Jazan Development posts higher net profit at SAR 156m in I2 of 2013

Jazan Development posts higher net profit at SAR 156m in I2 of 2013

30/06/2013 Argaam Exclusive

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Jazan Development Company, reported SAR 156m net profit at the end of the first half of 2013, compared to SAR 10.4m in the same period last year, as shown in the following table:



Financials (M)

Item 6m 2012 6m 2013 Change‬
Revenues 15.01 18.47 23.1 %
Gross Income (8.99) (6.58) 26.7 %
Operating Income (16.51) (14.53) 12.0 %
Net Income (10.37) 155.98 1603.6 %
Average Shares 50.00 50.00 -
EPS (Riyals) (0.21) 3.12 1603.6 %


Current Quarter Comparison (M)

Compared With The
Item Q2 2012 Q2 2013 Change‬
Revenues 7.91 11.39 43.9 %
Gross Income (5.80) (1.94) 66.6 %
Operating Income (10.18) (6.37) 37.4 %
Net Income (6.33) 134.11 2219.6 %
Average Shares 50.00 50.00 -
EPS (Riyals) (0.13) 2.68 2219.6 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2004 3.22 (18.0 %) 0.70 689.0 % (1.32) 50.8 %
Q2 2004 6.11 143.8 % 0.40 (24.3 %) (2.21) (11.8 %)
Q3 2004 1.75 519.4 % 0.02 105.9 % (1.79) 12.8 %
Q4 2004 2.08 758.7 % (0.12) 70.1 % (2.15) 26.7 %
Q1 2005 4.26 32.3 % 0.71 2.2 % (1.78) (35.1 %)
Q2 2005 7.58 24.0 % 0.57 45.1 % (0.68) 69.4 %
Q3 2005 3.30 88.4 % (0.14) (836.8 %) (1.59) 11.3 %
Q4 2005 3.77 81.5 % (0.25) (104.1 %) (2.14) 0.4 %
Q1 2006 5.74 34.7 % 1.41 98.7 % (0.60) 66.3 %
Q2 2006 6.65 (12.3 %) 0.82 43.1 % 0.04 105.8 %
Q3 2006 4.14 25.3 % 0.20 239.3 % (1.65) (3.7 %)
Q4 2006 2.13 (43.4 %) (0.34) (35.6 %) (2.09) 2.4 %
Q1 2007 8.81 53.4 % 2.97 110.6 % 1.77 395.8 %
Q2 2007 6.01 (9.5 %) (0.08) (110.1 %) (1.55) (4061.5 %)
Q3 2007 7.63 84.4 % 1.71 778.5 % 1.02 162.2 %
Q4 2007 4.36 104.2 % (0.57) (70.4 %) (3.58) (71.8 %)
Q1 2008 13.75 56.1 % 2.62 (11.9 %) 1.63 (7.7 %)
Q2 2008 13.36 122.1 % 1.56 1981.9 % 0.35 122.5 %
Q3 2008 4.86 (36.2 %) (3.26) (290.1 %) (4.43) (533.4 %)
Q4 2008 9.66 121.6 % (0.12) 78.8 % (2.78) 22.4 %
Q1 2009 5.07 (63.2 %) 1.07 (59.2 %) 0.13 (92.0 %)
Q2 2009 13.09 (2.0 %) 1.49 (4.7 %) 0.56 61.4 %
Q3 2009 11.15 129.2 % 1.17 136.0 % 0.50 111.2 %
Q4 2009 12.63 30.7 % 4.47 3793.4 % 2.07 174.6 %
Q1 2010 22.66 347.3 % 4.64 334.2 % 3.11 2294.6 %
Q2 2010 23.84 82.2 % (4.78) (420.8 %) (7.16) (1377.9 %)
Q3 2010 12.94 16.1 % (0.42) (136.1 %) (2.40) (583.7 %)
Q4 2010 16.01 26.8 % (1.04) (123.3 %) (5.20) (350.7 %)
Q1 2011 20.06 (11.5 %) (4.16) (189.5 %) (6.65) (313.7 %)
Q2 2011 20.98 (12.0 %) 0.18 103.8 % (3.26) 54.5 %
Q3 2011 16.15 24.8 % (5.03) (1,085.1 %) (8.62) (259.5 %)
Q4 2011 13.07 (18.4 %) (7.10) (581.7 %) (10.62) (104.4 %)
Q1 2012 7.10 (64.6 %) (3.19) 23.2 % (6.34) 4.8 %
Q2 2012 7.91 (62.3 %) (5.80) (3286.3 %) (10.18) (212.5 %)
Q3 2012 8.58 (46.9 %) (4.15) 17.3 % (8.14) 5.6 %
Q4 2012 14.94 14.3 % (4.20) 40.9 % (8.34) 21.5 %
Q1 2013 7.09 (0.2 %) (4.65) (45.7 %) (8.15) (28.7 %)
Q2 2013 11.39 43.9 % (1.94) 66.6 % (6.37) 37.4 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2004 2.40 441.7 % 0.05 - 2.40 0.05
Q2 2004 7.91 1037.0 % 0.16 - 7.91 0.16
Q3 2004 0.86 266.7 % 0.02 - 0.86 0.02
Q4 2004 18.17 1316.4 % 0.36 - 18.17 0.36
Q1 2005 6.86 185.8 % 0.14 - 6.86 0.14
Q2 2005 29.67 275.1 % 0.59 - 29.67 0.59
Q3 2005 20.72 2309.1 % 0.41 - 20.72 0.41
Q4 2005 11.15 (38.7 %) 0.22 - 11.15 0.22
Q1 2006 82.97 1110.2 % 1.66 - 82.97 1.66
Q2 2006 27.36 (7.8 %) 0.55 - 27.36 0.55
Q3 2006 18.06 (12.8 %) 0.36 - 18.06 0.36
Q4 2006 6.25 (43.9 %) 0.13 - 6.25 0.13
Q1 2007 8.62 (89.6 %) 0.17 - 8.62 0.17
Q2 2007 2.03 (92.6 %) 0.04 - 2.03 0.04
Q3 2007 4.43 (75.5 %) 0.09 - 4.43 0.09
Q4 2007 (0.80) (112.9 %) (0.02) - (0.80) (0.02)
Q1 2008 5.00 (42.0 %) 0.10 - 5.00 0.10
Q2 2008 7.42 265.8 % 0.15 - 7.42 0.15
Q3 2008 11.19 152.3 % 0.22 - 11.19 0.22
Q4 2008 (3.77) (368.5 %) (0.08) - (3.77) (0.08)
Q1 2009 0.07 (98.7 %) 0.00 - 0.07 0.00
Q2 2009 0.73 (90.2 %) 0.01 - 0.73 0.01
Q3 2009 (2.76) (124.7 %) (0.06) - (2.76) (0.06)
Q4 2009 (32.11) (752.3 %) (0.64) - (32.11) (0.64)
Q1 2010 3.02 4403.0 % 0.06 - 3.02 0.06
Q2 2010 (33.09) (4645.2 %) (0.66) - (33.09) (0.66)
Q3 2010 22.23 905.6 % 0.44 - 22.23 0.44
Q4 2010 (13.89) 56.7 % (0.28) - (13.89) (0.28)
Q1 2011 (6.70) (322.2 %) (0.13) - (6.70) (0.13)
Q2 2011 (4.94) 85.1 % (0.10) - (4.94) (0.10)
Q3 2011 (26.51) (219.2 %) (0.53) - (26.51) (0.53)
Q4 2011 (30.89) (122.4 %) (0.62) (34.03) 3.14 0.06
Q1 2012 (4.05) 39.6 % (0.08) - (4.05) (0.08)
Q2 2012 (6.33) (28.1 %) (0.13) - (6.33) (0.13)
Q3 2012 (9.69) 63.4 % (0.19) - (9.69) (0.19)
Q4 2012 1.73 105.6 % 0.03 9.07 (7.34) (0.15)
Q1 2013 21.87 640.4 % 0.44 28.55 (6.68) (0.13)
Q2 2013 134.11 2219.6 % 2.68 154.92 (20.81) (0.42)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2004 7.83 % (81.85 %) 37.13 %
Q2 2004 3.68 % (56.87 %) 112.31 %
Q3 2004 6.21 % (47.63 %) 109.89 %
Q4 2004 7.50 % (35.62 %) 222.84 %
Q1 2005 7.06 % (36.63 %) 237.92 %
Q2 2005 7.54 % (23.90 %) 354.52 %
Q3 2005 5.94 % (21.07 %) 437.96 %
Q4 2005 4.74 % (19.54 %) 361.58 %
Q1 2006 7.83 % (10.83 %) 708.62 %
Q2 2006 9.48 % (2.50 %) 730.68 %
Q3 2006 10.74 % (0.19 %) 687.58 %
Q4 2006 11.21 % 3.49 % 721.71 %
Q1 2007 16.81 % 14.17 % 277.54 %
Q2 2007 13.03 % 4.67 % 165.78 %
Q3 2007 17.36 % 15.84 % 86.78 %
Q4 2007 15.04 % 9.33 % 53.26 %
Q1 2008 11.58 % 7.83 % 33.56 %
Q2 2008 13.61 % 12.04 % 41.05 %
Q3 2008 0.97 % (1.60 %) 62.76 %
Q4 2008 1.93 % 1.01 % 47.66 %
Q1 2009 (2.26 %) (1.59 %) 45.26 %
Q2 2009 (2.51 %) 0.73 % 25.14 %
Q3 2009 9.27 % 14.62 % (14.71 %)
Q4 2009 19.56 % 26.36 % (81.27 %)
Q1 2010 19.78 % 27.05 % (52.29 %)
Q2 2010 7.84 % 14.17 % (92.42 %)
Q3 2010 5.43 % 14.21 % (55.43 %)
Q4 2010 (2.12 %) 8.77 % (28.79 %)
Q1 2011 (14.27 %) (2.22 %) (43.16 %)
Q2 2011 (7.77 %) 4.20 % (4.71 %)
Q3 2011 (13.72 %) (3.01 %) (71.09 %)
Q4 2011 (22.92 %) (12.68 %) (49.84 %)
Q1 2012 (26.42 %) (14.60 %) (56.48 %)
Q2 2012 (47.75 %) (32.91 %) (76.32 %)
Q3 2012 (55.24 %) (38.85 %) (46.20 %)
Q4 2012 (45.01 %) (27.87 %) (71.14 %)
Q1 2013 (48.81 %) (32.30 %) (78.00 %)
Q2 2013 (35.57 %) (18.99 %) (106.04 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2004 50.00 0.05 0.05 4.62
Q2 2004 50.00 0.22 0.22 4.76
Q3 2004 50.00 0.25 0.25 4.99
Q4 2004 50.00 0.59 0.59 5.37
Q1 2005 50.00 0.68 0.68 5.50
Q2 2005 50.00 1.11 1.11 7.76
Q3 2005 50.00 1.51 1.51 8.38
Q4 2005 50.00 1.37 1.37 8.44
Q1 2006 50.00 2.89 2.89 16.09
Q2 2006 50.00 2.84 2.84 16.53
Q3 2006 50.00 2.79 2.79 16.64
Q4 2006 50.00 2.69 2.69 16.09
Q1 2007 50.00 1.21 1.21 16.26
Q2 2007 50.00 0.70 0.70 14.89
Q3 2007 50.00 0.43 0.43 14.92
Q4 2007 50.00 0.29 0.29 14.96
Q1 2008 50.00 0.21 0.21 14.52
Q2 2008 50.00 0.32 0.32 14.10
Q3 2008 50.00 0.46 0.46 13.89
Q4 2008 50.00 0.40 0.40 13.51
Q1 2009 50.00 0.30 0.30 12.90
Q2 2009 50.00 0.16 0.16 13.10
Q3 2009 50.00 (0.11) (0.11) 12.60
Q4 2009 50.00 (0.68) (0.68) 12.44
Q1 2010 50.00 (0.62) (0.62) 12.99
Q2 2010 50.00 (1.30) (1.30) 12.29
Q3 2010 50.00 (0.80) (0.80) 12.28
Q4 2010 50.00 (0.43) (0.43) 12.00
Q1 2011 50.00 (0.63) (0.63) 11.84
Q2 2011 50.00 (0.07) (0.07) 11.81
Q3 2011 50.00 (1.04) (1.04) 11.25
Q4 2011 50.00 (1.38) (0.70) 10.54
Q1 2012 50.00 (1.33) (0.65) 10.50
Q2 2012 50.00 (1.36) (0.67) 10.32
Q3 2012 50.00 (1.02) (0.34) 10.11
Q4 2012 50.00 (0.37) (0.55) 10.14
Q1 2013 50.00 0.15 (0.60) 10.30
Q2 2013 50.00 2.96 (0.89) 12.98

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2004 More than 100 More than 100 1.86
Q2 2004 48.18 48.18 2.24
Q3 2004 68.03 68.03 3.39
Q4 2004 26.91 26.91 2.94
Q1 2005 21.22 21.22 2.61
Q2 2005 24.09 24.09 3.45
Q3 2005 23.95 23.95 4.31
Q4 2005 57.03 57.03 9.24
Q1 2006 14.67 14.67 2.64
Q2 2006 21.45 21.45 3.69
Q3 2006 26.16 26.16 4.39
Q4 2006 9.01 9.01 1.51
Q1 2007 20.32 20.32 1.51
Q2 2007 27.17 27.17 1.28
Q3 2007 58.02 58.02 1.66
Q4 2007 87.56 87.56 1.67
Q1 2008 83.31 83.31 1.22
Q2 2008 52.97 52.97 1.21
Q3 2008 27.41 27.41 0.90
Q4 2008 23.32 23.32 0.68
Q1 2009 31.02 31.02 0.72
Q2 2009 72.74 72.74 0.91
Q3 2009 NEG NEG 0.87
Q4 2009 NEG NEG 1.08
Q1 2010 NEG NEG 1.14
Q2 2010 NEG NEG 1.11
Q3 2010 NEG NEG 1.18
Q4 2010 NEG NEG 1.12
Q1 2011 NEG NEG 1.49
Q2 2011 NEG NEG 1.74
Q3 2011 NEG NEG 1.75
Q4 2011 NEG NEG 3.01
Q1 2012 NEG NEG 2.31
Q2 2012 NEG NEG 1.44
Q3 2012 NEG NEG 1.58
Q4 2012 NEG NEG 1.50
Q1 2013 More than 100 NEG 1.56
Q2 2013 5.51 NEG 1.26

Business Segments (Million)

Compared With The
Period Agricultural Activity Commercial sector Properties for development and sale
Q3 2010 11.30 1.23 0.42
Q4 2010 12.25 3.29 0.47
Q1 2011 17.52 2.01 0.53
Q2 2011 17.12 3.23 0.62
Q3 2011 11.91 3.51 0.74
Q4 2011 8.74 3.10 1.22
Q1 2012 3.24 3.03 0.83
Q2 2012 2.44 4.68 0.79
Q3 2012 0.53 7.11 0.94
Q4 2012 7.94 6.10 0.89
Q1 2013 2.71 3.49 0.89
Q2 2013 3.85 6.64 0.91

Current
Market Cap (M Riyal) 648.00
Enterprise Value (EV) (M) 678.31
Shares Outstanding ((M)) 50.00
EPS ( Riyal) (TTM) (1.78)
Book Value (BV) ( Riyal) 8.62
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.50
Return on Average Assets (%) (TTM) (14.99 )
Return on Average Equity (%) (TTM) (17.92 )

Share Price

Jazan Development and Investment Co. (JAZADCO)


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