Al Arabia profit leaps 33% to SAR 274.7 mln in 2022; Q4 at SAR 81.1 mln
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Arabian Contracting Services Co. (Al Arabia) reported a net profit of SAR 274.7 million for 2022, a leap of 33% compared to SAR 206.3 million in the previous year.
Financials (M)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 720.63 | 1,126.18 | 56.3 % |
| Gross Income | 330.28 | 486.99 | 47.4 % |
| Operating Income | 261.33 | 383.96 | 46.9 % |
| Net Income | 206.25 | 274.70 | 33.2 % |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 4.12 | 5.49 | 33.2 % |
The profit growth was due to a 56% year-on-year (YoY) rise in revenue to SAR 1.13 billion. This reflected the company’s continuation of digital transformation and commitment to its strategic goals.
Sticking to the digital transformation plan contributed to the growth in client base and advertising spaces available to the company. This, in turn, increased its capacity to accommodate more advertising campaigns.
The company reported a net profit of SAR 81.13 million in Q4 2022, a 14.9% increase from SAR 70.60 million in Q4 2021.
On a sequential basis, net profit grew 23.1% from SAR 65.89 million in Q3 2022.
Current Quarter Comparison (M)
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 226.13 | 317.43 | 40.4 % |
| Gross Income | 107.32 | 145.57 | 35.6 % |
| Operating Income | 89.90 | 112.78 | 25.5 % |
| Net Income | 70.60 | 81.13 | 14.9 % |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 1.41 | 1.62 | 14.9 % |
Total shareholders’ equity, no minority interest, reached SAR 819.87 million as of Dec. 31, 2022, from SAR 731.27 million a year earlier.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2022 | 287.40 | 93.4 % | 129.11 | 157.6 % | 106.01 | 189.2 % |
| Q2 2022 | 263.64 | 67.4 % | 106.26 | 23.4 % | 79.69 | 20.8 % |
| Q3 2022 | 257.72 | 36.8 % | 106.05 | 22.2 % | 85.49 | 24.2 % |
| Q4 2022 | 317.43 | 40.4 % | 145.57 | 35.6 % | 112.78 | 25.5 % |
| 2022 | 1,126.18 | 56.3 % | 486.99 | 47.4 % | 383.96 | 46.9 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2022 | 64.89 | 119.0 % | 1.30 | (24.36) | 89.25 | 1.78 |
| Q2 2022 | 62.79 | 28.3 % | 1.26 | - | 62.79 | 1.26 |
| Q3 2022 | 65.89 | 15.4 % | 1.32 | - | 65.89 | 1.32 |
| Q4 2022 | 81.13 | 14.9 % | 1.62 | - | 81.13 | 1.62 |
| 2022 | 274.70 | 33.2 % | 5.49 | (24.36) | 299.06 | 5.98 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2022 | 47.62 % | 79.04 % | 30.93 % |
| Q2 2022 | 44.48 % | 75.95 % | 28.97 % |
| Q3 2022 | 43.36 % | 75.39 % | 27.88 % |
| Q4 2022 | 43.24 % | 74.27 % | 26.55 % |
| 2022 | 43.24 % | 74.27 % | 26.55 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2022 | 50.00 | 4.83 | 5.32 | 15.92 |
| Q2 2022 | 50.00 | 5.11 | 5.59 | 15.32 |
| Q3 2022 | 50.00 | 5.28 | 5.77 | 16.62 |
| Q4 2022 | 50.00 | 5.49 | 5.98 | 16.40 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2022 | 22.57 | 20.50 | 6.85 |
| Q2 2022 | 19.21 | 17.54 | 6.40 |
| Q3 2022 | 21.24 | 19.44 | 6.75 |
| Q4 2022 | 19.48 | 17.89 | 6.53 |
Business Segments (Million)
Q4 2022
| Period | Advertisement Sector | Printing | Reconciliation & elimination |
|---|---|---|---|
| Q1 2022 | 283.51 | 6.82 | (2.92) |
| Q2 2022 | 259.73 | 0.98 | - |
| Q3 2022 | 253.79 | 12.72 | (8.79) |
| Q4 2022 | 309.18 | 12.52 | (4.27) |
Analysts Estimates (Million)
| Item | Q4 2022 (e) | Q4 2022 (a) | Change |
|---|---|---|---|
| Average | 82.60 | 81.13 | (1.8 %) |
Estimates vs Actual (Million)
| Item | Q4 2022 (e) | Q4 2022 (a) | Change |
|---|---|---|---|
| CI Capital | 80.20 | 81.13 | 1.2 % |
| Al Rajhi Capital | 85.00 | 81.13 | (4.6) % |
| Current | |
| Market Cap (M Riyal) | 8,380.00 |
| Enterprise Value (EV) (M) | 9,679.29 |
| Shares Outstanding ((M)) | 50.00 |
| EPS ( Riyal) (TTM) | 5.44 |
| Book Value (BV) ( Riyal) | 25.89 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 30.82 |
| P/E (TTM) | 30.82 |
| Price/book | 6.47 |
| Return on Average Assets (%) (TTM) | 7.2 |
| Return on Average Equity (%) (TTM) | 23.4 |
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