Arabian Centres net profit falls 39% to SAR 264.2 mln in H1 2020/21

Arabian Centres net profit falls 39% to SAR 264.2 mln in H1 2020/21

03/11/2020 Argaam Exclusive

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Arabian Centres Co. reported a net profit after Zakat and tax of SAR 264.2 million for the six-month period ended Sept. 30, 2020 (H1 2020/21), a 39% decline, compared to SAR 435.1 million in the year-earlier period, as revenues fell year-on-year (YoY) due to restricted activity at shopping centers amid COVID-19 and the government’s efforts to contain the spread of the virus.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Revenues 1,131.62 940.70 (16.9 %)
Gross Income 759.10 553.42 (27.1 %)
Operating Income 665.34 393.20 (40.9 %)
Net Income 428.05 261.78 (38.8 %)
Average Shares 475.00 475.00 -
EPS (Riyals) 0.90 0.55 (38.8 %)

The company also noted higher advertisement and promotion costs and higher impairment loss on accounts receivable.



Current Quarter Comparison (M)

Compared With The
Item Q2 2019 Q2 2020 Change‬
Revenues 559.12 464.84 (16.9 %)
Gross Income 366.32 254.77 (30.5 %)
Operating Income 322.03 162.43 (49.6 %)
Net Income 205.04 109.03 (46.8 %)
Average Shares 475.00 475.00 -
EPS (Riyals) 0.43 0.23 (46.8 %)

The Q2 2020/21 net profit after Zakat and tax stood at SAR 111.1 million, down 47% YoY.

 

On a sequential basis, Q2 profit fell 27.4%.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2011 - - - - - - -
Q2 2011 - - - - - - -
Q3 2011 - - - - - - -
Q4 2011 - - - - - - -
Q1 2012 - - - - - - -
Q2 2012 - - - - - - -
Q3 2012 - - - - - - -
Q4 2012 - - - - - - -
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 - - - - - - -
Q2 2016 - - - - - - -
Q3 2016 - - - - - - -
Q4 2016 - - - - - - -
Q1 2017 - - - - - - -
Q2 2017 - - - - - - -
Q3 2017 - - - - - - -
Q4 2017 559.79 - 369.82 - 236.95 - 0.50
Q1 2018 558.31 - 355.85 - 77.40 - 0.16
Q2 2018 531.57 - 326.91 - 188.90 - 0.40
Q3 2018 530.11 - 340.51 - 272.10 - 0.57
Q4 2018 556.41 (0.6 %) 370.64 0.2 % 251.20 6.0 % 0.53
Q1 2019 572.50 2.5 % 392.78 10.4 % 223.01 188.1 % 0.47
Q2 2019 559.12 5.2 % 366.32 12.1 % 205.04 8.5 % 0.43
Q3 2019 557.54 5.2 % 361.73 6.2 % 107.89 (60.3 %) 0.23
Q4 2019 508.15 (8.7 %) 317.61 (14.3 %) 97.99 (61.0 %) 0.21
Q1 2020 475.85 (16.9 %) 298.65 (24.0 %) 152.76 (31.5 %) 0.32
Q2 2020 464.84 (16.9 %) 254.77 (30.5 %) 109.03 (46.8 %) 0.23

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
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 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 63.91 % 68.71 % 35.06 %
Q4 2018 64.05 % 69.32 % 36.28 %
Q1 2019 65.32 % 72.09 % 42.69 %
Q2 2019 66.28 % 71.30 % 42.89 %
Q3 2019 66.42 % 71.59 % 35.05 %
Q4 2019 65.46 % 78.26 % 28.85 %
Q1 2020 63.99 % 77.11 % 25.15 %
Q2 2020 61.44 % 77.77 % 19.67 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2011 - - - -
Q2 2011 - - - -
Q3 2011 - - - -
Q4 2011 - - - -
Q1 2012 - - - -
Q2 2012 - - - -
Q3 2012 - - - -
Q4 2012 - - - -
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 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 - - - -
Q2 2017 - - - -
Q3 2017 - - - -
Q4 2017 475.00 - - 10.32
Q1 2018 475.00 - - 10.13
Q2 2018 475.00 - - 10.15
Q3 2018 475.00 1.63 1.61 10.14
Q4 2018 475.00 1.66 1.66 10.66
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
Q4 2019 475.00 1.33 1.33 12.60
Q1 2020 475.00 1.19 1.11 12.97
Q2 2020 475.00 0.98 0.83 12.78

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
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 - - -
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 12.91 12.91 1.98
Q3 2019 18.31 18.31 2.45
Q4 2019 21.84 21.84 2.31
Q1 2020 17.78 18.97 1.63
Q2 2020 22.53 26.69 1.74

Business Segments (Million)

Compared With The
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
Q1 2020 449.91 21.63 3.88 0.43
Q2 2020 435.40 23.15 5.45 0.85


Financial Ratios
Current
Market Cap (M Riyal) 9,528.50
Enterprise Value (EV) (M) 18,576.49
Shares Outstanding ((M)) 475.00
EPS ( Riyal) (TTM) 2.76
Book Value (BV) ( Riyal) 29.67
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 11.46
P/E (TTM) 7.27
Price/book 0.68
Return on Average Assets (%) (TTM) 4.8
Return on Average Equity (%) (TTM) 9.3
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Share Price

Arabian Centres Co.
20.06
0.10 0.50 %

Arabian Centres Co. (CENOMI CENTERS)

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