Alhokair Group cuts H1 2022 loss to SAR 66.3 mln, Q2 at SAR 35 mln

Alhokair Group cuts H1 2022 loss to SAR 66.3 mln, Q2 at SAR 35 mln

25/08/2022 Argaam Exclusive

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Abdulmohsen Alhokair Group for Tourism and Development narrowed its net loss after Zakat and tax by 49% to SAR 66.3 million in H1 2022, from SAR 130.1 million a year earlier.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 323.64 344.44 6.4 %
Gross Income 29.88 50.94 70.5 %
Operating Income (61.86) (39.51) 36.1 %
Net Income (130.05) (67.65) 48.0 %
Average Shares 226.54 315.00 39.1 %
EPS (Riyals) (0.57) (0.21) 62.6 %

The group cited a 6.4% year-on-year (YoY) rise in revenue to SAR 344.44 million in H1 2022. Revenue from hotel and entertainment segments jumped 4.6% and 9.2% YoY, respectively, to SAR 182.52 million and SAR 143.02 million. The group’s operating losses dropped 35% YoY to SAR 40.22 million.

 

In Q2 2022, net loss after Zakat and tax halved to SAR 35 million, from SAR 69.95 million in the second quarter of 2021. Alhokair Group cited the net financial impact of non-recurring operations, despite higher revenue.

 

It recorded a SAR 12 million provision for impairment in the value of property and equipment in Q2 2021, based on the impairment test conducted by the group in accordance with the international financial reporting standards (IFRS).

 

Alhokair Group closed some unprofitable projects and entertainment centers and excluded their assets, with a loss equal to the net book value of SAR 19 million during the same quarter of 2021.

 

The group’s total comprehensive loss decreased by 50.1% on a sequential basis to SAR 35.27 million, compared to SAR 70.72 million, due to the decrease in the net loss.

 

Compared to the previous quarter, net loss widened by 11.5% from SAR 31.3 million.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 182.65 172.07 (5.8 %)
Gross Income 27.84 23.47 (15.7 %)
Operating Income (19.92) (21.93) (10.1 %)
Net Income (69.95) (35.66) 49.0 %
Average Shares 226.54 315.00 39.1 %
EPS (Riyals) (0.31) (0.11) 63.3 %

Shareholders’ equity, after minority interest, stood at SAR 310.4 million by the end of H1 2022, up from SAR 116.6 million a year earlier.

 

Accumulated losses reached SAR 338.63 million as of June 30, 2022, representing 52.1% of the company’s capital.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
Q4 2021 193.76 29.8 % 33.30 329.4 % (49.84) 47.5 % (0.16)
Q1 2022 172.38 22.3 % 27.48 1247.5 % (31.99) 46.8 % (0.10)
Q2 2022 172.07 (5.8 %) 23.47 (15.7 %) (35.66) 49.0 % (0.11)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q4 2021 14.65 % 9.74 % (22.00 %)
Q1 2022 17.47 % 10.89 % (17.27 %)
Q2 2022 17.12 % 9.33 % (17.02 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2021 315.00 (0.55) (0.49) 1.18
Q1 2022 315.00 (0.46) (0.41) 1.08
Q2 2022 315.00 (0.35) (0.39) 0.96

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2021 NEG NEG 3.02
Q1 2022 NEG NEG 3.12
Q2 2022 NEG NEG 2.54

Business Segments (Million)

Compared With The
Period Hotels sector Recreational centers sector Other sectors Disposals
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 -
Q4 2021 107.97 74.40 11.40 -
Q1 2022 97.20 65.90 9.29 -
Q2 2022 85.32 77.13 9.62 -

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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