Arriyadh Development posts higher net profit at SAR 163.7m in I2 of 2013

Arriyadh Development posts higher net profit at SAR 163.7m in I2 of 2013

30/06/2013 Argaam Exclusive

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Arriyadh Development Co., manages the development trade center in Riyadh, reported SAR 163.7m net profit at the end of the first half of 2013, a 27% increase compared to the same period last year, as shown in the following table:



Financials (M)

Item 6m 2012 6m 2013 Change‬
Revenues 194.19 234.66 20.8 %
Gross Income 137.14 172.80 26.0 %
Operating Income 127.99 164.94 28.9 %
Net Income 129.04 163.70 26.9 %
Average Shares 177.78 177.78 -
Earnings Per Share before unusual items 0.73 0.92 26.9 %
EPS (Riyals) 0.73 0.92 26.9 %


Current Quarter Comparison (M)

Compared With The
Item Q2 2012 Q2 2013 Change‬
Revenues 53.55 67.62 26.3 %
Gross Income 40.06 51.52 28.6 %
Operating Income 37.06 49.18 32.7 %
Net Income 35.74 48.73 36.3 %
Average Shares 177.78 177.78 -
Earnings Per Share before unusual items 0.20 0.27 36.3 %
EPS (Riyals) 0.20 0.27 36.3 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2004 19.32 (20.8 %) 10.83 (12.1 %) 8.28 (16.8 %)
Q2 2004 20.04 (66.1 %) 10.47 (63.2 %) 8.08 (69.0 %)
Q3 2004 21.72 (93.2 %) 12.40 (80.6 %) 10.20 (83.5 %)
Q4 2004 49.55 46.1 % 19.32 23.6 % 16.55 25.8 %
Q1 2005 23.26 20.4 % 14.62 35.1 % 12.20 47.4 %
Q2 2005 28.28 41.1 % 18.77 79.3 % 16.24 101.1 %
Q3 2005 27.69 27.5 % 15.91 28.4 % 14.07 37.9 %
Q4 2005 26.84 (45.8 %) 17.38 (10.1 %) 11.95 (27.8 %)
Q1 2006 25.73 10.6 % 15.99 9.3 % 13.44 10.2 %
Q2 2006 27.23 (3.7 %) 17.11 (8.8 %) 14.04 (13.6 %)
Q3 2006 27.85 0.6 % 16.44 3.3 % 13.81 (1.8 %)
Q4 2006 29.43 9.6 % 18.64 7.2 % 14.82 24.0 %
Q1 2007 30.22 17.5 % 18.54 16.0 % 15.88 18.1 %
Q2 2007 30.69 12.7 % 19.82 15.8 % 16.22 15.6 %
Q3 2007 30.95 11.1 % 18.30 11.3 % 15.90 15.1 %
Q4 2007 35.63 21.1 % 21.30 14.3 % 17.28 16.6 %
Q1 2008 32.79 8.5 % 20.37 9.9 % 17.51 10.3 %
Q2 2008 36.13 17.7 % 22.78 14.9 % 19.74 21.7 %
Q3 2008 36.47 17.8 % 23.94 30.8 % 21.37 34.4 %
Q4 2008 34.88 (2.1 %) 22.72 6.6 % 17.59 1.8 %
Q1 2009 37.47 14.3 % 25.22 23.8 % 21.62 23.4 %
Q2 2009 39.42 9.1 % 26.57 16.6 % 22.98 16.4 %
Q3 2009 39.41 8.0 % 26.80 12.0 % 24.19 13.2 %
Q4 2009 39.19 12.3 % 25.11 10.5 % 22.73 29.2 %
Q1 2010 38.60 3.0 % 26.78 6.2 % 23.17 7.2 %
Q2 2010 41.32 4.8 % 28.79 8.4 % 26.17 13.9 %
Q3 2010 39.57 0.4 % 25.65 (4.3 %) 23.17 (4.2 %)
Q4 2010 43.50 11.0 % 30.35 20.9 % 26.82 18.0 %
Q1 2011 53.38 38.3 % 33.60 25.4 % 29.49 27.3 %
Q2 2011 48.86 18.3 % 37.06 28.7 % 34.18 30.6 %
Q3 2011 47.25 19.4 % 35.04 36.6 % 32.69 41.1 %
Q4 2011 47.46 9.1 % 36.21 19.3 % 33.18 23.7 %
Q1 2012 140.64 163.5 % 97.08 189.0 % 90.94 208.4 %
Q2 2012 53.55 9.6 % 40.06 8.1 % 37.06 8.4 %
Q3 2012 45.39 (3.9 %) 33.36 (4.8 %) 29.98 (8.3 %)
Q4 2012 107.84 127.2 % 79.74 120.2 % 76.36 130.1 %
Q1 2013 167.04 18.8 % 121.28 24.9 % 115.76 27.3 %
Q2 2013 67.62 26.3 % 51.52 28.6 % 49.18 32.7 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
Q1 2004 8.28 (19.6 %) 0.05 - 8.28 0.05
Q2 2004 8.02 (67.5 %) 0.05 - 8.02 0.05
Q3 2004 10.51 (83.4 %) 0.06 - 10.51 0.06
Q4 2004 15.83 4.1 % 0.09 - 15.83 0.09
Q1 2005 12.37 49.4 % 0.07 - 12.37 0.07
Q2 2005 17.11 113.4 % 0.10 - 17.11 0.10
Q3 2005 14.82 41.1 % 0.08 - 14.82 0.08
Q4 2005 17.36 9.7 % 0.10 - 17.36 0.10
Q1 2006 18.00 45.5 % 0.10 - 18.00 0.10
Q2 2006 14.12 (17.5 %) 0.08 - 14.12 0.08
Q3 2006 12.68 (14.5 %) 0.07 - 12.68 0.07
Q4 2006 18.05 3.9 % 0.10 - 18.05 0.10
Q1 2007 16.88 (6.2 %) 0.09 - 16.88 0.09
Q2 2007 17.67 25.2 % 0.10 - 17.67 0.10
Q3 2007 16.38 29.2 % 0.09 - 16.38 0.09
Q4 2007 19.79 9.7 % 0.11 - 19.79 0.11
Q1 2008 18.58 10.1 % 0.10 - 18.58 0.10
Q2 2008 20.66 16.9 % 0.12 - 20.66 0.12
Q3 2008 21.85 33.4 % 0.12 - 21.85 0.12
Q4 2008 18.09 (8.6 %) 0.10 - 18.09 0.10
Q1 2009 22.05 18.7 % 0.12 - 22.05 0.12
Q2 2009 22.95 11.1 % 0.13 - 22.95 0.13
Q3 2009 24.04 10.0 % 0.14 - 24.04 0.14
Q4 2009 23.70 31.0 % 0.13 - 23.70 0.13
Q1 2010 22.83 3.5 % 0.13 - 22.83 0.13
Q2 2010 26.47 15.3 % 0.15 - 26.47 0.15
Q3 2010 21.01 (12.6 %) 0.12 - 21.01 0.12
Q4 2010 26.32 11.1 % 0.15 - 26.32 0.15
Q1 2011 28.60 25.3 % 0.16 - 28.60 0.16
Q2 2011 32.83 24.0 % 0.18 - 32.83 0.18
Q3 2011 32.25 53.5 % 0.18 - 32.25 0.18
Q4 2011 36.49 38.7 % 0.21 - 36.49 0.21
Q1 2012 93.30 226.2 % 0.52 - 93.30 0.52
Q2 2012 35.74 8.9 % 0.20 - 35.74 0.20
Q3 2012 28.69 (11.0 %) 0.16 - 28.69 0.16
Q4 2012 71.20 95.1 % 0.40 - 71.20 0.40
Q1 2013 114.98 23.2 % 0.65 - 114.98 0.65
Q2 2013 48.73 36.3 % 0.27 - 48.73 0.27

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2004 27.52 % 28.31 % 25.81 %
Q2 2004 25.68 % 26.44 % 24.14 %
Q3 2004 51.92 % 54.48 % 44.23 %
Q4 2004 47.92 % 49.95 % 38.54 %
Q1 2005 49.59 % 51.81 % 40.79 %
Q2 2005 53.02 % 55.24 % 45.45 %
Q3 2005 53.29 % 56.51 % 46.70 %
Q4 2005 62.87 % 64.71 % 58.14 %
Q1 2006 62.70 % 64.81 % 62.01 %
Q2 2006 61.77 % 63.70 % 59.83 %
Q3 2006 62.16 % 62.98 % 57.74 %
Q4 2006 61.84 % 64.09 % 57.00 %
Q1 2007 61.64 % 63.70 % 53.79 %
Q2 2007 62.13 % 63.72 % 55.23 %
Q3 2007 62.08 % 63.92 % 56.87 %
Q4 2007 61.15 % 63.74 % 55.48 %
Q1 2008 61.35 % 64.29 % 55.69 %
Q2 2008 61.07 % 64.85 % 55.65 %
Q3 2008 62.67 % 66.58 % 57.35 %
Q4 2008 64.02 % 66.75 % 56.44 %
Q1 2009 65.30 % 67.45 % 57.02 %
Q2 2009 66.40 % 67.96 % 57.30 %
Q3 2009 67.01 % 68.61 % 57.63 %
Q4 2009 66.69 % 70.07 % 59.64 %
Q1 2010 67.20 % 70.52 % 59.71 %
Q2 2010 67.80 % 71.81 % 61.21 %
Q3 2010 67.01 % 71.01 % 59.25 %
Q4 2010 68.46 % 71.60 % 59.29 %
Q1 2011 66.60 % 69.21 % 57.60 %
Q2 2011 68.36 % 70.86 % 58.70 %
Q3 2011 70.50 % 73.05 % 62.18 %
Q4 2011 72.06 % 74.87 % 66.10 %
Q1 2012 72.27 % 73.55 % 68.57 %
Q2 2012 72.13 % 73.29 % 68.46 %
Q3 2012 72.02 % 72.80 % 67.67 %
Q4 2012 72.03 % 72.56 % 65.90 %
Q1 2013 73.42 % 74.06 % 67.04 %
Q2 2013 73.71 % 74.48 % 67.96 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2004 177.78 0.63 0.63 7.00
Q2 2004 177.78 0.53 0.53 7.04
Q3 2004 177.78 0.24 0.24 7.10
Q4 2004 177.78 0.24 0.24 7.21
Q1 2005 177.78 0.26 0.26 7.28
Q2 2005 177.78 0.31 0.31 7.39
Q3 2005 177.78 0.34 0.34 7.48
Q4 2005 177.78 0.35 0.35 7.58
Q1 2006 177.78 0.38 0.38 7.67
Q2 2006 177.78 0.36 0.36 7.46
Q3 2006 177.78 0.35 0.35 7.53
Q4 2006 177.78 0.35 0.35 7.62
Q1 2007 177.78 0.35 0.35 7.72
Q2 2007 177.78 0.37 0.37 7.53
Q3 2007 177.78 0.39 0.39 7.63
Q4 2007 177.78 0.40 0.40 7.74
Q1 2008 177.78 0.41 0.41 7.85
Q2 2008 177.78 0.42 0.42 7.68
Q3 2008 177.78 0.45 0.45 7.80
Q4 2008 177.78 0.45 0.45 7.90
Q1 2009 177.78 0.46 0.46 7.74
Q2 2009 177.78 0.48 0.48 7.73
Q3 2009 177.78 0.49 0.49 7.86
Q4 2009 177.78 0.52 0.52 8.00
Q1 2010 177.78 0.53 0.53 8.13
Q2 2010 177.78 0.55 0.55 7.99
Q3 2010 177.78 0.53 0.53 8.11
Q4 2010 177.78 0.54 0.54 8.26
Q1 2011 177.78 0.58 0.58 8.42
Q2 2011 177.78 0.61 0.61 8.03
Q3 2011 177.78 0.67 0.67 8.21
Q4 2011 177.78 0.73 0.73 8.42
Q1 2012 177.78 1.10 1.10 8.23
Q2 2012 177.78 1.11 1.11 8.43
Q3 2012 177.78 1.09 1.09 8.23
Q4 2012 177.78 1.29 1.29 8.63
Q1 2013 177.78 1.41 1.41 9.28
Q2 2013 177.78 1.48 1.48 8.98

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2004 29.23 29.23 2.62
Q2 2004 39.27 39.27 2.97
Q3 2004 98.38 98.38 3.27
Q4 2004 79.60 79.60 2.65
Q1 2005 65.88 65.88 2.38
Q2 2005 84.78 84.78 3.60
Q3 2005 97.17 97.17 4.40
Q4 2005 More than 100 More than 100 8.38
Q1 2006 More than 100 More than 100 5.62
Q2 2006 More than 100 More than 100 5.16
Q3 2006 More than 100 More than 100 4.94
Q4 2006 40.32 40.32 1.87
Q1 2007 50.68 50.68 2.28
Q2 2007 28.24 28.24 1.38
Q3 2007 29.57 29.57 1.50
Q4 2007 45.61 45.61 2.34
Q1 2008 36.34 36.34 1.89
Q2 2008 37.54 37.54 2.07
Q3 2008 21.14 21.14 1.23
Q4 2008 16.13 16.13 0.91
Q1 2009 15.60 15.60 0.94
Q2 2009 19.30 19.30 1.19
Q3 2009 19.79 19.79 1.23
Q4 2009 17.03 17.03 1.11
Q1 2010 18.81 18.81 1.22
Q2 2010 20.42 20.42 1.39
Q3 2010 21.63 21.63 1.41
Q4 2010 20.43 20.43 1.34
Q1 2011 20.45 20.45 1.40
Q2 2011 18.05 18.05 1.37
Q3 2011 17.17 17.17 1.41
Q4 2011 22.89 22.89 1.99
Q1 2012 17.36 17.36 2.31
Q2 2012 15.67 15.67 2.07
Q3 2012 15.85 15.85 2.10
Q4 2012 13.14 13.14 1.96
Q1 2013 11.50 11.50 1.75
Q2 2013 11.51 11.51 1.90

Business Segments (Million)

Compared With The
Period Commercial Centers Sector Public utility sector Sale of Land and Contributions Sector Joint Assets and liabilities
Q1 2009 29.29 8.18 - -
Q2 2009 31.31 8.09 0.02 -
Q3 2009 30.44 8.21 0.77 -
Q4 2009 30.77 8.42 - -
Q1 2010 30.35 8.25 - -
Q2 2010 32.81 8.51 - -
Q3 2010 31.30 8.27 - -
Q4 2010 33.42 8.87 1.20 -
Q1 2011 31.97 9.86 11.55 -
Q2 2011 38.96 9.89 - -
Q3 2011 36.86 10.39 - -
Q4 2011 37.03 10.43 - -
Q1 2012 34.71 9.74 96.18 -
Q2 2012 36.81 10.20 6.54 -
Q3 2012 32.63 12.76 - -
Q4 2012 35.12 13.55 59.18 -
Q1 2013 30.86 18.39 117.79 -
Q2 2013 32.20 19.27 16.15 -


Financial Ratios
Current
Market Cap (M Riyal) 7,345.43
Enterprise Value (EV) (M) 7,004.51
Shares Outstanding ((M)) 233.93
EPS ( Riyal) (TTM) 1.67
Book Value (BV) ( Riyal) 14.31
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 25.51
P/E (TTM) 24.80
Price/book 2.89
Return on Average Assets (%) (TTM) 10.4
Return on Average Equity (%) (TTM) 12.0
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Share Price

Arriyadh Development Co.
31.40
0.70 2.28 %

Arriyadh Development Co. (ARDCO)

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