Arabian Centres posts 10% decline in FY2021/22 net profit to SAR 437 mln; Q4 at SAR 106.9 mln
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Arabian Centres Co. (ACC) posted a 10% drop in net profit after Zakat and tax to SAR 437 million for the fiscal year ended March 2022, compared to SAR 486.7 million a year earlier.
Financials (M)
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 1,856.36 | 2,037.49 | 9.8 % |
| Gross Income | 1,023.14 | 1,678.04 | 64.0 % |
| Operating Income | 673.01 | 1,347.94 | 100.3 % |
| Net Income | 486.66 | 775.43 | 59.3 % |
| Average Shares | 475.00 | 475.00 | - |
| EPS (Riyals) | 1.02 | 1.63 | 59.3 % |
The company reported an 8.7% increase year-on-year (YoY) in direct costs to SAR 342.8 million in the current fiscal year. ACC’s other income fell by 81.2% YoY to SAR 27.4 million.
Administrative and promotion expenses jumped by 25.5% YoY to SAR 25.4 million, with general and administrative expenses (G&A) rising 29.7% YoY to SAR 248.3 million for the same period.
ACC also reported a decline in its profit share from an equity-accounted investee, which incurred a loss of SAR 15 million in FY2021/22 against a profit of SAR 1.7 million for the fiscal year ended March 2021.
Current Quarter Comparison (M)
| Item | Q4 2020 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 446.25 | - | - |
| Gross Income | 220.77 | - | - |
| Operating Income | 127.01 | - | - |
| Net Income | 129.45 | - | - |
| Average Shares | 475.00 | - | - |
| EPS (Riyals) | 0.27 | - | - |
The fourth-quarter net profit after Zakat and tax fell 17% to SAR 106.88 million, from SAR 129.45 million in the year-ago period.
Shareholders’ equity, after minority interest, decreased by 4.5% to SAR 5.780 billion as of March 31, 2022, compared to SAR 6.052 billion a year earlier.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2021 | 510.68 | 7.3 % | 414.33 | 38.7 % | 341.13 | 47.8 % |
| Q2 2021 | 497.04 | 6.9 % | 406.75 | 59.7 % | 319.77 | 96.9 % |
| Q3 2021 | 510.60 | 8.8 % | 410.90 | 65.1 % | 308.28 | 101.7 % |
| Q4 2021 | - | - | - | - | - | - |
| 2021 | 2,037.49 | 9.8 % | 1,678.04 | 64.0 % | 1,347.94 | 100.3 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2021 | 126.61 | (17.1 %) | 0.27 | - | 126.61 | 0.27 |
| Q2 2021 | 91.57 | (16.0 %) | 0.19 | - | 91.57 | 0.19 |
| Q3 2021 | 382.08 | 300.4 % | 0.80 | - | 382.08 | 0.80 |
| Q4 2021 | - | - | - | - | - | - |
| 2021 | 775.43 | 59.3 % | 1.63 | (74.13) | 849.56 | 1.79 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2021 | 60.22 % | 64.12 % | 19.90 % |
| Q2 2021 | 67.11 % | 64.36 % | 20.62 % |
| Q3 2021 | 73.95 % | 64.36 % | 37.14 % |
| Q4 2021 | - | - | - |
| 2021 | 82.36 % | 67.12 % | 41.70 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2021 | 475.00 | 0.97 | 0.79 | 12.26 |
| Q2 2021 | 475.00 | 0.93 | 0.83 | 12.45 |
| Q3 2021 | 475.00 | 1.54 | 1.54 | 32.19 |
| Q4 2021 | - | - | - | - |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2021 | 23.00 | 28.15 | 1.82 |
| Q2 2021 | 28.09 | 31.38 | 2.11 |
| Q3 2021 | 16.13 | 16.13 | 0.77 |
| Q4 2021 | - | - | - |
Business Segments (Million)
Q4 2021
| Period | Rental income | Service and management fee income | Turnover rent | Commission income on provisions for utilities, net |
|---|---|---|---|---|
| Q1 2021 | 474.98 | 20.35 | 14.63 | 0.72 |
| Q2 2021 | 459.06 | 19.54 | 16.77 | 1.67 |
| Q3 2021 | 470.33 | 26.58 | 12.34 | 1.15 |
| Q4 2021 | 477.31 | 30.45 | 10.87 | 0.75 |
| 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 |
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