Arabian Centres net profit down 17% to SAR 218.5 mln in H1 2021/22

11/11/2021 Argaam Exclusive

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Arabian Centres Co. (ACC) posted a net profit after Zakat and tax of SAR 218.5 million for the six-month period ended Sept. 30, 2021, a drop of 17% from SAR 261.8 million in the year-earlier period.

The profit decrease was attributed to a decline in gross profit to SAR 552.6 million in H1 FY 2022 compared to SAR 553.4 million a year earlier. This decrease was driven by higher cost of revenue.

Other income came in lower in H1 FY 2022, compared to H1-FY21, when ACC had booked SAR 73 million in nonrecurring discounts received from the company’s landlords to mitigate the impact of COVID-related centre closures. ACC also reported higher general and administrative expenses (G&A).

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	940.70	1,007.72	7.1 %
Gross Income	553.42	821.08	48.4 %
Operating Income	393.20	660.89	68.1 %
Net Income	261.78	218.18	(16.7 %)
Average Shares	475.00	475.00	-
EPS (Riyals)	0.55	0.46	(16.7 %)

In the second quarter of fiscal year 2022, net profit after Zakat and tax saw a decrease of 16% to SAR 90.8 million from SAR 91.1 million a year earlier on a rise in the cost of revenue, increased depreciation expenses, lower other income along with higher G&A.

The second-quarter net profit declined 28% from SAR 126.3 million in Q1 FY2022.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	464.84	497.04	6.9 %
Gross Income	254.77	406.75	59.7 %
Operating Income	162.43	319.77	96.9 %
Net Income	109.03	91.57	(16.0 %)
Average Shares	475.00	475.00	-
EPS (Riyals)	0.23	0.19	(16.0 %)

Item	Q1 2021	Q2 2021	Change‬
Revenues	510.68	497.04	(2.7 %)
Gross Income	414.33	406.75	(1.8 %)
Operating Income	341.13	319.77	(6.3 %)
Net Income	126.61	91.57	(27.7 %)
Average Shares	475.00	475.00	-
EPS (Riyals)	0.27	0.19	(27.7 %)

Shareholders’ equity, after minority interest, was down 2.6% to SAR 5.912 billion in the nine-month period, from SAR 6.072 billion a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	-	-	-	-	-	-
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	1,638.60	-	1,224.76	-	1,158.12	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	1,852.21	13.0 %	1,289.23	5.3 %	1,127.95	(2.6 %)
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	2,123.77	14.7 %	1,313.02	1.8 %	1,135.26	0.6 %
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	559.79	-	369.82	-	314.76	-
2017	2,160.51	1.7 %	1,365.11	4.0 %	1,177.61	3.7 %
Q1 2018	558.31	-	355.85	-	316.60	-
Q2 2018	531.57	-	326.91	-	282.04	-
Q3 2018	530.11	-	340.51	-	294.62	-
Q4 2018	556.41	(0.6 %)	370.64	0.2 %	323.18	2.7 %
2018	2,176.40	0.7 %	1,393.91	2.1 %	1,216.44	3.3 %
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 %
Q4 2019	508.15	(8.7 %)	317.61	(14.3 %)	262.87	(18.7 %)
2019	2,197.32	1.0 %	1,438.44	3.2 %	1,242.82	2.2 %
Q1 2020	475.85	(16.9 %)	298.65	(24.0 %)	230.77	(32.8 %)
Q2 2020	464.84	(16.9 %)	254.77	(30.5 %)	162.43	(49.6 %)
Q3 2020	469.41	(15.8 %)	248.94	(31.2 %)	152.81	(51.4 %)
Q4 2020	446.25	(12.2 %)	220.77	(30.5 %)	127.01	(51.7 %)
2020	1,856.36	(15.5 %)	1,023.14	(28.9 %)	673.01	(45.8 %)
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 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2011	-	-	-	-	-	-
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
2014	1,638.60	-	1,224.76	-	1,158.12	-
2015	1,852.21	13.0 %	1,289.23	5.3 %	1,127.95	(2.6 %)
2016	2,123.77	14.7 %	1,313.02	1.8 %	1,135.26	0.6 %
2017	2,160.51	1.7 %	1,365.11	4.0 %	1,177.61	3.7 %
2018	2,176.40	0.7 %	1,393.91	2.1 %	1,216.44	3.3 %
2019	2,197.32	1.0 %	1,438.44	3.2 %	1,242.82	2.2 %
2020	1,856.36	(15.5 %)	1,023.14	(28.9 %)	673.01	(45.8 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	-	-	-	-	-	-
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	1,018.66	-	2.14	-	1,018.66	2.14
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	981.13	(3.7 %)	2.07	-	981.13	2.07
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	931.73	(5.0 %)	1.96	-	931.73	1.96
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	236.95	-	0.50	11.06	225.89	0.48
2017	774.57	(16.9 %)	1.63	25.13	749.44	1.58
Q1 2018	77.40	-	0.16	-	77.40	0.16
Q2 2018	188.90	-	0.40	-	188.90	0.40
Q3 2018	272.10	-	0.57	-	272.10	0.57
Q4 2018	251.20	6.0 %	0.53	-	251.20	0.53
2018	789.60	1.9 %	1.66	-	789.60	1.66
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
Q4 2019	97.99	(61.0 %)	0.21	-	97.99	0.21
2019	633.93	(19.7 %)	1.33	-	633.93	1.33
Q1 2020	152.76	(31.5 %)	0.32	35.30	117.46	0.25
Q2 2020	109.03	(46.8 %)	0.23	37.65	71.37	0.15
Q3 2020	95.42	(11.6 %)	0.20	46.52	48.91	0.10
Q4 2020	129.45	32.1 %	0.27	-	129.45	0.27
2020	486.66	(23.2 %)	1.02	119.47	367.19	0.77
Q1 2021	126.61	(17.1 %)	0.27	-	126.61	0.27
Q2 2021	91.57	(16.0 %)	0.19	-	91.57	0.19

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2011	-	-	-	-	-	-
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
2014	1,018.66	-	2.14	-	1,018.66	2.14
2015	981.13	(3.7 %)	2.07	-	981.13	2.07
2016	931.73	(5.0 %)	1.96	-	931.73	1.96
2017	774.57	(16.9 %)	1.63	25.13	749.44	1.58
2018	789.60	1.9 %	1.66	-	789.60	1.66
2019	633.93	(19.7 %)	1.33	-	633.93	1.33
2020	486.66	(23.2 %)	1.02	119.47	367.19	0.77

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	74.74 %	80.99 %	62.17 %
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	69.60 %	72.28 %	52.97 %
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	61.82 %	64.87 %	43.87 %
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	63.18 %	68.35 %	34.69 %
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	63.91 %	68.71 %	35.06 %
Q4 2018	64.05 %	69.32 %	36.28 %
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 %
2019	65.46 %	78.26 %	28.85 %
Q1 2020	63.99 %	77.11 %	25.15 %
Q2 2020	61.44 %	77.77 %	19.67 %
Q3 2020	58.38 %	75.67 %	17.50 %
Q4 2020	55.12 %	65.80 %	19.78 %
2020	55.12 %	65.80 %	19.78 %
Q1 2021	60.22 %	64.12 %	19.90 %
Q2 2021	67.11 %	64.36 %	20.62 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	74.74 %	80.99 %	62.17 %
2015	69.60 %	72.28 %	52.97 %
2016	61.82 %	64.87 %	43.87 %
2017	63.18 %	68.35 %	34.69 %
2018	64.05 %	69.32 %	36.28 %
2019	65.46 %	78.26 %	28.85 %
2020	55.12 %	65.80 %	19.78 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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	66.06 %	69.46 %	40.35 %
Q1 2018	63.74 %	68.93 %	13.86 %
Q2 2018	61.50 %	66.90 %	35.54 %
Q3 2018	64.23 %	69.50 %	51.33 %
Q4 2018	66.61 %	71.87 %	45.15 %
Q1 2019	68.61 %	79.52 %	38.95 %
Q2 2019	65.52 %	64.04 %	36.67 %
Q3 2019	64.88 %	70.75 %	19.35 %
Q4 2019	62.50 %	100.74 %	19.28 %
Q1 2020	62.76 %	74.69 %	24.68 %
Q2 2020	54.81 %	64.25 %	15.35 %
Q3 2020	53.03 %	60.83 %	10.42 %
Q4 2020	49.47 %	63.19 %	29.01 %
Q1 2021	81.13 %	67.83 %	24.79 %
Q2 2021	81.83 %	65.19 %	18.42 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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	-	-	-
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
Q3 2020	475.00	0.96	0.71	12.46
Q4 2020	475.00	1.02	0.77	12.74
Q1 2021	475.00	0.97	0.79	12.26
Q2 2021	475.00	0.93	0.83	12.45

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2011	-	-	-	-
2012	-	-	-	-
2013	-	-	-	-
2014	475.00	2.14	2.14	9.59
2015	475.00	2.07	2.07	9.82
2016	475.00	1.96	1.96	10.28
2017	475.00	1.63	1.58	10.32
2018	475.00	1.66	1.66	10.66
2019	475.00	1.33	1.33	12.60
2020	475.00	1.02	0.77	12.74

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q3 2020	27.76	37.63	2.13
Q4 2020	24.45	32.41	1.97
Q1 2021	23.00	28.15	1.82
Q2 2021	28.09	31.38	2.11

Period	P/E	Adjusted P/E	Price/book
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	21.84	21.84	2.31
2020	24.45	32.41	1.97

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
Q3 2020	444.97	21.69	1.85	0.89
Q4 2020	405.95	23.11	16.59	0.60
Q1 2021	474.98	20.35	14.63	0.72
Q2 2021	459.06	19.54	16.77	1.67

Period	Rental income	Service and management fee income	Turnover rent	Commission income on provisions for utilities, net
2017	2,050.41	93.96	12.59	3.56
2018	2,057.78	97.54	17.58	3.51
2019	2,038.14	93.48	62.40	3.30
2020	1,736.24	89.58	27.77	2.77

Financial Ratios

	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

Arabian Centres Co. (CENOMI CENTERS)

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Arabian Centres net profit down 17% to SAR 218.5 mln in H1 2021/22

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2021 Q2

Financial Ratios

Share Price

Arabian Centres Co. (CENOMI CENTERS)

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Arabian Centres net profit down 17% to SAR 218.5 mln in H1 2021/22

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2021

Revenue by Business Segment (Latest) 2021 Q2

Financial Ratios

Share Price

Arabian Centres Co. (CENOMI CENTERS)

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Business Segments (Million)