Al Arabia Q1 2024 profit rises 11% to SAR 100.8M

Al Arabia Q1 2024 profit rises 11% to SAR 100.8M

19/05/2024 Argaam Exclusive

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Arabian Contracting Services Co. (Al Arabia) reported a net profit rise of 11% to SAR 100.8 million in Q1 2024, compared to SAR 90.8 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 312.37 439.07 40.6 %
Gross Income 143.56 203.54 41.8 %
Operating Income 114.72 158.96 38.6 %
Net Income 90.82 100.82 11.0 %
Average Shares 50.00 50.00 -
EPS (Riyals) 1.82 2.02 11.0 %

Revenues from both outdoor and indoor advertisements sectors rose by 39% and 92%, respectively, due to operating the advertising spaces at King Khalid International Airport and reflecting the financial impact of the full acquisition of Faden Media Co. This is in addition to implementing several advertising campaigns related to seasonal activities and events such as the holy month of Ramadan, Saudi Foundation Day, and completing the Riyadh calendar activities during the quarter.

 

Digital transformation initiatives and the adoption of smart solutions in outdoor advertising mediums also contributed to expanding advertising spaces and increasing the capacity to accommodate a larger segment of campaigns and advertisers.

 

Operating profits jumped by 39% year-on-year (YoY) to SAR 159 million in Q1 2024.

 

Q1 2024 net earnings leapt 26.9% from SAR 79.44 million in Q4 2023 as topline grew by 19% quarter-on-quarter (QoQ). Operating profits also increased 20% QoQ.

 

Total shareholders' equity, after minority interest, reached SAR 1.21 billion at the end of Q1 2024, up from SAR 906.36 million a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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 - 68.56 - 1.37
Q2 2020 32.93 - (70.04) - (83.91) - (1.68)
Q3 2020 107.37 - 12.32 - (6.08) - (0.12)
Q4 2020 175.83 - 69.60 - 46.63 - 0.93
Q1 2021 148.58 (18.1 %) 50.12 (42.5 %) 29.63 (56.8 %) 0.59
Q2 2021 157.53 378.4 % 86.08 222.9 % 48.94 158.3 % 0.98
Q3 2021 188.39 75.5 % 86.76 604.5 % 57.09 1039.4 % 1.14
Q4 2021 226.13 28.6 % 107.32 54.2 % 70.60 51.4 % 1.41
Q1 2022 287.40 93.4 % 129.11 157.6 % 64.89 119.0 % 1.30
Q2 2022 263.64 67.4 % 106.26 23.4 % 62.79 28.3 % 1.26
Q3 2022 257.72 36.8 % 106.05 22.2 % 65.89 15.4 % 1.32
Q4 2022 317.43 40.4 % 145.57 35.6 % 81.13 14.9 % 1.62
Q1 2023 312.37 8.7 % 143.56 11.2 % 90.82 40.0 % 1.82
Q2 2023 294.32 11.6 % 142.23 33.9 % 85.04 35.4 % 1.70
Q3 2023 303.99 18.0 % 123.14 16.1 % 62.93 (4.5 %) 1.26
Q4 2023 369.19 16.3 % 189.24 30.0 % 79.44 (2.1 %) 1.59
Q1 2024 439.07 40.6 % 203.54 41.8 % 100.82 11.0 % 2.02

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2023 45.15 % 71.97 % 26.05 %
Q4 2023 46.74 % 72.65 % 24.86 %
Q1 2024 46.79 % 66.83 % 23.34 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2023 50.00 6.40 6.40 20.69
Q4 2023 50.00 6.36 6.36 22.26
Q1 2024 50.00 6.56 6.56 24.28

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2023 32.32 32.32 10.00
Q4 2023 37.86 37.86 10.83
Q1 2024 34.82 34.82 9.42

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 10.47 (3.03)
Q3 2023 297.64 8.82 (2.47)
Q4 2023 363.20 7.90 (1.91)
Q1 2024 435.44 7.94 (4.31)

Analysts Estimates (Million)

Item Q1 2024 (e) Q1 2024 (a) Change‬
Average 89.43 100.82 12.75 %

Estimates vs Actual (Million)

Item Q1 2024 (e) Q1 2024 (a) Change
GIB Capital 93.00 100.82 8.4 %
Al Rajhi Capital 91.00 100.82 10.8 %
AlJazira Capital 89.70 100.82 12.4 %
JP Morgan 84.00 100.82 20.0 %


Financial Ratios
Current
Market Cap (M Riyal) 11,320.00
Enterprise Value (EV) (M) 12,713.07
Shares Outstanding ((M)) 50.00
EPS ( Riyal) (TTM) 6.56
Book Value (BV) ( Riyal) 24.28
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 34.49
P/E (TTM) 34.49
Price/book 9.32
Return on Average Assets (%) (TTM) 8.5
Return on Average Equity (%) (TTM) 31.0
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Share Price

Arabian Contracting Services Co.
226.40
(3.60) (1.57 %)

Arabian Contracting Services Co. (ALARABIA)

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Quarterly Actuals vs Estimates 19/05/2024

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