Ash-Sharqiyah trims H1 2020 net loss by 30% to SAR 1 mln

Ash-Sharqiyah trims H1 2020 net loss by 30% to SAR 1 mln

24/08/2020 Argaam Exclusive

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Ash-Sharqiyah Development Co. trimmed its net loss after Zakat and tax by 30% year-on-year (YoY) to SAR 1 million for the first six months of 2020, compared to SAR 1.5 million in the same period last year, driven by lower bank financing expenses.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Gross Income (0.35) (0.20) 41.5 %
Operating Income (1.43) (1.03) 28.2 %
Net Income (1.45) (1.01) 30.0 %
Average Shares 19.65 19.65 -
EPS (Riyals) (0.07) (0.05) 30.0 %

In 2019, the company incurred financing expenses due to the renewal of a financing agreement for an additional year as well as a significant decrease in operating costs for Q2.



Current Quarter Comparison (M)

Compared With The
Item Q2 2019 Q2 2020 Change‬
Gross Income (0.21) (0.10) 50.5 %
Operating Income (0.72) (0.53) 26.3 %
Net Income (0.72) (0.50) 29.9 %
Average Shares 19.65 19.65 -
EPS (Riyals) (0.04) (0.03) 29.9 %

The company narrowed net loss after Zakat and tax for Q2 2020 by 29.9% YoY to SAR 504,000, due to lower bank financing expenses, as the firm incurred costs due to the renewal of a financing agreement for an additional year as well as lower operating costs.

 

On a sequential basis, net losses narrowed marginally due to noticeable decrease in financing expenses.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2011 9.05 5.1 % 0.67 139.2 % (0.62) 79.7 %
Q2 2011 9.98 3.3 % 0.15 (82.8 %) (1.10) (235.9 %)
Q3 2011 4.44 (41.6 %) (1.38) (191.1 %) (2.51) (1132.5 %)
Q4 2011 5.72 (40.2 %) (2.13) (223.9 %) (4.61) (117.7 %)
Q1 2012 7.79 (13.9 %) (2.51) (474.0 %) (3.45) (458.9 %)
Q2 2012 7.32 (26.7 %) (0.86) (680.4 %) (2.41) (120.4 %)
Q3 2012 4.72 6.3 % (0.92) 33.5 % (1.94) 22.7 %
Q4 2012 0.72 (87.3 %) 0.69 132.1 % (1.05) 77.3 %
Q1 2013 5.22 (33.0 %) (1.79) 28.5 % (2.57) 25.7 %
Q2 2013 4.81 (34.3 %) (0.02) 97.6 % (1.29) 46.7 %
Q3 2013 3.85 (18.4 %) (0.05) 94.4 % (1.52) 21.8 %
Q4 2013 3.76 419.1 % (0.82) (219.0 %) (2.42) (130.9 %)
Q1 2014 4.25 (18.5 %) (0.26) 85.7 % (1.54) 40.1 %
Q2 2014 4.36 (9.3 %) (0.38) (1,709.5 %) (1.43) (10.9 %)
Q3 2014 4.00 3.9 % 0.36 798.0 % (0.93) 38.7 %
Q4 2014 6.80 81.0 % 1.11 236.7 % (0.41) 82.9 %
Q1 2015 5.38 26.4 % 1.62 732.4 % 0.06 103.8 %
Q2 2015 6.06 38.9 % 2.70 809.5 % 0.51 135.6 %
Q3 2015 6.15 53.6 % 2.43 582.3 % 0.56 160.2 %
Q4 2015 5.70 (16.3 %) 1.66 49.0 % 0.57 237.1 %
Q1 2016 1.06 (80.2 %) (2.86) (276.8 %) (4.21) (7242.4 %)
Q2 2016 2.69 (55.6 %) (1.56) (158.0 %) (2.59) (610.7 %)
Q3 2016 2.30 (62.6 %) (1.40) (157.5 %) (2.41) (529.8 %)
Q4 2016 0.48 (91.5 %) (5.24) (415.8 %) (6.42) (1235.4 %)
Q1 2017 0.45 (57.7 %) (2.04) 28.8 % (3.08) 26.8 %
Q2 2017 0.40 (85.0 %) (2.04) (30.5 %) (2.89) (11.8 %)
Q3 2017 0.22 (90.6 %) (0.99) 29.2 % (2.13) 11.5 %
Q4 2017 0.45 (8.1 %) (0.94) 82.0 % (2.65) 58.7 %
Q1 2018 0.20 (54.7 %) (0.25) 87.5 % (1.84) 40.4 %
Q2 2018 0.13 (66.8 %) (0.25) 87.8 % (1.81) 37.6 %
Q3 2018 - - (0.28) 72.2 % (2.22) (4.0 %)
Q4 2018 - - (0.23) 75.9 % (1.34) 49.5 %
Q1 2019 - - (0.14) 44.5 % (0.71) 61.4 %
Q2 2019 - - (0.21) 17.3 % (0.72) 60.0 %
Q3 2019 - - (0.11) 60.4 % (0.62) 72.0 %
Q4 2019 - - (0.48) (111.5 %) (2.04) (53.0 %)
Q1 2020 - - (0.13) 7.1 % (0.50) 30.1 %
Q2 2020 - - (0.10) 50.5 % (0.53) 26.3 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2011 0.27 109.0 % 0.01 - 0.27 0.01
Q2 2011 (1.07) (291.6 %) (0.05) - (1.07) (0.05)
Q3 2011 (2.46) (906.6 %) (0.13) - (2.46) (0.13)
Q4 2011 (5.95) (182.8 %) (0.30) - (5.95) (0.30)
Q1 2012 2.59 848.4 % 0.13 - 2.59 0.13
Q2 2012 (2.39) (122.7 %) (0.12) - (2.39) (0.12)
Q3 2012 (1.85) 24.6 % (0.09) - (1.85) (0.09)
Q4 2012 (1.71) 71.2 % (0.09) 5.29 (7.00) (0.36)
Q1 2013 (1.76) (168.0 %) (0.09) - (1.76) (0.09)
Q2 2013 (1.35) 43.5 % (0.07) (0.07) (1.28) (0.07)
Q3 2013 (1.52) 18.2 % (0.08) - (1.52) (0.08)
Q4 2013 (0.94) 44.9 % (0.05) (0.69) (0.26) (0.01)
Q1 2014 (1.53) 12.9 % (0.08) - (1.53) (0.08)
Q2 2014 (0.96) 29.2 % (0.05) - (0.96) (0.05)
Q3 2014 (0.20) 87.1 % (0.01) 0.19 (0.39) (0.02)
Q4 2014 0.22 122.8 % 0.01 0.53 (0.31) (0.02)
Q1 2015 0.67 144.0 % 0.03 0.56 0.11 0.01
Q2 2015 7.00 832.3 % 0.36 6.32 0.69 0.03
Q3 2015 0.56 386.7 % 0.03 - 0.56 0.03
Q4 2015 0.77 258.6 % 0.04 0.17 0.60 0.03
Q1 2016 (4.08) (704.9 %) (0.21) - (4.08) (0.21)
Q2 2016 (1.99) (128.4 %) (0.10) - (1.99) (0.10)
Q3 2016 (5.70) (1113.9 %) (0.29) (3.98) (1.72) (0.09)
Q4 2016 (5.70) (839.0 %) (0.29) - (5.70) (0.29)
Q1 2017 (3.60) 11.7 % (0.18) - (3.60) (0.18)
Q2 2017 (3.87) (94.8 %) (0.20) - (3.87) (0.20)
Q3 2017 (4.66) 18.1 % (0.24) - (4.66) (0.24)
Q4 2017 (4.67) 18.0 % (0.24) (7.40) 2.73 0.14
Q1 2018 (1.86) 48.3 % (0.09) - (1.86) (0.09)
Q2 2018 (1.66) 57.2 % (0.08) - (1.66) (0.08)
Q3 2018 (2.27) 51.4 % (0.12) - (2.27) (0.12)
Q4 2018 (0.93) 80.1 % (0.05) - (0.93) (0.05)
Q1 2019 (0.73) 60.8 % (0.04) - (0.73) (0.04)
Q2 2019 (0.72) 56.6 % (0.04) - (0.72) (0.04)
Q3 2019 (0.89) 60.7 % (0.05) - (0.89) (0.05)
Q4 2019 (65.13) (6,903.7 %) (3.31) (63.37) (1.76) (0.09)
Q1 2020 (0.51) 30.0 % (0.03) - (0.51) (0.03)
Q2 2020 (0.50) 29.9 % (0.03) - (0.50) (0.03)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2011 6.66 % 23.05 % (5.02 %)
Q2 2011 4.63 % 23.66 % (7.18 %)
Q3 2011 (3.69 %) 15.39 % (16.24 %)
Q4 2011 (9.23 %) 8.39 % (31.54 %)
Q1 2012 (21.01 %) (3.09 %) (24.67 %)
Q2 2012 (27.22 %) (12.99 %) (32.49 %)
Q3 2012 (25.11 %) (7.97 %) (29.76 %)
Q4 2012 (17.51 %) 3.30 % (42.11 %)
Q1 2013 (16.04 %) 8.30 % (72.32 %)
Q2 2013 (13.22 %) 10.41 % (76.86 %)
Q3 2013 (8.07 %) 19.66 % (79.13 %)
Q4 2013 (15.19 %) 8.06 % (27.29 %)
Q1 2014 (6.86 %) 13.52 % (27.51 %)
Q2 2014 (9.26 %) 16.90 % (26.28 %)
Q3 2014 (6.69 %) 6.58 % (19.15 %)
Q4 2014 4.29 % 19.21 % (16.44 %)
Q1 2015 13.19 % 24.91 % (7.55 %)
Q2 2015 26.01 % 31.22 % 0.41 %
Q3 2015 32.23 % 39.77 % 4.28 %
Q4 2015 36.11 % 43.07 % 8.40 %
Q1 2016 20.69 % 28.17 % (11.77 %)
Q2 2016 (2.16 %) 7.03 % (31.44 %)
Q3 2016 (35.43 %) (10.38 %) (61.16 %)
Q4 2016 (169.28 %) (186.32 %) (206.23 %)
Q1 2017 (172.90 %) (192.99 %) (219.53 %)
Q2 2017 (294.61 %) (325.48 %) (409.15 %)
Q3 2017 (663.45 %) (870.98 %) (1147.23 %)
Q4 2017 (396.63 %) (490.63 %) (620.46 %)
Q1 2018 (333.02 %) (537.67 %) (603.70 %)
Q2 2018 (243.64 %) (599.10 %) (545.65 %)
Q3 2018 (219.67 %) (855.43 %) (390.04 %)
Q4 2018 (297.34 %) (1700.30 %) (1986.39 %)
Q1 2019 (665.67 %) (3543.28 %) (4166.42 %)
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2011 19.65 (0.09) (0.09) 4.06
Q2 2011 19.65 (0.13) (0.13) 4.01
Q3 2011 19.65 (0.27) (0.27) 3.88
Q4 2011 19.65 (0.47) (0.47) 3.58
Q1 2012 19.65 (0.35) (0.35) 3.71
Q2 2012 19.65 (0.42) (0.42) 3.59
Q3 2012 19.65 (0.39) (0.39) 3.50
Q4 2012 19.65 (0.17) (0.44) 3.41
Q1 2013 19.65 (0.39) (0.66) 3.32
Q2 2013 19.65 (0.34) (0.61) 3.25
Q3 2013 19.65 (0.32) (0.59) 3.17
Q4 2013 19.65 (0.28) (0.24) 3.12
Q1 2014 19.65 (0.27) (0.23) 3.05
Q2 2014 19.65 (0.25) (0.22) 3.00
Q3 2014 19.65 (0.18) (0.16) 2.99
Q4 2014 19.65 (0.13) (0.16) 3.00
Q1 2015 19.65 (0.01) (0.08) 3.03
Q2 2015 19.65 0.39 0.00 3.39
Q3 2015 19.65 0.43 0.05 3.42
Q4 2015 19.65 0.46 0.10 3.45
Q1 2016 19.65 0.22 (0.11) 3.28
Q2 2016 19.65 (0.24) (0.25) 1.53
Q3 2016 19.65 (0.56) (0.37) 1.45
Q4 2016 19.65 (0.89) (0.69) 11.99
Q1 2017 19.65 (0.86) (0.66) 11.83
Q2 2017 19.65 (0.96) (0.76) 11.63
Q3 2017 19.65 (0.91) (0.91) 11.39
Q4 2017 19.65 (0.85) (0.48) 11.17
Q1 2018 19.65 (0.77) (0.39) 11.07
Q2 2018 19.65 (0.65) (0.28) 10.99
Q3 2018 19.65 (0.53) (0.16) 10.87
Q4 2018 19.65 (0.34) (0.34) 10.83
Q1 2019 19.65 (0.28) (0.28) 10.79
Q2 2019 19.65 (0.24) (0.24) 10.75
Q3 2019 19.65 (0.17) (0.17) 10.71
Q4 2019 19.65 (3.43) (0.21) 7.39
Q1 2020 19.65 (3.42) (0.20) 7.37
Q2 2020 19.65 (3.41) (0.19) 7.34

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2011 NEG NEG 5.62
Q2 2011 NEG NEG 5.29
Q3 2011 NEG NEG 6.40
Q4 2011 NEG NEG 13.31
Q1 2012 NEG NEG 8.91
Q2 2012 NEG NEG 7.01
Q3 2012 NEG NEG 8.55
Q4 2012 NEG NEG 9.92
Q1 2013 NEG NEG 9.84
Q2 2013 NEG NEG 10.58
Q3 2013 NEG NEG 11.99
Q4 2013 NEG NEG 10.31
Q1 2014 NEG NEG 12.20
Q2 2014 NEG NEG 15.45
Q3 2014 NEG NEG 21.44
Q4 2014 NEG NEG 14.15
Q1 2015 NEG NEG 13.54
Q2 2015 More than 100 More than 100 13.72
Q3 2015 75.71 More than 100 9.53
Q4 2015 70.10 More than 100 9.30
Q1 2016 More than 100 NEG 7.24
Q2 2016 NEG NEG 14.48
Q3 2016 NEG NEG 10.86
Q4 2016 NEG NEG 2.15
Q1 2017 NEG NEG 1.84
Q2 2017 NEG NEG 1.86
Q3 2017 NEG NEG 2.57
Q4 2017 NEG NEG 2.40
Q1 2018 NEG NEG 2.34
Q2 2018 NEG NEG 2.97
Q3 2018 NEG NEG 2.55
Q4 2018 NEG NEG 2.80
Q1 2019 NEG NEG 2.65
Q2 2019 NEG NEG 2.47
Q3 2019 NEG NEG 2.32
Q4 2019 NEG NEG 4.05
Q1 2020 NEG NEG 4.11
Q2 2020 NEG NEG 5.32


Financial Ratios
Current
Market Cap (M Riyal) 575.40
Enterprise Value (EV) (M) 397.85
Shares Outstanding ((M)) 30.00
EPS ( Riyal) (TTM) 0.35
Book Value (BV) ( Riyal) 12.49
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 1.54
Return on Average Assets (%) (TTM) 2.5
Return on Average Equity (%) (TTM) 2.9
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Share Price

Ash-Sharqiyah Development Co.
19.18
(0.12) (0.62 %)

Ash-Sharqiyah Development Co. (SHARQIYAH DEV)

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