.1 % 39.11 28.9 %
Q4 2017 77.63 (13.3 %) 52.01 (21.8 %) 29.01 (40.9 %)
Q1 2018 80.29 2.2 % 54.12 3.3 % 32.98 (18.4 %)
Q2 2018 83.12 5.7 % 58.50 10.3 % 20.40 (42.5 %)
Q3 2018 69.02 (13.9 %) 36.03 (31.3 %) 4.83 (87.7 %)
Q4 2018 64.14 (17.4 %) 36.56 (29.7 %) (19.17) (166.1 %)
Q1 2019 72.41 (9.8 %) 45.36 (16.2 %) 1.44 (95.6 %)
Q2 2019 71.80 (13.6 %) 37.82 (35.3 %) 7.26 (64.4 %)
Q3 2019 87.78 27.2 % 43.54 20.9 % (1.93) (139.9 %)
Q4 2019 106.03 65.3 % 44.92 22.8 % (91.42) (376.9 %)
Q1 2020 98.12 35.5 % 46.46 2.4 % 5.28 266.9 %
Q2 2020 95.80 33.4 % 38.72 2.4 % (5.59) (177.0 %)
Q3 2020 132.48 50.9 % 44.16 1.4 % (7.91) (310.4 %)
Q4 2020 227.07 114.2 % 56.12 24.9 % (68.86) 24.7 %
Q1 2021 182.59 86.1 % 49.07 5.6 % (2.87) (154.4 %)
Q2 2021 162.92 70.1 % 62.13 60.5 % 13.91 348.7 %
Q3 2021 141.29 6.7 % 45.37 2.7 % (1.72) 78.3 %
Q4 2021 542.04 138.7 % 190.92 240.2 % 101.00 246.7 %
Q1 2022 282.14 54.5 % 67.36 37.3 % 3.04 205.8 %
Q2 2022 587.80 260.8 % 133.53 114.9 % 87.13 526.4 %
Q3 2022 384.88 172.4 % 85.72 88.9 % 53.59 3219.3 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2013 42.15 10.4 % 0.15 - 42.15 0.15
Q2 2013 19.27 (48.2 %) 0.07 (17.67) 36.94 0.13
Q3 2013 36.21 (23.3 %) 0.13 (5.89) 42.11 0.15
Q4 2013 58.39 2.9 % 0.21 - 58.39 0.21
Q1 2014 37.47 (11.1 %) 0.14 - 37.47 0.14
Q2 2014 48.03 149.3 % 0.17 - 48.03 0.17
Q3 2014 61.27 69.2 % 0.22 - 61.27 0.22
Q4 2014 132.20 126.4 % 0.48 - 132.20 0.48
Q1 2015 43.12 15.1 % 0.16 - 43.12 0.16
Q2 2015 36.72 (23.5 %) 0.13 - 36.72 0.13
Q3 2015 38.37 (37.4 %) 0.14 - 38.37 0.14
Q4 2015 29.42 (77.7 %) 0.11 - 29.42 0.11
Q1 2016 25.59 (40.7 %) 0.09 - 25.59 0.09
Q2 2016 42.75 16.4 % 0.15 (3.15) 45.90 0.17
Q3 2016 36.19 (5.7 %) 0.13 - 36.19 0.13
Q4 2016 (21.76) (174.0 %) (0.08) 9.40 (31.16) (0.11)
Q1 2017 47.76 86.6 % 0.17 - 47.76 0.17
Q2 2017 20.71 (51.6 %) 0.07 - 20.71 0.07
Q3 2017 21.36 (41.0 %) 0.08 - 21.36 0.08
Q4 2017 39.91 283.4 % 0.14 (15.50) 55.41 0.20
Q1 2018 44.64 (6.5 %) 0.16 9.53 35.10 0.13
Q2 2018 30.27 46.1 % 0.11 3.04 27.23 0.10
Q3 2018 12.67 (40.7 %) 0.05 - 12.67 0.05
Q4 2018 (270.64) (778.2 %) (0.98) (215.93) (54.71) (0.20)
Q1 2019 18.49 (58.6 %) 0.07 - 18.49 0.07
Q2 2019 21.51 (28.9 %) 0.08 - 21.51 0.08
Q3 2019 8.98 (29.2 %) 0.03 - 8.98 0.03
Q4 2019 (235.33) 13.0 % (0.85) (97.51) (137.82) (0.50)
Q1 2020 (2.91) (115.7 %) (0.01) (1.08) (1.83) (0.01)
Q2 2020 (4.65) (121.6 %) (0.02) (3.21) (1.45) (0.01)
Q3 2020 (8.01) (189.3 %) (0.03) (6.06) (1.95) (0.01)
Q4 2020 (125.17) 46.8 % (0.45) (82.77) (42.40) (0.15)
Q1 2021 (4.55) (56.6 %) (0.02) 3.62 (8.17) (0.03)
Q2 2021 (9.17) (97.1 %) (0.03) - (9.17) (0.03)
Q3 2021 (23.93) (198.7 %) (0.09) - (23.93) (0.09)
Q4 2021 92.56 173.9 % 0.33 50.00 42.56 0.15
Q1 2022 (29.45) (547.3 %) (0.11) - (29.45) (0.11)
Q2 2022 45.31 594.1 % 0.12 - 45.31 0.12
Q3 2022 12.09 150.5 % 0.03 - 12.09 0.03

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2016 69.97 % 70.35 % 45.76 %
Q2 2016 69.98 % 68.25 % 47.95 %
Q3 2016 68.02 % 62.69 % 46.12 %
Q4 2016 68.79 % 63.62 % 24.33 %
Q1 2017 68.13 % 62.73 % 30.80 %
Q2 2017 68.10 % 61.80 % 22.65 %
Q3 2017 68.65 % 61.40 % 17.95 %
Q4 2017 66.64 % 61.44 % 46.11 %
Q1 2018 66.83 % 60.05 % 41.86 %
Q2 2018 67.59 % 55.60 % 43.31 %
Q3 2018 64.71 % 48.48 % 42.06 %
Q4 2018 62.45 % 34.38 % 6.84 %
Q1 2019 61.12 % 24.15 % 1.28 %
Q2 2019 56.16 % 18.64 % (0.73 %)
Q3 2019 55.14 % 21.71 % (1.94 %)
Q4 2019 50.78 % (4.90 %) (26.28 %)
Q1 2020 47.49 % (2.50 %) (30.01 %)
Q2 2020 44.78 % (2.88 %) (34.07 %)
Q3 2020 40.30 % (5.89 %) (33.08 %)
Q4 2020 33.51 % 0.26 % (8.61 %)
Q1 2021 29.48 % (1.10 %) (8.46 %)
Q2 2021 29.99 % 1.64 % (8.75 %)
Q3 2021 29.79 % 2.42 % (11.72 %)
Q4 2021 33.78 % 17.95 % 0.13 %
Q1 2022 32.42 % 16.94 % (1.77 %)
Q2 2022 28.15 % 17.03 % 2.22 %
Q3 2022 26.58 % 17.90 % 3.92 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2016 276.53 0.47 0.47 12.54
Q2 2016 276.53 0.49 0.50 12.58
Q3 2016 276.53 0.48 0.50 12.10
Q4 2016 276.53 0.30 0.28 12.68
Q1 2017 276.53 0.38 0.36 12.78
Q2 2017 276.53 0.30 0.27 12.55
Q3 2017 276.53 0.25 0.21 12.34
Q4 2017 276.53 0.47 0.53 12.54
Q1 2018 276.53 0.46 0.48 12.65
Q2 2018 276.53 0.49 0.50 12.50
Q3 2018 276.53 0.46 0.47 12.52
Q4 2018 276.53 (0.66) 0.07 11.43
Q1 2019 276.53 (0.76) 0.01 11.51
Q2 2019 276.53 (0.79) (0.01) 11.54
Q3 2019 276.53 (0.80) (0.02) 11.53
Q4 2019 276.53 (0.67) (0.32) 10.74
Q1 2020 276.53 (0.75) (0.39) 10.61
Q2 2020 276.53 (0.85) (0.48) 10.69
Q3 2020 276.53 (0.91) (0.52) 10.83
Q4 2020 276.53 (0.51) (0.17) 10.35
Q1 2021 276.53 (0.51) (0.20) 10.31
Q2 2021 276.53 (0.53) (0.22) 10.43
Q3 2021 276.53 (0.59) (0.30) 10.23
Q4 2021 276.53 0.20 0.00 10.71
Q1 2022 276.53 0.11 (0.07) 10.60
Q2 2022 375.00 0.23 0.09 12.05
Q3 2022 375.00 0.32 0.19 12.05

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2016 23.14 23.14 0.87
Q2 2016 25.82 25.24 1.01
Q3 2016 21.58 21.08 0.86
Q4 2016 52.38 56.66 1.24
Q1 2017 32.25 34.30 0.96
Q2 2017 41.10 46.36 0.98
Q3 2017 48.86 56.69 0.97
Q4 2017 28.10 25.10 1.05
Q1 2018 27.94 26.68 1.01
Q2 2018 38.08 37.27 1.50
Q3 2018 36.00 35.19 1.33
Q4 2018 NEG More than 100 1.26
Q1 2019 NEG More than 100 1.33
Q2 2019 NEG NEG 1.24
Q3 2019 NEG NEG 1.24
Q4 2019 NEG NEG 1.50
Q1 2020 NEG NEG 1.35
Q2 2020 NEG NEG 1.39
Q3 2020 NEG NEG 1.66
Q4 2020 NEG NEG 1.72
Q1 2021 NEG NEG 2.11
Q2 2021 NEG NEG 3.01
Q3 2021 NEG NEG 2.70
Q4 2021 More than 100 More than 100 2.23
Q1 2022 More than 100 NEG 2.35
Q2 2022 59.39 More than 100 1.11
Q3 2022 38.84 66.38 1.04

Business Segments (Million)

Compared With The
Period services segment Residential sector The commercial sector Rents Other real estate revenues Maintenance revenues Sale of Land Amana Project
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 - -
Q4 2016 - 113.91 (24.39) - - - - -
Q1 2017 - 45.84 32.76 - - - - -
Q2 2017 - 21.60 57.05 - - - - -
Q3 2017 - 33.98 46.15 - - - - -
Q4 2017 - 35.82 41.81 - - - - -
Q1 2018 - 44.71 35.58 - - - - -
Q2 2018 - 28.12 55.00 - - - - -
Q3 2018 - 30.99 37.69 - - - - -
Q4 2018 - 28.19 36.29 - - - - -
Q1 2019 - 32.44 39.96 - - - - -
Q2 2019 - 28.83 42.97 - - - - -
Q3 2019 - 31.71 56.08 - - - - -
Q4 2019 36.04 31.58 38.41 - - - - -
Q1 2020 25.79 33.30 39.04 - - - - -
Q2 2020 34.03 31.02 30.75 - - - - -
Q3 2020 65.08 31.51 35.89 - - - - -
Q4 2020 117.84 34.99 69.82 - - - - -
Q1 2021 5.31 32.22 145.07 - - - - -
Q2 2021 5.70 35.59 121.63 - - - - -
Q4 2021 136.24 235.69 170.12 - - - - -
Q1 2022 108.10 145.25 28.79 - - - - -
Q2 2022 197.10 304.01 86.70 - - - - -
Q3 2022 170.35 182.97 31.56 - - - - -

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