Al Akaria's profit slumps 45% in 9M 2016

Al Akaria's profit slumps 45% in 9M 2016

19/10/2016 Argaam Exclusive

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Saudi Real Estate Company’s (Al Akaria) net income fell 45 percent year-on-year to SAR 65.4 million in the first nine months of 2016 due to a SAR 62.4 million increase in financial charges, in addition to higher leasing revenue.



Financials (M)

Item 9m 2015 9m 2016 Change‬
Revenues 206.59 224.95 8.9 %
Gross Income 142.54 149.88 5.1 %
Operating Income 123.71 113.51 (8.2 %)
Net Income 118.21 92.14 (22.1 %)
Average Shares 276.53 276.53 -
Earnings Per Share before unusual items 0.43 0.34 (19.4 %)
EPS (Riyals) 0.43 0.33 (22.1 %)

Third quarter profit dropped 48 percent to SAR 19.8 million, compared to the same quarter last year, driven by a SAR 16.7 million jump in financing charges, in addition to SAR 8.6 million worth of loan loss provisions.

Meanwhile, Q3 net profit rose 4.6 percent from SAR 18.9 million in the previous quarter.



Current Quarter Comparison (M)

Compared With The
Item Q3 2015 Q3 2016 Change‬
Revenues 70.90 77.67 9.5 %
Gross Income 50.09 48.99 (2.2 %)
Operating Income 44.40 30.33 (31.7 %)
Net Income 38.37 36.19 (5.7 %)
Average Shares 276.53 276.53 -
Earnings Per Share before unusual items 0.14 0.13 (5.7 %)
EPS (Riyals) 0.14 0.13 (5.7 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2007 35.68 (21.9 %) 22.20 (27.9 %) 19.63 (32.4 %)
Q2 2007 55.21 16.7 % 32.73 26.4 % 27.46 26.1 %
Q3 2007 63.89 81.8 % 46.99 159.6 % 44.29 183.0 %
Q4 2007 87.91 163.4 % 44.96 44.1 % 39.92 37.1 %
Q1 2008 47.66 33.6 % 29.26 31.8 % 24.44 24.5 %
Q2 2008 91.37 65.5 % 46.16 41.0 % 42.88 56.2 %
Q3 2008 42.47 (33.5 %) 25.69 (45.3 %) 22.57 (49.0 %)
Q4 2008 43.53 (50.5 %) 25.98 (42.2 %) 20.59 (48.4 %)
Q1 2009 43.92 (7.8 %) 30.13 3.0 % 27.42 12.2 %
Q2 2009 42.00 (54.0 %) 25.27 (45.3 %) 21.43 (50.0 %)
Q3 2009 41.87 (1.4 %) 24.89 (3.1 %) 21.94 (2.8 %)
Q4 2009 43.43 (0.2 %) 28.11 8.2 % 20.67 0.4 %
Q1 2010 50.04 13.9 % 33.22 10.3 % 30.57 11.5 %
Q2 2010 45.11 7.4 % 24.80 (1.8 %) 20.92 (2.4 %)
Q3 2010 58.86 40.6 % 38.27 53.8 % 33.61 53.2 %
Q4 2010 278.15 540.4 % 167.46 495.7 % 151.08 631.0 %
Q1 2011 69.62 39.1 % 45.22 36.1 % 38.72 26.7 %
Q2 2011 59.10 31.0 % 39.59 59.6 % 34.15 63.2 %
Q3 2011 59.12 0.5 % 38.06 (0.6 %) 34.03 1.3 %
Q4 2011 76.82 (72.4 %) 56.95 (66.0 %) 53.48 (64.6 %)
Q1 2012 60.60 (13.0 %) 42.03 (7.1 %) 37.47 (3.2 %)
Q2 2012 60.49 2.3 % 40.11 1.3 % 35.19 3.0 %
Q3 2012 141.32 139.0 % 52.31 37.4 % 48.64 42.9 %
Q4 2012 62.87 (18.2 %) 43.88 (22.9 %) 40.17 (24.9 %)
Q1 2013 63.21 4.3 % 45.69 8.7 % 41.93 11.9 %
Q2 2013 62.73 3.7 % 41.47 3.4 % 35.97 2.2 %
Q3 2013 67.11 (52.5 %) 46.80 (10.5 %) 43.26 (11.1 %)
Q4 2013 65.77 4.6 % 47.44 8.1 % 42.11 4.8 %
Q1 2014 63.76 0.9 % 43.68 (4.4 %) 37.26 (11.1 %)
Q2 2014 64.88 3.4 % 45.30 9.2 % 36.65 1.9 %
Q3 2014 68.08 1.5 % 46.94 0.3 % 41.79 (3.4 %)
Q4 2014 144.51 119.7 % 117.48 147.6 % 112.93 168.2 %
Q1 2015 67.20 5.4 % 46.39 6.2 % 39.52 6.1 %
Q2 2015 68.49 5.6 % 46.06 1.7 % 39.79 8.6 %
Q3 2015 70.90 4.1 % 50.09 6.7 % 44.40 6.3 %
Q4 2015 72.30 (50.0 %) 52.38 (55.4 %) 42.02 (62.8 %)
Q1 2016 72.63 8.1 % 50.41 8.7 % 41.41 4.8 %
Q2 2016 74.65 9.0 % 50.42 9.5 % 41.70 4.8 %
Q3 2016 77.67 9.5 % 48.99 (2.2 %) 30.33 (31.7 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
Q1 2007 31.36 4.1 % 0.11 - 31.36 0.11
Q2 2007 31.44 41.4 % 0.11 - 31.44 0.11
Q3 2007 45.15 185.9 % 0.16 - 45.15 0.16
Q4 2007 64.77 41.0 % 0.23 - 64.77 0.23
Q1 2008 28.39 (9.5 %) 0.10 - 28.39 0.10
Q2 2008 44.92 42.9 % 0.16 - 44.92 0.16
Q3 2008 31.42 (30.4 %) 0.11 - 31.42 0.11
Q4 2008 12.31 (81.0 %) 0.04 - 12.31 0.04
Q1 2009 31.02 9.3 % 0.11 - 31.02 0.11
Q2 2009 21.22 (52.8 %) 0.08 - 21.22 0.08
Q3 2009 19.80 (37.0 %) 0.07 - 19.80 0.07
Q4 2009 20.58 67.2 % 0.07 - 20.58 0.07
Q1 2010 30.68 (1.1 %) 0.11 - 30.68 0.11
Q2 2010 2.60 (87.8 %) 0.01 (22.93) 25.53 0.09
Q3 2010 33.05 66.9 % 0.12 - 33.05 0.12
Q4 2010 116.81 467.6 % 0.42 (14.59) 131.40 0.48
Q1 2011 30.16 (1.7 %) 0.11 (7.91) 38.06 0.14
Q2 2011 25.14 868.0 % 0.09 (9.00) 34.14 0.12
Q3 2011 33.80 2.3 % 0.12 - 33.80 0.12
Q4 2011 60.62 (48.1 %) 0.22 - 60.62 0.22
Q1 2012 38.18 26.6 % 0.14 - 38.18 0.14
Q2 2012 37.16 47.8 % 0.13 - 37.16 0.13
Q3 2012 47.24 39.8 % 0.17 - 47.24 0.17
Q4 2012 56.76 (6.4 %) 0.21 - 56.76 0.21
Q1 2013 42.15 10.4 % 0.15 - 42.15 0.15
Q2 2013 19.27 (48.2 %) 0.07 (17.67) 36.94 0.13
Q3 2013 36.21 (23.3 %) 0.13 (5.89) 42.11 0.15
Q4 2013 58.39 2.9 % 0.21 - 58.39 0.21
Q1 2014 37.47 (11.1 %) 0.14 - 37.47 0.14
Q2 2014 48.03 149.3 % 0.17 - 48.03 0.17
Q3 2014 61.27 69.2 % 0.22 - 61.27 0.22
Q4 2014 132.20 126.4 % 0.48 - 132.20 0.48
Q1 2015 43.12 15.1 % 0.16 - 43.12 0.16
Q2 2015 36.72 (23.5 %) 0.13 - 36.72 0.13
Q3 2015 38.37 (37.4 %) 0.14 - 38.37 0.14
Q4 2015 29.42 (77.7 %) 0.11 - 29.42 0.11
Q1 2016 25.59 (40.7 %) 0.09 - 25.59 0.09
Q2 2016 42.75 16.4 % 0.15 (3.15) 45.90 0.17
Q3 2016 36.19 (5.7 %) 0.13 - 36.19 0.13

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 64.28 % 55.77 % 76.13 %
Q2 2007 65.38 % 55.50 % 78.13 %
Q3 2007 70.75 % 61.36 % 81.79 %
Q4 2007 60.52 % 62.19 % 71.17 %
Q1 2008 60.45 % 61.31 % 66.65 %
Q2 2008 57.55 % 59.09 % 63.00 %
Q3 2008 54.22 % 55.82 % 62.91 %
Q4 2008 56.48 % 57.89 % 52.01 %
Q1 2009 57.82 % 60.15 % 54.08 %
Q2 2009 62.28 % 64.53 % 55.82 %
Q3 2009 62.03 % 64.75 % 49.24 %
Q4 2009 63.31 % 64.85 % 54.09 %
Q1 2010 62.87 % 65.29 % 52.04 %
Q2 2010 61.53 % 65.15 % 53.53 %
Q3 2010 63.01 % 65.94 % 55.63 %
Q4 2010 61.03 % 62.92 % 51.06 %
Q1 2011 61.05 % 61.89 % 50.48 %
Q2 2011 62.39 % 62.99 % 50.81 %
Q3 2011 62.30 % 63.34 % 50.95 %
Q4 2011 67.94 % 70.67 % 62.96 %
Q1 2012 69.09 % 70.46 % 65.22 %
Q2 2012 68.92 % 68.62 % 66.05 %
Q3 2012 56.42 % 54.34 % 54.01 %
Q4 2012 54.82 % 58.00 % 55.13 %
Q1 2013 55.50 % 60.86 % 55.91 %
Q2 2013 55.53 % 62.16 % 55.46 %
Q3 2013 69.48 % 80.40 % 69.53 %
Q4 2013 70.08 % 74.74 % 69.38 %
Q1 2014 69.17 % 72.93 % 67.43 %
Q2 2014 70.06 % 72.62 % 71.12 %
Q3 2014 69.85 % 71.83 % 78.16 %
Q4 2014 74.26 % 75.43 % 81.75 %
Q1 2015 74.30 % 75.34 % 82.57 %
Q2 2015 73.75 % 75.55 % 78.47 %
Q3 2015 74.06 % 75.76 % 71.32 %
Q4 2015 69.89 % 70.12 % 52.93 %
Q1 2016 69.97 % 70.35 % 45.76 %
Q2 2016 69.98 % 68.25 % 47.95 %
Q3 2016 68.02 % 62.69 % 46.12 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2007 276.53 0.42 0.42 10.97
Q2 2007 276.53 0.45 0.45 10.74
Q3 2007 276.53 0.56 0.56 11.03
Q4 2007 276.53 0.62 0.62 11.28
Q1 2008 276.53 0.61 0.61 11.36
Q2 2008 276.53 0.66 0.66 11.12
Q3 2008 276.53 0.61 0.61 11.12
Q4 2008 276.53 0.42 0.42 11.12
Q1 2009 276.53 0.43 0.43 11.22
Q2 2009 276.53 0.35 0.35 10.89
Q3 2009 276.53 0.31 0.31 10.99
Q4 2009 276.53 0.33 0.33 11.09
Q1 2010 276.53 0.33 0.33 11.23
Q2 2010 276.53 0.27 0.35 10.97
Q3 2010 276.53 0.31 0.40 11.11
Q4 2010 276.53 0.66 0.80 11.58
Q1 2011 276.53 0.66 0.82 11.70
Q2 2011 276.53 0.74 0.86 11.25
Q3 2011 276.53 0.74 0.86 11.35
Q4 2011 276.53 0.54 0.60 11.48
Q1 2012 276.53 0.57 0.60 11.88
Q2 2012 276.53 0.61 0.61 11.57
Q3 2012 276.53 0.66 0.66 11.80
Q4 2012 276.53 0.65 0.65 11.73
Q1 2013 276.53 0.66 0.66 11.90
Q2 2013 276.53 0.60 0.66 11.77
Q3 2013 276.53 0.56 0.64 11.72
Q4 2013 276.53 0.56 0.65 11.95
Q1 2014 276.53 0.55 0.63 11.92
Q2 2014 276.53 0.65 0.67 12.14
Q3 2014 276.53 0.74 0.74 12.20
Q4 2014 276.53 1.01 1.01 12.51
Q1 2015 276.53 1.03 1.03 12.44
Q2 2015 276.53 0.99 0.99 12.50
Q3 2015 276.53 0.91 0.91 12.33
Q4 2015 276.53 0.53 0.53 12.39
Q1 2016 276.53 0.47 0.47 12.54
Q2 2016 276.53 0.49 0.50 12.58
Q3 2016 276.53 0.48 0.50 12.10

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 53.28 53.28 2.03
Q2 2007 42.47 42.47 1.78
Q3 2007 42.57 42.57 2.15
Q4 2007 48.30 48.30 2.67
Q1 2008 42.91 42.91 2.32
Q2 2008 38.87 38.87 2.32
Q3 2008 27.27 27.27 1.50
Q4 2008 27.39 27.39 1.04
Q1 2009 26.33 26.33 1.02
Q2 2009 40.63 40.63 1.29
Q3 2009 52.28 52.28 1.45
Q4 2009 45.33 45.33 1.37
Q1 2010 45.67 45.67 1.36
Q2 2010 52.49 40.03 1.27
Q3 2010 47.00 37.19 1.33
Q4 2010 23.28 19.32 1.33
Q1 2011 21.74 17.41 1.23
Q2 2011 19.01 16.48 1.25
Q3 2011 17.91 15.53 1.17
Q4 2011 28.48 25.59 1.34
Q1 2012 30.74 29.08 1.48
Q2 2012 23.93 23.93 1.27
Q3 2012 22.56 22.56 1.27
Q4 2012 29.58 29.58 1.63
Q1 2013 30.27 30.27 1.69
Q2 2013 30.99 28.00 1.57
Q3 2013 33.41 28.99 1.59
Q4 2013 36.09 31.35 1.70
Q1 2014 38.39 33.22 1.76
Q2 2014 38.09 36.89 2.04
Q3 2014 37.81 37.81 2.30
Q4 2014 19.50 19.50 1.57
Q1 2015 20.38 20.38 1.69
Q2 2015 22.11 22.11 1.75
Q3 2015 15.10 15.10 1.11
Q4 2015 25.33 25.33 1.09
Q1 2016 23.14 23.14 0.87
Q2 2016 25.82 25.24 1.01
Q3 2016 21.58 21.08 0.86

Business Segments (Million)

Compared With The
Period Residential sector The commercial sector Rents Other real estate revenues Maintenance revenues Sale of Land Amana Project
Q1 2006 - - 35.03 0.05 0.25 11.38 0.23
Q2 2006 - - 33.54 0.01 2.27 10.04 0.21
Q1 2007 - - 34.86 0.11 0.54 - 0.17
Q2 2007 - - 36.18 - 0.73 18.03 0.27
Q1 2008 - - 42.25 - - 5.40 -
Q2 2008 - - 41.83 - - 49.54 -
Q3 2008 - - 41.81 - - 0.66 -
Q4 2008 - - 36.45 0.52 5.38 1.19 -
Q1 2009 - - 42.57 0.66 0.68 - -
Q1 2010 - - 48.72 0.22 1.09 - -
Q2 2010 - - 43.43 0.63 1.05 - -
Q3 2010 - - 57.54 2.61 (1.29) - -
Q4 2010 - - 54.75 0.31 0.17 222.91 -
Q1 2011 - - 57.26 0.22 0.63 11.51 -
Q2 2011 - - 58.53 - 0.57 - -
Q3 2011 - - 58.37 0.36 0.40 - -
Q4 2011 - - 59.28 - 0.24 17.50 -
Q1 2012 - - 59.99 - 0.60 - -
Q2 2012 - - 59.94 0.01 0.54 - -
Q3 2012 - - 60.76 0.01 0.57 79.99 -
Q4 2012 - - 62.28 0.01 0.58 - -
Q1 2013 - - 62.66 0.01 0.54 - -
Q2 2013 - - 62.21 0.12 0.41 - -
Q3 2013 - - 66.81 0.01 0.30 - -
Q4 2013 - - 65.17 0.14 0.46 - -
Q1 2014 - - 63.23 0.02 0.51 - -
Q2 2014 - - 64.47 0.01 0.40 - -
Q3 2014 - - 67.32 0.28 0.49 - -
Q4 2014 - - 67.06 - 0.56 77.15 -
Q1 2015 - - 66.68 0.02 0.51 - -

Analysts Estimates (Million)

Item Q3 2016 (e) Q3 2016 (net income) Change‬
Average 19.00 36.19 90.47 %

Estimates vs Actual (Million)

Item Q3 2016 (e) Q3 2016 (net income) Change
SNB Capital 19.00 36.19 90.5 %


Financial Ratios
Current
Market Cap (M Riyal) 8,017.50
Enterprise Value (EV) (M) 9,927.83
Shares Outstanding ((M)) 375.00
EPS ( Riyal) (TTM) 0.57
Book Value (BV) ( Riyal) 13.28
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 37.28
P/E (TTM) 37.28
Price/book 1.61
Return on Average Assets (%) (TTM) 2.3
Return on Average Equity (%) (TTM) 4.4
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Share Price

Saudi Real Estate Co.
21.38
1.38 6.90 %

Saudi Real Estate Co. (ALAKARIA)

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