Arabian Centres profit slips to SAR 545.8 mln in 9M 2019/20
05/02/2020
Argaam Exclusive
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Arabian Centres Co. reported a net profit after zakat and tax of SAR 545.8 million for the 9 months ended Dec. 31, 2019, down by 0.52% year-on-year (YoY), as compared to SAR 548.7 million in the same period in 2018.
Financials (M)
| Item | 9m 2018 | 9m 2019 | Change |
|---|---|---|---|
| Revenues | 1,619.99 | 1,689.17 | 4.3 % |
| Gross Income | 1,023.27 | 1,120.83 | 9.5 % |
| Operating Income | 893.26 | 979.94 | 9.7 % |
| Net Income | 538.40 | 535.95 | (0.5 %) |
| Average Shares | 475.00 | 475.00 | - |
| EPS (Riyals) | 1.13 | 1.13 | (0.5 %) |
The company said in a bourse statement that the decrease is due to a change in the group’s accounting policy for leases in line with IFRS 16 requirements and a decrease in finance costs.
In Q3 2019/2020, net profit after Zakat and tax decreased by 59.9% YoY to SAR 110.6 million on increased interest expense on lease liabilities. Higher finance costs and depreciation of right-of-use assets also weighed on the third quarter results.
On a sequential basis, net profit decreased by 46.9%.
Compared With The
Current Quarter Comparison (M)
| Item | Q3 2018 | Q3 2019 | Change |
|---|---|---|---|
| Revenues | 530.11 | 557.54 | 5.2 % |
| Gross Income | 340.51 | 361.73 | 6.2 % |
| Operating Income | 294.62 | 314.60 | 6.8 % |
| Net Income | 272.10 | 107.89 | (60.3 %) |
| Average Shares | 475.00 | 475.00 | - |
| EPS (Riyals) | 0.57 | 0.23 | (60.3 %) |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2019 | 572.50 | 2.5 % | 392.78 | 10.4 % | 343.31 | 8.4 % |
| Q2 2019 | 559.12 | 5.2 % | 366.32 | 12.1 % | 322.03 | 14.2 % |
| Q3 2019 | 557.54 | 5.2 % | 361.73 | 6.2 % | 314.60 | 6.8 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2019 | 223.01 | 188.1 % | 0.47 | - | 223.01 | 0.47 |
| Q2 2019 | 205.04 | 8.5 % | 0.43 | - | 205.04 | 0.43 |
| Q3 2019 | 107.89 | (60.3 %) | 0.23 | - | 107.89 | 0.23 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2019 | 65.32 % | 72.09 % | 42.69 % |
| Q2 2019 | 66.28 % | 71.30 % | 42.89 % |
| Q3 2019 | 66.42 % | 71.59 % | 35.05 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2019 | 475.00 | 1.97 | 1.97 | 12.63 |
| Q2 2019 | 475.00 | 2.00 | 2.00 | 13.05 |
| Q3 2019 | 475.00 | 1.66 | 1.66 | 12.38 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2019 | - | - | - |
| Q2 2019 | 12.91 | 12.91 | 1.98 |
| Q3 2019 | 18.31 | 18.31 | 2.45 |
Business Segments (Million)
Q3 2019
| Period | Rental income | Service and management fee income | Turnover rent | Commission income on provisions for utilities, net |
|---|---|---|---|---|
| Q1 2019 | 537.81 | 24.49 | 9.43 | 0.77 |
| Q3 2019 | 534.25 | 22.40 | - | 0.89 |
Analysts Estimates (Million)
| Item | Q3 2019 (e) | Q3 2019 (a) | Change |
|---|---|---|---|
| Average | 214.80 | 107.89 | (49.8 %) |
Estimates vs Actual (Million)
| Item | Q3 2019 (e) | Q3 2019 (a) | Change |
|---|---|---|---|
| OSOOL AND BAKHEET | 214.80 | 107.89 | (49.8) % |
| Current | |
| Market Cap (M Riyal) | 9,471.50 |
| Enterprise Value (EV) (M) | 20,088.08 |
| Shares Outstanding ((M)) | 475.00 |
| EPS ( Riyal) (TTM) | 2.89 |
| Book Value (BV) ( Riyal) | 30.75 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 13.49 |
| P/E (TTM) | 6.90 |
| Price/book | 0.65 |
| Return on Average Assets (%) (TTM) | 4.8 |
| Return on Average Equity (%) (TTM) | 9.7 |
Share Price
Arabian Centres Co. (CENOMI CENTERS)
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