Alhokair Group turns to SAR 4.2M profit in Q1 2024

Alhokair Group turns to SAR 4.2M profit in Q1 2024

16/05/2024 Argaam Exclusive

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Abdulmohsen Alhokair Group for Tourism and Development (Alhokair Group) reported a net profit of SAR 4.2 million in Q1 2024, against a net loss of SAR 34.3 million in the prior-year period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 163.84 158.11 (3.5 %)
Gross Income 25.22 44.59 76.8 %
Operating Income (17.38) 5.72 132.9 %
Net Income (34.34) 4.22 112.3 %
Average Shares 315.00 315.00 -
EPS (Riyals) (0.11) 0.01 112.3 %

The positive results were buoyed by higher revenue from the entertainment segment during the period preceding the holy month of Ramadan. This, in turn, contributed to reducing the negative impact of seasonality, which arises from the coincidence of 20 days for Ramadan during the current quarter compared to 10 days only in Q1 2023.

 

Occupancy rates and the average room rate (ARR) for the group’s hotels also increased in the three-month period, driving the hotel segment’s revenue to SAR 91.6 million.

 

Gross profit climbed 77% year-on-year (YoY) to SAR 44.6 million in Q1 2024. Gross profit margin also expanded on lower operating costs due to Alhokair Group’s continuous efforts to improve operating efficiency, reduce operating expenses (OpEx), and re-estimate the useful life of some categories of fixed assets.

 

Alhokair Group recorded operating profits of SAR 5.9 million in Q1 2024, against operating losses of SAR 17.2 million in the year-earlier period.

 

On the other hand, revenue decreased by 3.49% YoY to SAR 158.11 million.

 

The group turned profitable in Q1 2024 from a loss of SAR 67.3 million in Q4 2023 as the hotel segment’s revenue grew 9.3% quarter-on-quarter (QoQ). It posted operating profits of SAR 5.9 million, against operating losses of SAR 33.52 million in the previous quarter.

 

Total shareholders’ equity, no minority interest, declined to SAR 207.3 million as of March 31, 2024, from SAR 255.38 billion a year earlier.

 

The group’s accumulated losses reached SAR 109.94 million, representing 34.9% of capital.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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)
Q1 2024 158.11 (3.5 %) 44.59 76.8 % 4.22 112.3 % 0.01

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q1 2024 28.12 % 28.13 % (9.04 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2024 315.00 (0.16) (0.21) 0.66

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2024 NEG NEG 4.24

Business Segments (Million)

Compared With The
Period Hotels sector Recreational centers sector Other sectors Disposals
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 -
Q1 2024 91.59 58.61 7.92 -

Current
Market Cap (M Riyal) 812.70
Enterprise Value (EV) (M) 1,289.13
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 3.92
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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