Al Arabia H1 2022 net profit up 63% to SAR 127.7 mln; Q2 at SAR 62.8 mln

22/08/2022 Argaam Exclusive

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Arabian Contracting Co. (Al Arabia) reported a net profit after Zakat and tax of SAR 127.7 million in the first six months of 2022, an increase of 63%, compared to SAR 78.6 million a year earlier.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	306.11	551.04	80.0 %
Gross Income	136.20	235.37	72.8 %
Operating Income	102.60	185.70	81.0 %
Net Income	78.57	127.68	62.5 %
Average Shares	50.00	50.00	-
EPS (Riyals)	1.57	2.55	62.5 %

The earnings increase was primarily due to the continued expansion of digital transformation operations and the rise in advertising spaces, which directly resulted in increasing the client base for 2022 to include new sectors.

In addition, the start of Jeddah season during Q2 2022 and the continuation of Riyadh season for the same period helped increase the earnings. The company’s regional expansion, entry into new projects and strategic partnership supported its marketing plans locally and regionally.

In Q2 2022, net profit after Zakat and tax rose 28% to SAR 62.8 million, from SAR 48.9 million in the year-earlier period.

On a sequential basis, net profit fell 3% from SAR 64.9 million, on higher administrative and general expenses, due to the consolidation of financial statements with the United Media Services Co. in Egypt and Al Arabia’s new subsidiary, Sindebaad.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	157.53	263.64	67.4 %
Gross Income	86.08	106.26	23.4 %
Operating Income	65.95	79.69	20.8 %
Net Income	48.94	62.79	28.3 %
Average Shares	50.00	50.00	-
EPS (Riyals)	0.98	1.26	28.3 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	287.40	263.64	(8.3 %)
Gross Income	129.11	106.26	(17.7 %)
Operating Income	106.01	79.69	(24.8 %)
Net Income	64.89	62.79	(3.2 %)
Average Shares	50.00	50.00	-
EPS (Riyals)	1.30	1.26	(3.2 %)

Total shareholders’ equity, excluding minority interest, stood at SAR 765.963 million by the end of H1 2022, compared to SAR 604.985 million in a year-earlier period.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	612.30	-	176.29	-	130.71	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	639.16	4.4 %	190.13	7.9 %	146.90	12.4 %
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	787.50	23.2 %	336.42	76.9 %	264.45	80.0 %
Q1 2020	181.46	-	87.17	-	76.12	-
Q2 2020	32.93	-	(70.04)	-	(77.89)	-
Q3 2020	107.37	-	12.32	-	1.17	-
Q4 2020	175.83	-	69.60	-	52.03	-
2020	497.59	(36.8 %)	99.05	(70.6 %)	51.43	(80.6 %)
Q1 2021	148.58	(18.1 %)	50.12	(42.5 %)	36.65	(51.9 %)
Q2 2021	157.53	378.4 %	86.08	222.9 %	65.95	184.7 %
Q3 2021	188.39	75.5 %	86.76	604.5 %	68.84	5783.6 %
Q4 2021	226.13	28.6 %	107.32	54.2 %	89.90	72.8 %
2021	720.63	44.8 %	330.28	233.5 %	261.33	408.2 %
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 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	612.30	-	176.29	-	130.71	-
2018	639.16	4.4 %	190.13	7.9 %	146.90	12.4 %
2019	787.50	23.2 %	336.42	76.9 %	264.45	80.0 %
2020	497.59	(36.8 %)	99.05	(70.6 %)	51.43	(80.6 %)
2021	720.63	44.8 %	330.28	233.5 %	261.33	408.2 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	111.22	-	2.22	-	111.22	2.22
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	133.69	20.2 %	2.67	-	133.69	2.67
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	225.35	68.6 %	4.51	-	225.35	4.51
Q1 2020	68.56	-	1.37	-	68.56	1.37
Q2 2020	(83.91)	-	(1.68)	-	(83.91)	(1.68)
Q3 2020	(6.08)	-	(0.12)	-	(6.08)	(0.12)
Q4 2020	46.63	-	0.93	-	46.63	0.93
2020	25.20	(88.8 %)	0.50	-	25.20	0.50
Q1 2021	29.63	(56.8 %)	0.59	-	29.63	0.59
Q2 2021	48.94	158.3 %	0.98	-	48.94	0.98
Q3 2021	57.09	1039.4 %	1.14	-	57.09	1.14
Q4 2021	70.60	51.4 %	1.41	-	70.60	1.41
2021	206.25	718.4 %	4.12	-	206.25	4.12
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

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	111.22	-	2.22	-	111.22	2.22
2018	133.69	20.2 %	2.67	-	133.69	2.67
2019	225.35	68.6 %	4.51	-	225.35	4.51
2020	25.20	(88.8 %)	0.50	-	25.20	0.50
2021	206.25	718.4 %	4.12	-	206.25	4.12

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	28.79 %	25.42 %	18.16 %
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	29.75 %	26.62 %	20.92 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	42.72 %	84.22 %	28.62 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	19.91 %	-	5.06 %
2020	19.91 %	84.03 %	5.06 %
Q1 2021	13.34 %	22.04 %	(2.96 %)
Q2 2021	37.01 %	52.64 %	20.21 %
Q3 2021	43.64 %	69.92 %	27.19 %
Q4 2021	45.83 %	80.01 %	28.62 %
2021	45.83 %	80.01 %	28.62 %
Q1 2022	47.62 %	79.04 %	30.93 %
Q2 2022	44.48 %	75.95 %	28.97 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	28.79 %	25.42 %	18.16 %
2018	29.75 %	26.62 %	20.92 %
2019	42.72 %	84.22 %	28.62 %
2020	19.91 %	84.03 %	5.06 %
2021	45.83 %	80.01 %	28.62 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	48.04 %	-	37.78 %
Q2 2020	(212.69 %)	-	(254.83 %)
Q3 2020	11.47 %	-	(5.66 %)
Q4 2020	39.58 %	-	26.52 %
Q1 2021	33.73 %	85.54 %	19.94 %
Q2 2021	54.64 %	82.47 %	31.07 %
Q3 2021	46.05 %	84.73 %	30.30 %
Q4 2021	47.46 %	70.71 %	31.22 %
Q1 2022	44.92 %	79.99 %	31.05 %
Q2 2022	40.31 %	69.76 %	23.82 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2013	-	-	-	-
Q2 2013	-	-	-	-
Q3 2013	-	-	-	-
Q4 2013	-	-	-	-
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	-	-	-	-
Q4 2019	-	-	-	-
Q1 2020	50.00	-	-	11.38
Q2 2020	50.00	-	-	9.70
Q3 2020	50.00	-	-	9.58
Q4 2020	50.00	0.50	0.50	10.53
Q1 2021	50.00	(0.27)	(0.27)	11.12
Q2 2021	50.00	2.38	2.38	12.10
Q3 2021	50.00	3.65	3.65	13.24
Q4 2021	50.00	4.12	4.12	14.63
Q1 2022	50.00	4.83	5.32	15.92
Q2 2022	50.00	5.11	5.59	15.32

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2012	-	-	-	-
2013	-	-	-	-
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	50.00	2.22	2.22	12.94
2018	50.00	2.67	2.67	8.79
2019	50.00	4.51	4.51	10.49
2020	50.00	0.50	0.50	10.53
2021	50.00	4.12	4.12	14.63

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	24.53	24.53	6.92
Q1 2022	22.57	20.50	6.85
Q2 2022	19.21	17.54	6.40

Period	P/E	Adjusted P/E	Price/book
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	24.53	24.53	6.92

Business Segments (Million)

Compared With The

Period	Advertisement Sector	Printing	Reconciliation & elimination
Q1 2021	145.90	2.68	-
Q2 2021	154.48	3.05	-
Q3 2021	185.82	11.50	(8.93)
Q4 2021	220.75	7.99	(2.61)
Q1 2022	283.51	6.82	(2.92)
Q2 2022	259.73	0.98	-

Period	Advertisement Sector	Printing	Reconciliation & elimination
2020	483.74	13.85	-
2021	706.94	25.22	(11.53)

Financial Ratios

	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

Arabian Contracting Services Co. (ALARABIA)

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Al Arabia H1 2022 net profit up 63% to SAR 127.7 mln; Q2 at SAR 62.8 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2022 Q2

Financial Ratios

Share Price

Arabian Contracting Services Co. (ALARABIA)

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Al Arabia H1 2022 net profit up 63% to SAR 127.7 mln; Q2 at SAR 62.8 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2022

Revenue by Business Segment (Latest) 2022 Q2

Financial Ratios

Share Price

Arabian Contracting Services Co. (ALARABIA)

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Business Segments (Million)