Al Arabia profit up 38% to SAR 175.9 mln in H1 2023; Q2 at SAR 85 mln

Al Arabia profit up 38% to SAR 175.9 mln in H1 2023; Q2 at SAR 85 mln

10/08/2023 Argaam Exclusive

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Arabian Contracting Services Co. (Al Arabia) reported a net profit of SAR 175.9 million in H1 2023, a rise of 38% from SAR 127.7 million a year earlier.

 


Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 551.04 606.68 10.1 %
Gross Income 235.37 285.79 21.4 %
Operating Income 185.70 226.60 22.0 %
Net Income 127.68 175.86 37.7 %
Average Shares 50.00 50.00 -
EPS (Riyals) 2.55 3.52 37.7 %

This was spurred by the increase in revenues from the indoor and outdoor advertising segments. This came despite a 19% year-on-year growth in operating expenses.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 263.64 294.32 11.6 %
Gross Income 106.26 142.23 33.9 %
Operating Income 79.69 111.88 40.4 %
Net Income 62.79 85.04 35.4 %
Average Shares 50.00 50.00 -
EPS (Riyals) 1.26 1.70 35.4 %

Meanwhile, Q2 2023 net profit amounted to SAR 85 million, up 35.4% from SAR 62.80 million in the year-ago period.

 

Sequentially, the second-quarter profit tumbled by 6.4% from SAR 90.82 million due to quarterly seasonal changes in the company’s main activity, paired with a 13% rise in Zakat expenses amid a 6% quarter-on-quarter drop in revenues.

 

Shareholders’ equity, no minority interest, advanced to SAR 971.62 million by the end of H1 2023, from SAR 765.96 million in the prior-year period.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 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 -
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 %
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 %
Q1 2023 312.37 8.7 % 143.56 11.2 % 114.72 8.2 %
Q2 2023 294.32 11.6 % 142.23 33.9 % 111.88 40.4 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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 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
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
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
Q1 2023 90.82 40.0 % 1.82 - 90.82 1.82
Q2 2023 85.04 35.4 % 1.70 - 85.04 1.70

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 19.91 % - 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 %
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 %
Q1 2023 43.56 % 73.34 % 26.12 %
Q2 2023 45.47 % 75.58 % 27.32 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2022 50.00 5.28 5.77 16.62
Q4 2022 50.00 5.49 5.98 16.40
Q1 2023 50.00 6.01 6.01 18.13
Q2 2023 50.00 6.46 6.46 19.43

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2022 21.24 19.44 6.75
Q4 2022 19.48 17.89 6.53
Q1 2023 20.29 20.29 6.73
Q2 2023 27.56 27.56 9.16

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 -
Q3 2022 253.79 12.72 (8.79)
Q4 2022 309.18 12.52 (4.27)
Q1 2023 305.41 11.00 (4.04)
Q2 2023 287.02 10.33 (3.03)

Analysts Estimates (Million)

Item Q2 2023 (e) Q2 2023 (a) Change‬
Average 80.83 85.04 5.20 %

Estimates vs Actual (Million)

Item Q2 2023 (e) Q2 2023 (a) Change
Al Rajhi Capital 84.00 85.04 1.2 %
Hermes 84.00 85.04 1.2 %
AlJazira Capital 74.50 85.04 14.1 %


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
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Share Price

Arabian Contracting Services Co.
167.60
15.20 9.97 %

Arabian Contracting Services Co. (ALARABIA)

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