Arabian Centres H1 2022/23 profit leaps 70% to SAR 370.2 mln; Q2 at SAR 244.2 mln

Arabian Centres H1 2022/23 profit leaps 70% to SAR 370.2 mln; Q2 at SAR 244.2 mln

17/08/2022 Argaam Exclusive

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Arabian Centres Co. reported a 70% rise in net profit after Zakat and tax to SAR 370.2 million for the six-month period ended Sept. 30, 2022, compared to SAR 218.2 million in the year-earlier period.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 1,007.72 1,082.12 7.4 %
Gross Income 821.08 902.26 9.9 %
Operating Income 660.89 757.62 14.6 %
Net Income 218.18 358.34 64.2 %
Average Shares 475.00 475.00 -
EPS (Riyals) 0.46 0.75 64.2 %

The mall operator reported a rise of 12.8% year-on-year (YoY) in revenue to SAR 1.136 billion in the six-month period, driven primarily by an increase in net rental revenue.

 

Gross profit grew by 19.5% YoY to SAR 660.4 million during H1 2022/23. Arabian Centres recorded a gross profit margin of 58.1%, up from 54.8% in H1 2021/22.

 

Other income rose to SAR 87.3 million in the current period, from SAR 5.3 million in H1 2021/22. Arabian Centres reported a decline in general and administrative (G&A) expenses, to SAR 113.8 million, compared to SAR 117.7 million a year earlier.

 

Interest expense on lease liabilities also declined by 11.2% YoY.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 497.04 562.95 13.3 %
Gross Income 406.75 456.20 12.2 %
Operating Income 319.77 378.86 18.5 %
Net Income 91.57 183.16 100.0 %
Average Shares 475.00 475.00 -
EPS (Riyals) 0.19 0.39 100.0 %

In the second quarter, net profit after Zakat and tax more than doubled to SAR 244.2 million, from SAR 91.57 million in the year-earlier period, as revenue grew by 15.4% YoY to SAR 573.7 million. Gross profit jumped 32.8% YoY to SAR 354.3 million in the three-month period. Other income increased to SAR 86 million, from SAR 3.2 million in Q2 2021/22.

 

Compared to the first quarter, net profit surged 94% from SAR 126 million.

 

Total shareholders’ equity, no minority interest, increased to SAR 5.802 billion by the end of the six-month period, from SAR 5.912 billion a year earlier.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 - 314.76 -
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 %
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 %)
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 %)
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 - - - - - -
Q1 2022 519.17 1.7 % 446.06 7.7 % 378.76 11.0 %
Q2 2022 562.95 13.3 % 456.20 12.2 % 378.86 18.5 %


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 - - - - - -
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 236.95 - 0.50 11.06 225.89 0.48
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
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
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
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 - - - - - -
Q1 2022 175.18 38.4 % 0.37 (74.13) 249.30 0.52
Q2 2022 183.16 100.0 % 0.39 (99.98) 283.14 0.60

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 - - -
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 %
Q3 2020 58.38 % 75.67 % 17.50 %
Q4 2020 55.12 % 65.80 % 19.78 %
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 - - -
Q1 2022 - - -
Q2 2022 - - -


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 - - - -
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
Q3 2021 475.00 1.54 1.54 32.19
Q4 2021 - - - -
Q1 2022 475.00 - - 28.51
Q2 2022 475.00 - - 28.90

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 - - -
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
Q3 2021 16.13 16.13 0.77
Q4 2021 - - -
Q1 2022 - - 0.78
Q2 2022 - - 0.67

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
Q3 2021 470.33 26.58 12.34 1.15
Q4 2021 477.31 30.45 10.87 0.75

Analysts Estimates (Million)

Item Q2 2022 (e) Q2 2022 (a) Change‬
Average 157.30 183.16 16.44 %

Estimates vs Actual (Million)

Item Q2 2022 (e) Q2 2022 (a) Change
U-Capital 157.30 183.16 16.4 %


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
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Share Price

Arabian Centres Co.
19.94
0.16 0.81 %

Arabian Centres Co. (CENOMI CENTERS)

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