Alhokair Group widens 9M 2021 net losses to SAR 123.9 mln

Alhokair Group widens 9M 2021 net losses to SAR 123.9 mln

07/11/2021 Argaam Exclusive

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Abdulmohsen Alhokair Group for Tourism and Development deepened its net loss after Zakat and tax to SAR 123.9 million in the first nine months of 2021, from SAR 105.2 million in the prior-year period.



Financials (M)

Item 9m 2020 9m 2021 Change‬
Revenues 463.86 514.65 10.9 %
Gross Income 38.21 70.47 84.4 %
Operating Income (108.99) (76.35) 29.9 %
Net Income (105.15) (123.87) (17.8 %)
Average Shares 226.54 315.00 39.1 %
EPS (Riyals) (0.46) (0.39) 15.3 %

The increased loss was attributed to a decline in operational losses, in addition to the net impact of non-recurring operations. In the nine-month period ended Sept. 30, 2020, the company recognized SAR 77 million gain, according to the requirements of IFRS 16, on revising a lease agreement of some hotel properties to be a percentage of revenues instead of fixed rent amount.

 

Some sites were closed and the company disposed those assets. Moreover, according to IFRS 16, a profit of SAR 42 million was recorded during the current period, on exiting certain sites due to their low financial feasibility.

 

The company also reversed book provisions that were higher than the group’s expected obligations at a total value of SAR 1.7 million during the current period



Current Quarter Comparison (M)

Compared With The
Item Q3 2020 Q3 2021 Change‬
Revenues 113.23 191.01 68.7 %
Gross Income (41.57) 40.59 197.7 %
Operating Income (90.29) (14.49) 84.0 %
Net Income (109.32) 6.18 105.7 %
Average Shares 226.54 315.00 39.1 %
EPS (Riyals) (0.48) 0.02 104.1 %

In Q3 2021, the company turned to a net profit after Zakat and tax of SAR 6.2 million, compared to a net loss of SAR 109.3 million a year earlier, thanks to a 68.7% rise in revenue to SAR 191 million.

 

In Q2 2021, Alhokair Group incurred a net loss of SAR 69.9 million.

 

Shareholders’ equity, after minority interest, increased by 27.5% to SAR 426.65 million as of Sept. 30, 2021, from SAR 334.6 million a year earlier.

 

Accumulated losses reached SAR 224.6 million as of Sept. 30, 2021, representing 34.6% of total capital.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2012 184.33 - 75.34 - 49.82 - 0.22
Q2 2012 199.62 - 82.19 - 53.21 - 0.23
Q3 2012 193.78 - 73.93 - 47.01 - 0.21
Q4 2012 192.62 - 64.59 - 29.92 - 0.13
Q1 2013 218.12 18.3 % 83.27 10.5 % 47.79 (4.1 %) 0.21
Q2 2013 231.99 16.2 % 89.12 8.4 % 54.24 1.9 % 0.24
Q3 2013 217.19 12.1 % 69.53 (6.0 %) 32.55 (30.8 %) 0.14
Q4 2013 212.90 10.5 % 84.28 30.5 % 60.91 103.6 % 0.27
Q1 2014 232.60 6.6 % 90.43 8.6 % 52.06 8.9 % 0.23
Q2 2014 241.06 3.9 % 88.93 (0.2 %) 51.61 (4.8 %) 0.23
Q3 2014 245.49 13.0 % 90.59 30.3 % 42.58 30.8 % 0.19
Q4 2014 232.47 9.2 % 86.37 2.5 % 50.24 (17.5 %) 0.22
Q1 2015 278.05 19.5 % 113.50 25.5 % 57.60 10.6 % 0.25
Q2 2015 275.62 14.3 % 97.93 10.1 % 43.08 (16.5 %) 0.19
Q3 2015 316.63 29.0 % 118.98 31.3 % 57.20 34.3 % 0.25
Q4 2015 275.59 18.5 % 91.39 5.8 % 31.90 (36.5 %) 0.14
Q1 2016 297.81 7.1 % 106.25 (6.4 %) 49.16 (14.7 %) 0.22
Q2 2016 279.87 1.5 % 82.22 (16.0 %) 16.50 (61.7 %) 0.07
Q3 2016 336.89 6.4 % 123.75 4.0 % 55.80 (2.5 %) 0.25
Q4 2016 258.96 (6.0 %) 61.95 (32.2 %) 4.85 (84.8 %) 0.02
Q1 2017 258.31 (13.3 %) 64.45 (39.3 %) 7.99 (83.7 %) 0.04
Q2 2017 289.40 3.4 % 77.59 (5.6 %) 14.83 (10.1 %) 0.07
Q3 2017 316.08 (6.2 %) 79.58 (35.7 %) 9.00 (83.9 %) 0.04
Q4 2017 260.30 0.5 % 46.90 (24.3 %) (23.14) (577.2 %) (0.10)
Q1 2018 271.00 4.9 % 56.98 (11.6 %) (7.52) (194.1 %) (0.03)
Q2 2018 307.62 6.3 % 70.13 (9.6 %) 3.10 (79.1 %) 0.01
Q3 2018 315.52 (0.2 %) 75.35 (5.3 %) 1.93 (78.6 %) 0.01
Q4 2018 256.82 (1.3 %) 25.07 (46.5 %) (73.56) (217.9 %) (0.32)
Q1 2019 260.73 (3.8 %) 59.70 4.8 % (32.06) (326.3 %) (0.14)
Q2 2019 298.93 (2.8 %) 84.31 20.2 % 0.63 (79.9 %) 0.00
Q3 2019 301.85 (4.3 %) 82.85 10.0 % (15.52) (904.9 %) (0.07)
Q4 2019 248.51 (3.2 %) 45.22 80.3 % (96.03) (30.6 %) (0.42)
Q1 2020 231.05 (11.4 %) 81.29 36.2 % 2.11 106.6 % 0.01
Q2 2020 119.58 (60.0 %) (1.52) (101.8 %) 2.07 231.0 % 0.01
Q3 2020 113.23 (62.5 %) (41.57) (150.2 %) (109.32) (604.5 %) (0.48)
Q4 2020 149.24 (39.9 %) 7.76 (82.8 %) (95.01) 1.1 % (0.42)
Q1 2021 140.99 (39.0 %) 2.04 (97.5 %) (60.10) (2953.9 %) (0.27)
Q2 2021 182.65 52.7 % 27.84 1937.5 % (69.95) (3480.9 %) (0.31)
Q3 2021 191.01 68.7 % 40.59 197.7 % 6.18 105.7 % 0.02

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 38.43 % 32.12 % 23.36 %
Q1 2013 37.80 % 30.93 % 22.13 %
Q2 2013 37.17 % 30.50 % 21.39 %
Q3 2013 35.64 % 28.73 % 19.13 %
Q4 2013 37.06 % 30.45 % 21.67 %
Q1 2014 37.26 % 30.38 % 21.80 %
Q2 2014 36.86 % 29.92 % 21.29 %
Q3 2014 38.00 % 30.38 % 21.72 %
Q4 2014 37.44 % 30.06 % 20.65 %
Q1 2015 38.05 % 29.92 % 20.26 %
Q2 2015 37.65 % 28.14 % 18.76 %
Q3 2015 37.79 % 28.23 % 18.87 %
Q4 2015 36.81 % 25.81 % 16.56 %
Q1 2016 35.56 % 25.04 % 15.56 %
Q2 2016 34.09 % 23.40 % 13.23 %
Q3 2016 33.91 % 23.53 % 12.89 %
Q4 2016 31.88 % 22.41 % 10.76 %
Q1 2017 29.31 % 20.02 % 7.51 %
Q2 2017 28.66 % 19.98 % 7.30 %
Q3 2017 25.26 % 16.11 % 3.27 %
Q4 2017 23.89 % 14.34 % 0.77 %
Q1 2018 22.96 % 13.34 % (0.60 %)
Q2 2018 21.96 % 12.32 % (1.61 %)
Q3 2018 21.60 % 12.11 % (2.22 %)
Q4 2018 19.77 % 10.15 % (4.48 %)
Q1 2019 20.19 % 14.96 % (6.67 %)
Q2 2019 21.59 % 21.47 % (6.94 %)
Q3 2019 22.53 % 27.37 % (8.59 %)
Q4 2019 24.51 % 33.60 % (8.52 %)
Q1 2020 27.18 % 36.75 % (5.59 %)
Q2 2020 23.07 % 34.17 % (15.08 %)
Q3 2020 11.71 % 25.03 % (30.22 %)
Q4 2020 7.50 % 21.75 % (40.57 %)
Q1 2021 (6.36 %) 9.45 % (59.45 %)
Q2 2021 (0.67 %) 12.65 % (46.99 %)
Q3 2021 11.78 % 21.13 % (32.01 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2012 226.54 - - 3.83
Q2 2012 226.54 - - 2.54
Q3 2012 226.54 - - 2.74
Q4 2012 226.54 0.79 0.79 2.48
Q1 2013 226.54 0.79 0.79 2.70
Q2 2013 226.54 0.79 0.79 2.94
Q3 2013 226.54 0.73 0.73 3.08
Q4 2013 226.54 0.86 0.84 3.35
Q1 2014 226.54 0.88 0.86 3.27
Q2 2014 226.54 0.87 0.85 3.20
Q3 2014 226.54 0.91 0.89 3.08
Q4 2014 226.54 0.87 0.87 3.13
Q1 2015 226.54 0.89 0.89 3.39
Q2 2015 226.54 0.85 0.85 3.27
Q3 2015 226.54 0.92 0.92 3.53
Q4 2015 226.54 0.84 0.84 3.36
Q1 2016 226.54 0.80 0.80 2.95
Q2 2016 226.54 0.68 0.68 3.02
Q3 2016 226.54 0.68 0.68 3.11
Q4 2016 226.54 0.56 0.56 3.08
Q1 2017 226.54 0.38 0.38 3.07
Q2 2017 226.54 0.37 0.37 3.13
Q3 2017 226.54 0.16 0.16 3.17
Q4 2017 226.54 0.04 0.04 2.96
Q1 2018 226.54 (0.03) (0.03) 2.88
Q2 2018 226.54 (0.08) (0.08) 2.89
Q3 2018 226.54 (0.11) (0.11) 2.90
Q4 2018 226.54 (0.34) (0.23) 2.57
Q1 2019 226.54 (0.44) (0.34) 2.43
Q2 2019 226.54 (0.45) (0.35) 2.43
Q3 2019 226.54 (0.53) (0.42) 2.36
Q4 2019 226.54 (0.63) (0.42) 1.94
Q1 2020 226.54 (0.48) (0.27) 1.95
Q2 2020 226.54 (0.47) (0.60) 1.96
Q3 2020 226.54 (0.89) (0.95) 1.48
Q4 2020 226.54 (0.88) (1.10) 1.09
Q1 2021 226.54 (1.16) (1.37) 0.83
Q2 2021 226.54 (1.48) (1.22) 0.51
Q3 2021 315.00 (0.69) (0.67) 1.35

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 23.07 23.63 6.27
Q3 2014 28.78 29.46 8.54
Q4 2014 20.68 20.68 5.73
Q1 2015 24.39 24.39 6.42
Q2 2015 29.97 29.97 7.82
Q3 2015 22.79 22.79 5.94
Q4 2015 23.77 23.77 5.92
Q1 2016 16.51 16.51 4.47
Q2 2016 17.99 17.99 4.07
Q3 2016 10.59 10.59 2.30
Q4 2016 20.76 20.76 3.75
Q1 2017 25.78 25.78 3.15
Q2 2017 24.63 24.63 2.90
Q3 2017 59.10 59.10 3.02
Q4 2017 More than 100 More than 100 2.52
Q1 2018 NEG NEG 2.21
Q2 2018 NEG NEG 2.40
Q3 2018 NEG NEG 2.03
Q4 2018 NEG NEG 2.03
Q1 2019 NEG NEG 2.13
Q2 2019 NEG NEG 1.75
Q3 2019 NEG NEG 1.90
Q4 2019 NEG NEG 2.46
Q1 2020 NEG NEG 1.54
Q2 2020 NEG NEG 2.15
Q3 2020 NEG NEG 3.45
Q4 2020 NEG NEG 5.85
Q1 2021 NEG NEG 8.43
Q2 2021 NEG NEG 13.81
Q3 2021 NEG NEG 3.52

Business Segments (Million)

Compared With The
Period Hotels sector Recreational centers sector Other sectors Disposals
Q1 2012 115.48 65.86 3.69 (0.69)
Q2 2012 130.73 65.52 4.20 (0.83)
Q3 2012 110.73 78.08 5.71 (0.74)
Q4 2012 126.00 62.92 3.46 0.24
Q1 2013 137.98 76.11 4.77 (0.74)
Q2 2013 151.69 76.30 4.76 (0.75)
Q3 2013 127.96 84.80 5.05 (0.76)
Q4 2013 135.45 73.43 4.97 (0.94)
Q1 2014 147.82 80.21 5.37 (0.80)
Q2 2014 158.09 78.81 4.94 (0.79)
Q3 2014 142.08 98.68 5.57 (0.84)
Q4 2014 144.34 83.69 5.28 (0.83)
Q1 2015 169.23 104.03 5.50 (0.70)
Q2 2015 177.58 93.11 5.58 (0.64)
Q3 2015 178.24 133.24 5.82 (0.67)
Q4 2015 177.93 89.39 9.14 (0.86)
Q1 2016 179.29 108.87 9.65 -
Q2 2016 174.97 96.54 8.35 -
Q3 2016 170.76 157.25 8.88 -
Q4 2016 153.81 96.23 8.92 -
Q1 2017 145.66 103.18 9.48 -
Q2 2017 165.94 114.04 9.42 -
Q3 2017 160.63 144.94 10.51 -
Q4 2017 141.06 106.92 12.32 -
Q1 2018 149.34 108.02 13.64 -
Q2 2018 183.71 109.66 14.26 -
Q3 2018 172.72 127.08 15.72 -
Q4 2018 144.26 99.06 13.50 -
Q1 2019 142.46 100.10 18.18 -
Q2 2019 158.30 123.81 16.82 -
Q3 2019 160.17 124.82 16.87 -
Q4 2019 135.49 100.41 12.61 -
Q1 2020 134.54 83.01 13.50 -
Q2 2020 115.34 2.99 1.24 -
Q3 2020 64.04 39.19 10.01 -
Q4 2020 81.40 57.91 9.93 -
Q1 2021 81.98 50.31 8.71 -
Q2 2021 92.43 80.62 9.60 -
Q3 2021 99.51 82.15 9.36 -

Current
Market Cap (M Riyal) 800.10
Enterprise Value (EV) (M) 1,276.53
Shares Outstanding ((M)) 315.00
EPS ( Riyal) (TTM) (0.16)
Book Value (BV) ( Riyal) 0.66
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 3.86
Return on Average Assets (%) (TTM) (2.42 )
Return on Average Equity (%) (TTM) (22.04 )

Abdulmohsen Alhokair Group for Tourism and Development (ALHOKAIR GROUP)


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