Alandalus Property profit drops 7% to SAR 53.3 mln in 9M 2022; Q3 at SAR 18 mln

Alandalus Property profit drops 7% to SAR 53.3 mln in 9M 2022; Q3 at SAR 18 mln

06/11/2022 Argaam Exclusive

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Alandalus Property Co. posted a 7% decrease in 9M 2022 net profit after Zakat and tax to SAR 53.3 million, from SAR 57.6 million in the year-ago period. The company was hurt by higher general and administrative (G&A) expenses, as well as marketing expenses during the current period. It also reported higher finance costs and Zakat provision.



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 158.34 160.66 1.5 %
Gross Income 106.56 109.58 2.8 %
Operating Income 74.53 73.75 (1.0 %)
Net Income 57.55 53.30 (7.4 %)
Average Shares 93.33 93.33 -
EPS (Riyals) 0.62 0.57 (7.4 %)

The profit drop came despite improved revenue in the nine-month period.

 

In Q3 2022, net profit after Zakat and tax dropped 7% to SAR 18 million, from SAR 19.37 million in Q3 2021, on a drop in gross profit amid a marginal decline in revenues, especially from the retail and operating segment.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 55.44 53.27 (3.9 %)
Gross Income 37.43 35.40 (5.4 %)
Operating Income 27.28 23.28 (14.7 %)
Net Income 19.37 18.04 (6.8 %)
Average Shares 93.33 93.33 -
EPS (Riyals) 0.21 0.19 (6.8 %)

Alandalus reported higher G&A, and finance costs in the current quarter.

 

The company’s net profit after Zakat and tax jumped 16.7% from SAR 15.46 million in Q2 2022.

 

Total shareholders’ equity, after minority interest, decreased to SAR 1.069 billion as of Sept. 30, 2022, compared to SAR 1.075 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 %
Q3 2022 53.27 (3.9 %) 35.40 (5.4 %) 23.28 (14.7 %)


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
Q3 2022 18.04 (6.8 %) 0.19 - 18.04 0.19

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 %
Q3 2022 68.32 % 59.74 % 29.40 %


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
Q3 2022 93.33 0.68 0.68 11.46

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
Q3 2022 23.00 23.00 1.37

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 -
Q3 2022 37.88 3.84 11.55 -

Analysts Estimates (Million)

Item Q3 2022 (e) Q3 2022 (a) Change‬
Average 18.90 18.04 (4.5 %)

Estimates vs Actual (Million)

Item Q3 2022 (e) Q3 2022 (a) Change
U-Capital 18.90 18.04 (4.5) %

Current
Market Cap (M Riyal) 2,264.19
Enterprise Value (EV) (M) 3,156.27
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 2.19
Return on Average Assets (%) (TTM) (0.55 )
Return on Average Equity (%) (TTM) (1.18 )

Share Price

24.26
(0.36) (1.46 %)

Alandalus Property Co. (ALANDALUS)


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