Arriyadh Development profit rises 7% in 9M 2016

Arriyadh Development profit rises 7% in 9M 2016

17/10/2016 Argaam Exclusive

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Arriyadh Development Co.’s nine-month net income rose 6.8 percent year-on-year to SAR 224.1 million as the company’s activities improved and general expenses dropped.



Financials (M)

Item 9m 2015 9m 2016 Change‬
Revenues 307.40 1,170.88 280.9 %
Gross Income 236.91 244.02 3.0 %
Operating Income 224.06 231.28 3.2 %
Net Income 209.91 223.60 6.5 %
Average Shares 177.78 177.78 -
EPS (Riyals) 1.18 1.26 6.5 %

Third quarter profit plunged by 45 percent to SAR 37.1 million year-on-year. The company attributed the difference to a one-time gain made in the comparable quarter on the sale of a land plot. Profit for the period declined 72 percent from SAR 132.8 million in the previous quarter.



Current Quarter Comparison (M)

Compared With The
Item Q3 2015 Q3 2016 Change‬
Revenues 107.71 59.17 (45.1 %)
Gross Income 83.17 46.08 (44.6 %)
Operating Income 79.66 42.20 (47.0 %)
Net Income 67.91 36.65 (46.0 %)
Average Shares 177.78 177.78 -
EPS (Riyals) 0.38 0.21 (46.0 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q3 2013 59.06 30.1 % 43.56 30.6 % 41.24 37.6 %
Q4 2013 62.13 (42.4 %) 46.45 (41.7 %) 44.21 (42.1 %)
Q1 2014 75.29 (54.9 %) 54.43 (55.1 %) 51.23 (55.7 %)
Q2 2014 66.70 (1.4 %) 50.01 (2.9 %) 47.00 (4.4 %)
Q3 2014 53.06 (10.2 %) 40.53 (7.0 %) 37.46 (9.2 %)
Q4 2014 56.25 (9.5 %) 43.55 (6.2 %) 40.44 (8.5 %)
Q1 2015 100.06 32.9 % 76.97 41.4 % 72.35 41.2 %
Q2 2015 99.63 49.4 % 76.78 53.5 % 72.05 53.3 %
Q3 2015 107.71 103.0 % 83.17 105.2 % 79.66 112.7 %
Q4 2015 117.91 109.6 % 96.57 121.7 % 93.30 130.7 %
Q1 2016 73.13 (26.9 %) 57.99 (24.7 %) 53.82 (25.6 %)
Q2 2016 1,038.58 942.5 % 139.95 82.3 % 135.26 87.7 %
Q3 2016 59.17 (45.1 %) 46.08 (44.6 %) 42.20 (47.0 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2013 40.67 41.7 % 0.23 - 40.67 0.23
Q4 2013 45.32 (36.4 %) 0.25 - 45.32 0.25
Q1 2014 51.43 (55.3 %) 0.29 - 51.43 0.29
Q2 2014 47.03 (3.5 %) 0.26 - 47.03 0.26
Q3 2014 37.47 (7.8 %) 0.21 - 37.47 0.21
Q4 2014 53.43 17.9 % 0.30 - 53.43 0.30
Q1 2015 71.19 38.4 % 0.40 - 71.19 0.40
Q2 2015 70.80 50.5 % 0.40 - 70.80 0.40
Q3 2015 67.91 81.2 % 0.38 (10.37) 78.29 0.44
Q4 2015 84.52 58.2 % 0.48 (8.09) 92.61 0.52
Q1 2016 54.15 (23.9 %) 0.30 - 54.15 0.30
Q2 2016 132.80 87.6 % 0.75 - 132.80 0.75
Q3 2016 36.65 (46.0 %) 0.21 - 36.65 0.21

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2013 73.74 % 74.86 % 68.63 %
Q4 2013 73.86 % 75.57 % 70.17 %
Q1 2014 74.20 % 77.60 % 70.48 %
Q2 2014 73.89 % 77.25 % 70.09 %
Q3 2014 74.43 % 77.61 % 70.48 %
Q4 2014 75.02 % 77.94 % 75.36 %
Q1 2015 76.46 % 78.60 % 75.76 %
Q2 2015 76.97 % 78.34 % 75.37 %
Q3 2015 77.13 % 78.18 % 75.27 %
Q4 2015 78.41 % 79.29 % 73.57 %
Q1 2016 78.94 % 80.03 % 74.26 %
Q2 2016 28.24 % 28.58 % 26.76 %
Q3 2016 26.43 % 26.75 % 24.54 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2013 177.78 1.55 1.55 9.21
Q4 2013 177.78 1.40 1.40 9.46
Q1 2014 177.78 1.05 1.05 9.75
Q2 2014 177.78 1.04 1.04 9.16
Q3 2014 177.78 1.02 1.02 9.37
Q4 2014 177.78 1.07 1.07 9.61
Q1 2015 177.78 1.18 1.18 10.02
Q2 2015 177.78 1.31 1.31 9.67
Q3 2015 177.78 1.48 1.54 10.07
Q4 2015 177.78 1.66 1.76 10.56
Q1 2016 177.78 1.56 1.66 10.84
Q2 2016 177.78 1.91 2.01 10.61
Q3 2016 177.78 1.73 1.78 10.42

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 38.51 38.51 1.73
Q2 2007 21.46 21.46 1.05
Q3 2007 22.47 22.47 1.14
Q4 2007 34.66 34.66 1.78
Q1 2008 27.62 27.62 1.43
Q2 2008 28.53 28.53 1.58
Q3 2008 16.07 16.07 0.94
Q4 2008 12.26 12.26 0.69
Q1 2009 11.85 11.85 0.71
Q2 2009 14.67 14.67 0.91
Q3 2009 15.04 15.04 0.94
Q4 2009 12.94 12.94 0.84
Q1 2010 14.30 14.30 0.93
Q2 2010 15.52 15.52 1.06
Q3 2010 16.43 16.43 1.07
Q4 2010 15.53 15.53 1.02
Q1 2011 15.54 15.54 1.06
Q2 2011 13.71 13.71 1.04
Q3 2011 13.05 13.05 1.07
Q4 2011 17.40 17.40 1.51
Q1 2012 13.19 13.19 1.76
Q2 2012 11.91 11.91 1.57
Q3 2012 12.05 12.05 1.60
Q4 2012 9.99 9.99 1.49
Q1 2013 8.74 8.74 1.33
Q2 2013 8.75 8.75 1.44
Q3 2013 8.86 8.86 1.49
Q4 2013 11.30 11.30 1.68
Q1 2014 18.86 18.86 2.02
Q2 2014 16.22 16.22 1.84
Q3 2014 18.16 18.16 1.98
Q4 2014 14.36 14.36 1.59
Q1 2015 13.66 13.66 1.60
Q2 2015 12.21 12.21 1.65
Q3 2015 8.95 8.61 1.32
Q4 2015 8.30 7.81 1.30
Q1 2016 9.84 9.23 1.42
Q2 2016 7.98 7.57 1.44
Q3 2016 8.21 8.00 1.37

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 -
Q3 2013 29.69 19.66 9.71 -
Q4 2013 33.08 19.48 9.58 -
Q1 2014 26.63 24.81 23.84 -
Q2 2014 39.22 15.19 12.28 -
Q3 2014 32.44 20.62 - -
Q4 2014 30.94 20.51 4.80 -
Q1 2015 32.11 21.23 46.72 -
Q2 2015 37.08 22.28 40.26 -
Q3 2015 32.60 22.25 52.85 -
Q4 2015 34.87 26.60 56.43 -
Q1 2016 34.59 21.99 16.55 -
Q2 2016 40.39 22.56 975.63 -
Q3 2016 36.30 22.86 - -

Current
Market Cap (M Riyal) 4,977.84
Enterprise Value (EV) (M) 3,950.64
Shares Outstanding ((M)) 177.78
EPS ( Riyal) (TTM) 2.00
Book Value (BV) ( Riyal) 13.80
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 14.50
P/E (TTM) 13.98
Price/book 2.03
Return on Average Assets (%) (TTM) 13.0
Return on Average Equity (%) (TTM) 15.2

Share Price

28.15
0.05 0.18 %

Arriyadh Development Co. (ARDCO)


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