Ash-Sharqiyah Development turns to profit of SAR 2.8M in H1 2024; Q2 at SAR 1.6M

Ash-Sharqiyah Development turns to profit of SAR 2.8M in H1 2024; Q2 at SAR 1.6M

06/08/2024 Argaam Exclusive

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Ash-Sharqiyah Development Co. turned to a net profit of SAR 2.8 million in H1 2024, against a net loss of SAR 2 million in the year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 0.00 12.48 1248100.0 %
Gross Income 0.00 0.64 64300.0 %
Operating Income (1.96) (4.06) (107.5 %)
Net Income (2.03) 2.78 236.9 %
Average Shares 30.00 30.00 -
EPS (Riyals) (0.07) 0.09 236.9 %

The positive performance came as the company started to realize operating profits from its wholly-owned subsidiary Sado Al Arab as of the last month of Q2 2024, in addition to the increase in deposit revenues year-on-year (YoY).

 

The company swung to a profit of SAR 1.6 million in Q2 2024, versus a loss of SAR 1.2 million a year ago.

 

On a sequential basis, net profit increased 33.3% from SAR 1.19 million in Q1 2024.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 0.00 12.48 1248100.0 %
Gross Income 0.00 0.64 64300.0 %
Operating Income (1.16) (2.06) (76.8 %)
Net Income (1.22) 1.59 230.3 %
Average Shares 30.00 30.00 -
EPS (Riyals) (0.04) 0.05 230.3 %

Total shareholders’ equity, no minority interest, stood at SAR 368.63 million by the end of H1 2024, compared to SAR 358.31 million in the prior-year period.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q3 2020 - - (0.10) 5.5 % (0.74) (18.9 %)
Q4 2020 - - 0.31 163.8 % (0.83) 59.4 %
Q1 2021 - - (0.13) 1.5 % (0.52) (4.2 %)
Q2 2021 - - (0.13) (28.4 %) (2.82) (430.8 %)
Q3 2021 - - (0.13) (28.2 %) (0.75) (2.3 %)
Q4 2021 - - - - (0.69) 17.2 %
Q1 2022 - - - - (0.88) (70.2 %)
Q2 2022 - - - - (0.76) 73.1 %
Q3 2022 - - - - (0.60) 19.9 %
Q4 2022 - - - - (0.87) (26.5 %)
Q1 2023 0.00 - 0.00 - (0.79) 9.9 %
Q2 2023 0.00 - 0.00 - (1.16) (53.2 %)
Q3 2023 0.00 - 0.00 - (2.67) (341.7 %)
Q4 2023 - - - - (1.47) (69.7 %)
Q1 2024 0.00 0.0 % 0.00 0.0 % (2.00) (152.5 %)
Q2 2024 12.48 1248100.0 % 0.64 64300.0 % (2.06) (76.8 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
Q3 2020 (0.42) 52.7 % (0.02) - (0.42) (0.02)
Q4 2020 (0.77) 98.8 % (0.04) - (0.77) (0.04)
Q1 2021 (0.31) 38.4 % (0.02) - (0.31) (0.02)
Q2 2021 (2.43) (382.1 %) (0.12) - (2.43) (0.12)
Q3 2021 (0.76) (80.3 %) (0.04) - (0.76) (0.04)
Q4 2021 3.27 525.1 % 0.17 - 3.27 0.17
Q1 2022 (0.60) (91.4 %) (0.03) - (0.60) (0.03)
Q2 2022 (0.41) 83.3 % (0.02) - (0.41) (0.02)
Q3 2022 (0.74) 3.0 % (0.04) - (0.74) (0.04)
Q4 2022 (1.46) (144.6 %) (0.07) - (1.46) (0.07)
Q1 2023 (0.81) (35.3 %) (0.05) - (0.81) (0.05)
Q2 2023 (1.22) (201.2 %) (0.04) - (1.22) (0.04)
Q3 2023 0.18 123.9 % 0.01 - 0.18 0.01
Q4 2023 1.67 214.9 % 0.06 - 1.67 0.06
Q1 2024 1.19 246.7 % 0.04 - 1.19 0.04
Q2 2024 1.59 230.3 % 0.05 - 1.59 0.05

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
Q1 2022 - - -
Q2 2022 - - -
Q3 2022 - - -
Q4 2022 - - -
Q1 2023 - - -
Q2 2023 - - -
Q3 2023 - - -
Q4 2023 100.00 % (181590.00 %) (6190.00 %)
Q1 2024 100.00 % (217856.67 %) 60,676.67 %
Q2 2024 5.17 % (58.47 %) 37.09 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2020 19.65 (3.39) (0.16) 7.32
Q4 2020 19.65 (0.11) (0.11) 7.28
Q1 2021 19.65 (0.10) (0.10) 7.26
Q2 2021 19.65 (0.20) (0.20) 7.14
Q3 2021 19.65 (0.22) (0.22) 7.10
Q4 2021 19.65 (0.01) (0.01) 7.26
Q1 2022 19.66 (0.03) (0.03) 7.23
Q2 2022 19.66 0.08 0.08 7.21
Q3 2022 19.66 0.08 0.08 7.17
Q4 2022 19.66 (0.16) (0.16) 7.08
Q1 2023 16.75 (0.20) (0.20) 8.26
Q2 2023 30.00 (0.14) (0.14) 11.94
Q3 2023 30.00 (0.11) (0.11) 11.95
Q4 2023 30.00 (0.01) (0.01) 12.20
Q1 2024 30.00 0.06 0.06 12.23
Q2 2024 30.00 0.15 0.15 12.29

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2020 NEG NEG 7.22
Q4 2020 NEG NEG 7.59
Q1 2021 NEG NEG 8.75
Q2 2021 NEG NEG 8.54
Q3 2021 NEG NEG 8.82
Q4 2021 NEG NEG 7.59
Q1 2022 NEG NEG 8.00
Q2 2022 More than 100 More than 100 5.58
Q3 2022 More than 100 More than 100 5.40
Q4 2022 NEG NEG 4.07
Q1 2023 NEG NEG 4.75
Q2 2023 NEG NEG 1.78
Q3 2023 NEG NEG 1.60
Q4 2023 NEG NEG 1.53
Q1 2024 More than 100 More than 100 1.52
Q2 2024 More than 100 More than 100 1.59


Financial Ratios
Current
Market Cap (M Riyal) 581.40
Enterprise Value (EV) (M) 394.89
Shares Outstanding ((M)) 30.00
EPS ( Riyal) (TTM) 0.15
Book Value (BV) ( Riyal) 12.29
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 1.58
Return on Average Assets (%) (TTM) 1.2
Return on Average Equity (%) (TTM) 1.3
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Share Price

Ash-Sharqiyah Development Co.
19.50
0.12 0.62 %

Ash-Sharqiyah Development Co. (SHARQIYAH DEV)

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