Alandalus Property’s H1 2022 profit down 8% to SAR 35.3 mln; Q2 at SAR 15.5 mln

Alandalus Property’s H1 2022 profit down 8% to SAR 35.3 mln; Q2 at SAR 15.5 mln

14/08/2022 Argaam Exclusive

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Alandalus Property Co. posted an 8% decline in H1 2022 net profit after Zakat and tax to SAR 35.3 million, from SAR 38.2 million in the year-ago period.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 102.91 107.39 4.4 %
Gross Income 69.13 74.18 7.3 %
Operating Income 47.24 50.47 6.8 %
Net Income 38.19 35.25 (7.7 %)
Average Shares 93.33 93.33 0.0 %
EPS (Riyals) 0.41 0.38 (7.7 %)

The profit decline was attributed to lower share of income from associates and higher general and administrative, as well as Zakat, expenses along with lower other income.

 

This came despite the increase in gross revenue and gross profit.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 52.36 54.09 3.3 %
Gross Income 35.52 37.50 5.6 %
Operating Income 23.82 23.93 0.4 %
Net Income 19.23 15.47 (19.6 %)
Average Shares 93.33 93.33 0.0 %
EPS (Riyals) 0.21 0.17 (19.6 %)

In the three-month period, net profit after Zakat and tax fell almost 20% to SAR 15.5 million, from SAR 19.2 million in Q2 2021.

 

On a quarterly basis, the second-quarter net profit dropped 22% from SAR 19.8 million.

 

Total shareholders’ equity, after minority interest, increased to SAR 1.075 billion as of June 30, 2022, compared to SAR 1.056 billion a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 - - - - - -
Q2 2013 - - - - - -
Q3 2013 - - - - - -
Q4 2013 - - - - - -
Q1 2014 23.73 - 16.02 - 14.48 -
Q2 2014 25.53 - 18.57 - 16.03 -
Q3 2014 27.33 - 18.47 - 15.76 -
Q4 2014 26.03 - 17.60 - 16.09 -
Q1 2015 29.58 24.7 % 18.23 13.8 % 16.28 12.5 %
Q2 2015 31.72 24.3 % 20.42 10.0 % 18.53 15.6 %
Q3 2015 33.06 21.0 % 19.76 7.0 % 17.09 8.4 %
Q4 2015 32.37 24.4 % 16.66 (5.4 %) 13.64 (15.2 %)
Q1 2016 31.69 7.1 % 19.84 8.8 % 16.93 4.0 %
Q2 2016 32.06 1.1 % 20.17 (1.2 %) 17.15 (7.5 %)
Q3 2016 34.30 3.8 % 20.97 6.1 % 17.64 3.2 %
Q4 2016 33.62 3.9 % 20.98 25.9 % 17.58 28.9 %
Q1 2017 32.70 3.2 % 20.45 3.1 % 17.69 4.5 %
Q2 2017 36.51 13.9 % 22.84 13.2 % 20.09 17.2 %
Q3 2017 38.86 13.3 % 21.26 1.4 % 17.55 (0.5 %)
Q4 2017 38.77 15.3 % 15.60 (25.7 %) 11.36 (35.4 %)
Q1 2018 40.79 24.7 % 24.79 21.2 % 16.63 (6.0 %)
Q2 2018 41.28 13.1 % 24.10 5.5 % 15.57 (22.5 %)
Q3 2018 40.51 4.3 % 22.58 6.2 % 14.61 (16.8 %)
Q4 2018 42.11 8.6 % 22.22 42.4 % 13.31 17.1 %
Q1 2019 40.00 (1.9 %) 23.58 (4.9 %) 16.80 1.0 %
Q2 2019 42.31 2.5 % 23.61 (2.0 %) 14.40 (7.5 %)
Q3 2019 42.72 5.5 % 24.08 6.6 % 15.31 4.8 %
Q4 2019 51.04 21.2 % 31.14 40.1 % 20.42 53.4 %
Q1 2020 41.94 4.9 % 23.33 (1.1 %) 14.03 (16.5 %)
Q2 2020 31.45 (25.7 %) 18.23 (22.8 %) 10.99 (23.7 %)
Q3 2020 36.98 (13.4 %) 17.02 (29.3 %) 9.05 (40.9 %)
Q4 2020 57.45 12.6 % 37.08 19.1 % 20.02 (2.0 %)
Q1 2021 50.54 20.5 % 33.61 44.1 % 23.42 66.9 %
Q2 2021 52.36 66.5 % 35.52 94.9 % 23.82 116.8 %
Q3 2021 55.44 49.9 % 37.43 119.9 % 27.28 201.5 %
Q4 2021 56.04 (2.5 %) 38.47 3.7 % 22.16 10.7 %
Q1 2022 53.30 5.5 % 36.69 9.1 % 26.54 13.3 %
Q2 2022 54.09 3.3 % 37.50 5.6 % 23.93 0.4 %


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 - - - - - -
Q1 2014 21.42 - 0.23 - 21.42 0.23
Q2 2014 21.90 - 0.23 - 21.90 0.23
Q3 2014 21.88 - 0.23 - 21.88 0.23
Q4 2014 21.61 - 0.23 - 21.61 0.23
Q1 2015 23.55 10.0 % 0.25 - 23.55 0.25
Q2 2015 24.67 12.6 % 0.26 - 24.67 0.26
Q3 2015 24.18 10.5 % 0.26 - 24.18 0.26
Q4 2015 21.68 0.3 % 0.23 - 21.68 0.23
Q1 2016 24.80 5.3 % 0.27 - 24.80 0.27
Q2 2016 24.85 0.8 % 0.27 - 24.85 0.27
Q3 2016 26.37 9.1 % 0.28 - 26.37 0.28
Q4 2016 15.81 (27.1 %) 0.17 - 15.81 0.17
Q1 2017 49.45 99.4 % 0.53 22.94 26.50 0.28
Q2 2017 27.57 10.9 % 0.30 - 27.57 0.30
Q3 2017 26.42 0.2 % 0.28 - 26.42 0.28
Q4 2017 14.96 (5.3 %) 0.16 - 14.96 0.16
Q1 2018 20.52 (58.5 %) 0.22 - 20.52 0.22
Q2 2018 12.16 (55.9 %) 0.13 - 12.16 0.13
Q3 2018 12.62 (52.2 %) 0.14 - 12.62 0.14
Q4 2018 2.67 (82.2 %) 0.03 (6.01) 8.68 0.09
Q1 2019 20.28 (1.2 %) 0.22 - 20.28 0.22
Q2 2019 15.13 24.4 % 0.16 - 15.13 0.16
Q3 2019 14.59 15.6 % 0.16 - 14.59 0.16
Q4 2019 14.83 456.3 % 0.16 - 14.83 0.16
Q1 2020 12.24 (39.6 %) 0.13 - 12.24 0.13
Q2 2020 (6.48) (142.8 %) (0.07) (20.00) 13.52 0.14
Q3 2020 3.13 (78.5 %) 0.03 (1.50) 4.63 0.05
Q4 2020 5.45 (63.2 %) 0.06 (10.33) 15.78 0.17
Q1 2021 18.96 54.9 % 0.20 - 18.96 0.20
Q2 2021 19.23 396.8 % 0.21 - 19.23 0.21
Q3 2021 19.37 518.2 % 0.21 - 19.37 0.21
Q4 2021 10.42 91.2 % 0.11 - 10.42 0.11
Q1 2022 19.79 4.4 % 0.21 - 19.79 0.21
Q2 2022 15.47 (19.6 %) 0.17 - 15.47 0.17

Profitability

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 68.87 % 70.94 % 84.60 %
Q1 2015 67.19 % 69.22 % 82.01 %
Q2 2015 65.18 % 67.95 % 79.99 %
Q3 2015 63.15 % 66.03 % 78.09 %
Q4 2015 59.24 % 61.65 % 74.23 %
Q1 2016 59.52 % 61.03 % 73.99 %
Q2 2016 59.17 % 59.81 % 73.93 %
Q3 2016 59.53 % 59.73 % 74.91 %
Q4 2016 62.25 % 60.32 % 69.74 %
Q1 2017 62.23 % 60.30 % 70.49 %
Q2 2017 62.16 % 60.37 % 70.19 %
Q3 2017 60.37 % 58.44 % 67.96 %
Q4 2017 54.59 % 54.38 % 65.01 %
Q1 2018 54.54 % 52.25 % 57.75 %
Q2 2018 53.70 % 48.57 % 46.38 %
Q3 2018 53.96 % 46.94 % 37.36 %
Q4 2018 56.89 % 47.64 % 32.78 %
Q1 2019 56.43 % 48.55 % 32.79 %
Q2 2019 55.78 % 49.45 % 34.39 %
Q3 2019 55.94 % 51.02 % 35.11 %
Q4 2019 58.16 % 54.39 % 36.82 %
Q1 2020 57.39 % 53.54 % 31.90 %
Q2 2020 57.89 % 55.22 % 33.01 %
Q3 2020 55.58 % 54.76 % 28.01 %
Q4 2020 57.00 % 51.82 % 27.51 %
Q1 2021 60.05 % 54.90 % 29.98 %
Q2 2021 62.45 % 56.08 % 29.69 %
Q3 2021 66.56 % 58.98 % 33.98 %
Q4 2021 67.65 % 60.97 % 31.71 %
Q1 2022 68.20 % 61.46 % 31.69 %
Q2 2022 68.57 % 61.25 % 29.72 %


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 93.33 - - 7.70
Q2 2014 93.33 - - 7.94
Q3 2014 93.33 - - 8.17
Q4 2014 93.33 0.93 0.93 8.40
Q1 2015 93.33 0.95 0.95 8.65
Q2 2015 93.33 0.98 0.98 8.92
Q3 2015 93.33 1.01 1.01 9.18
Q4 2015 93.33 1.01 1.01 9.41
Q1 2016 93.33 1.02 1.02 9.19
Q2 2016 93.33 1.02 1.02 9.08
Q3 2016 93.33 1.05 1.05 9.37
Q4 2016 93.33 0.98 0.98 9.54
Q1 2017 93.33 1.25 1.00 10.07
Q2 2017 93.33 1.28 1.03 10.36
Q3 2017 93.33 1.28 1.03 10.64
Q4 2017 93.33 1.27 1.02 13.16
Q1 2018 93.33 0.96 0.96 13.38
Q2 2018 93.33 0.79 0.79 12.01
Q3 2018 93.33 0.65 0.65 12.15
Q4 2018 93.33 0.51 0.58 12.18
Q1 2019 93.33 0.51 0.58 12.16
Q2 2019 93.33 0.54 0.61 11.57
Q3 2019 93.33 0.56 0.63 11.73
Q4 2019 93.33 0.69 0.69 11.88
Q1 2020 93.33 0.61 0.61 12.01
Q2 2020 93.33 0.38 0.59 11.19
Q3 2020 93.33 0.25 0.48 11.23
Q4 2020 93.33 0.15 0.49 11.28
Q1 2021 93.33 0.23 0.57 11.49
Q2 2021 93.33 0.50 0.63 11.32
Q3 2021 93.33 0.68 0.79 11.53
Q4 2021 93.33 0.73 0.73 11.39
Q1 2022 93.33 0.74 0.74 11.35
Q2 2022 93.33 0.70 0.70 11.52

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 15.43 15.43 1.71
Q2 2016 14.79 14.79 1.67
Q3 2016 10.83 10.83 1.21
Q4 2016 14.97 14.97 1.54
Q1 2017 11.26 14.03 1.40
Q2 2017 13.39 16.58 1.65
Q3 2017 12.26 15.19 1.47
Q4 2017 12.22 15.15 1.18
Q1 2018 17.46 17.46 1.25
Q2 2018 17.54 17.54 1.16
Q3 2018 17.42 17.42 0.93
Q4 2018 20.87 18.54 0.88
Q1 2019 23.55 20.92 0.99
Q2 2019 19.83 17.72 0.93
Q3 2019 19.70 17.68 0.95
Q4 2019 16.87 16.87 0.99
Q1 2020 18.00 18.00 0.91
Q2 2020 30.25 19.29 1.02
Q3 2020 57.49 30.16 1.30
Q4 2020 More than 100 32.11 1.41
Q1 2021 76.43 30.44 1.50
Q2 2021 40.63 32.43 1.80
Q3 2021 31.32 26.90 1.83
Q4 2021 24.71 24.71 1.58
Q1 2022 24.42 24.42 1.59
Q2 2022 22.41 22.41 1.36

Business Segments (Million)

Compared With The
Period Retail sector Hospitality sector Office sector Other activities
Q1 2016 31.54 - 0.26 -
Q2 2016 32.10 - 0.26 -
Q3 2016 33.64 - 0.26 -
Q4 2016 33.36 - 0.26 -
Q1 2017 32.44 - 0.26 0.22
Q2 2017 35.90 - 0.26 -
Q3 2017 36.10 1.99 0.26 -
Q4 2017 33.62 4.89 - -
Q1 2018 35.29 5.49 0.24 -
Q2 2018 35.09 5.93 0.26 -
Q3 2018 33.86 6.39 0.26 -
Q4 2018 36.29 6.57 (0.75) -
Q1 2019 34.74 5.26 - -
Q2 2019 37.14 5.18 - -
Q3 2019 34.88 3.46 4.38 -
Q4 2019 41.96 3.00 6.08 -
Q1 2020 33.56 2.36 6.02 -
Q2 2020 21.17 4.23 6.05 -
Q3 2020 28.06 0.82 8.10 -
Q4 2020 44.94 1.13 11.38 -
Q1 2021 37.33 1.91 11.30 -
Q2 2021 38.35 2.59 11.42 -
Q3 2021 40.73 3.16 11.55 -
Q4 2021 40.70 3.79 11.55 -
Q1 2022 38.35 3.65 11.30 -
Q2 2022 39.21 3.46 11.42 -

Analysts Estimates (Million)

Item Q2 2022 (e) Q2 2022 (a) Change‬
Average 20.70 15.47 (25.3 %)

Estimates vs Actual (Million)

Item Q2 2022 (e) Q2 2022 (a) Change
U-Capital 20.70 15.47 (25.3) %

Current
Market Cap (M Riyal) 2,267.92
Enterprise Value (EV) (M) 3,160.00
Shares Outstanding ((M)) 93.33
EPS ( Riyal) (TTM) (0.13)
Book Value (BV) ( Riyal) 11.07
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 2.20
Return on Average Assets (%) (TTM) (0.55 )
Return on Average Equity (%) (TTM) (1.18 )

Share Price

24.34
0.08 0.33 %

Alandalus Property Co. (ALANDALUS)


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