Al Arabia profit falls 16% to SAR 148.1M in H1 2024; Q2 at SAR 47.3M

11/08/2024 Argaam Exclusive

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Arabian Contracting Services Co. (Al Arabia) reported a net profit of SAR 148.10 million in H1 2024, falling 16% from SAR 175.9 million a year earlier.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	606.68	813.14	34.0 %
Gross Income	285.79	345.71	21.0 %
Operating Income	226.60	257.17	13.5 %
Net Income	175.86	148.15	(15.8 %)
Average Shares	50.00	50.00	-
EPS (Riyals)	3.52	2.96	(15.8 %)

This was due to higher operating expenses on the operation of the advertising spaces at King Khalid International Airport, in addition to the financial impact of the full acquisition of Faden Media Co. The company also cited a 155% surge in financing costs compared with H1 2023.

However, revenues from both outdoor and indoor advertisements segments leapt by 32% and 93%, respectively.

Also, the continuation of digital transformation initiatives and the adoption of smart solutions in outdoor advertising mediums contributed to expanding advertising spaces and increasing the capacity to accommodate a larger space of campaigns and advertisers.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	294.32	374.06	27.1 %
Gross Income	142.23	142.17	0.0 %
Operating Income	111.88	98.21	(12.2 %)
Net Income	85.04	47.32	(44.4 %)
Average Shares	50.00	50.00	-
EPS (Riyals)	1.70	0.95	(44.4 %)

Item	Q1 2024	Q2 2024	Change‬
Revenues	439.07	374.06	(14.8 %)
Gross Income	203.54	142.17	(30.2 %)
Operating Income	158.96	98.21	(38.2 %)
Net Income	100.82	47.32	(53.1 %)
Average Shares	50.00	50.00	-
EPS (Riyals)	2.02	0.95	(53.1 %)

Meanwhile, Q2 2024 net profit amounted to SAR 47.3 million, down 44% from SAR 85.04 million in the year-ago period.

Sequentially, the second-quarter profit dropped by 53.1% from SAR 100.82 million.

Shareholders’ equity, after minority interest, leapt to SAR 1.25 billion by the end of H1 2024, from SAR 971.6 million in the prior-year period.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
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 %
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 %
Q3 2023	303.99	18.0 %	123.14	16.1 %	92.96	8.7 %
Q4 2023	369.19	16.3 %	189.24	30.0 %	132.20	17.2 %
2023	1,279.86	13.6 %	598.17	22.8 %	451.77	17.7 %
Q1 2024	439.07	40.6 %	203.54	41.8 %	158.96	38.6 %
Q2 2024	374.06	27.1 %	142.17	0.0 %	98.21	(12.2 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
2022	1,126.18	56.3 %	486.99	47.4 %	383.96	46.9 %
2023	1,279.86	13.6 %	598.17	22.8 %	451.77	17.7 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
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
Q1 2023	90.82	40.0 %	1.82	-	90.82	1.82
Q2 2023	85.04	35.4 %	1.70	-	85.04	1.70
Q3 2023	62.93	(4.5 %)	1.26	-	62.93	1.26
Q4 2023	79.44	(2.1 %)	1.59	-	79.44	1.59
2023	318.24	15.8 %	6.36	-	318.24	6.36
Q1 2024	100.82	11.0 %	2.02	-	100.82	2.02
Q2 2024	47.32	(44.4 %)	0.95	-	47.32	0.95

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
2022	274.70	33.2 %	5.49	(24.36)	299.06	5.98
2023	318.24	15.8 %	6.36	-	318.24	6.36

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2022	43.36 %	75.39 %	27.88 %
Q4 2022	43.24 %	74.27 %	26.55 %
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 %
2023	46.74 %	72.65 %	24.86 %
Q1 2024	46.79 %	66.83 %	23.34 %
Q2 2024	44.28 %	59.41 %	19.55 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2022	43.24 %	74.27 %	26.55 %
2023	46.74 %	72.65 %	24.86 %

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	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 %
Q3 2022	41.15 %	80.12 %	25.57 %
Q4 2022	45.86 %	68.08 %	25.56 %
Q1 2023	45.96 %	76.12 %	29.08 %
Q2 2023	48.32 %	79.13 %	28.89 %
Q3 2023	40.51 %	64.85 %	20.70 %
Q4 2023	51.26 %	70.97 %	21.52 %
Q1 2024	46.36 %	56.46 %	22.96 %
Q2 2024	38.01 %	47.04 %	12.65 %

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
Q2 2024	50.00	5.81	5.81	25.03

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2022	50.00	5.49	5.98	16.40
2023	50.00	6.36	6.36	22.26

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
Q2 2024	38.83	38.83	9.01

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	24.53	24.53	6.92
2022	19.48	17.89	6.53
2023	37.86	37.86	10.83

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)
Q3 2023	297.64	8.82	(2.47)
Q4 2023	363.20	7.90	(1.91)
Q1 2024	435.44	7.94	(4.31)
Q2 2024	369.56	7.20	(2.70)

Period	Advertisement Sector	Printing	Reconciliation & elimination
2020	483.74	13.85	-
2021	706.94	25.22	(11.53)
2022	1,106.21	33.03	(13.06)
2023	1,253.26	38.05	(11.45)

Analysts Estimates (Million)

Item	Q2 2024 (e)	Q2 2024 (a)	Change‬
Average	90.43	47.32	(47.7 %)

Estimates vs Actual (Million)

Item	Q2 2024 (e)	Q2 2024 (a)	Change
JP Morgan	84.00	47.32	(43.7) %
Al Rajhi Capital	87.00	47.32	(45.6) %
United Securities Company	87.00	47.32	(45.6) %
AlJazira Capital	89.60	47.32	(47.2) %
YAQEEN	96.00	47.32	(50.7) %
GIB Capital	99.00	47.32	(52.2) %

Financial Ratios

	Current
Market Cap (M Riyal)	7,620.00
Enterprise Value (EV) (M)	8,919.29
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)	28.03
P/E (TTM)	28.03
Price/book	5.89
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 profit falls 16% to SAR 148.1M in H1 2024; Q2 at SAR 47.3M

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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) 2024 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Arabian Contracting Services Co. (ALARABIA)

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Al Arabia profit falls 16% to SAR 148.1M in H1 2024; Q2 at SAR 47.3M

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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 2024

Revenue by Business Segment (Latest) 2024 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Arabian Contracting Services Co. (ALARABIA)

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Business Segments (Million)