Alhokair Group’s losses widen in 2023 to SAR 89.6M; Q4 at SAR 67.3M

Alhokair Group’s losses widen in 2023 to SAR 89.6M; Q4 at SAR 67.3M

28/03/2024 Argaam Exclusive

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Abdulmohsen Alhokair Group for Tourism and Development’s (Alhokair Group) losses widened in 2023 to SAR 89.6 million from SAR 81.5 million in 2022.



Financials (M)

Item 2022 2023 Change‬
Revenues 720.89 741.91 2.9 %
Gross Income 136.02 187.67 38.0 %
Operating Income (46.17) 0.53 101.2 %
Net Income (81.49) (89.55) (9.9 %)
Average Shares 315.00 315.00 -
EPS (Riyals) (0.26) (0.28) (9.9 %)

This was attributed to the group divestiture from the cinema sector represented in its investment in the joint venture, Luxury Entertainment Co., incurring a total loss of SAR 32.6 million.

 

The Group also increased provisions for the delay of some clients in paying commercial receivables. Accordingly, provisions jumped to SAR 20.3 million in 2023, compared to SAR 4.6 million in 2022.

 

Additionally, the cost of finance increased by SAR 15.5 million, or 64%, to SAR 39.7 million in 2023, compared to SAR 25.6 million a year earlier.

 

Q4 2023 losses reached SAR 67.3 million, compared to SAR 25.15 million in a year-earlier period.

 

On a sequential basis, the company swung to a loss from net profit of SAR 7.15 million in Q3 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 199.95 163.60 (18.2 %)
Gross Income 38.72 46.48 20.1 %
Operating Income (9.78) (21.23) (117.1 %)
Net Income (25.06) (67.30) (168.6 %)
Average Shares 315.00 315.00 -
EPS (Riyals) (0.08) (0.21) (168.6 %)

Total shareholders’ equity, no minority interest, stood at SAR 203.43 million by Dec. 31, 2023, compared to SAR 290.17 million a year ago.

 

Accumulated losses reached SAR 114.17 million by Dec. 31, 2023, accounting for 36.24% of the company’s capital.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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)
Q3 2022 176.50 (7.6 %) 46.36 14.2 % 11.22 81.5 % 0.04
Q4 2022 199.95 3.2 % 38.72 16.3 % (25.06) 49.7 % (0.08)
Q1 2023 163.84 (5.0 %) 25.22 (8.2 %) (34.34) (7.4 %) (0.11)
Q2 2023 201.08 16.9 % 56.02 138.7 % 4.94 113.9 % 0.02
Q3 2023 213.39 20.9 % 59.94 29.3 % 7.15 (36.3 %) 0.02
Q4 2023 163.60 (18.2 %) 46.48 20.1 % (67.30) (168.6 %) (0.21)
2023 741.91 2.9 % 187.67 38.0 % (89.55) (9.9 %) (0.28)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q3 2022 18.27 % 2.13 % (14.45 %)
Q4 2022 18.87 % 24.58 % (14.40 %)
Q1 2023 18.78 % 24.74 % (14.90 %)
Q2 2023 22.43 % 28.76 % (8.92 %)
Q3 2023 23.12 % 36.72 % (7.23 %)
Q4 2023 25.30 % 26.99 % (11.59 %)
2023 25.30 % 26.99 % (11.59 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2022 315.00 (0.34) (0.33) 1.00
Q4 2022 315.00 (0.26) (0.33) 0.92
Q1 2023 315.00 (0.27) (0.34) 0.81
Q2 2023 315.00 (0.14) (0.21) 0.83
Q3 2023 315.00 (0.15) (0.18) 0.86
Q4 2023 315.00 (0.28) (0.27) 0.65

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2022 NEG NEG 2.16
Q4 2022 NEG NEG 1.94
Q1 2023 NEG NEG 3.08
Q2 2023 NEG NEG 3.32
Q3 2023 NEG NEG 2.60
Q4 2023 NEG NEG 3.53

Business Segments (Million)

Compared With The
Period Hotels sector Recreational centers sector Other sectors Disposals
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 -
Q3 2022 79.73 88.05 8.72 -
Q4 2022 94.56 96.65 8.74 -
Q1 2023 96.70 59.33 7.81 -
Q2 2023 94.81 95.08 11.19 -
Q3 2023 89.62 113.69 10.07 -
Q4 2023 83.81 69.47 10.32 -

Current
Market Cap (M Riyal) 809.55
Enterprise Value (EV) (M) 1,285.98
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 3.91
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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