Saudi Real Estate profit nearly halves in H1 2019

Saudi Real Estate profit nearly halves in H1 2019

08/08/2019 Argaam Exclusive

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Saudi Real Estate Co. (SRECO) reported a net profit after zakat and tax of SAR 40 million for the first half of 2019, down around 47 percent year-on-year (YoY), on lower revenues from main activities, driven by lower residential and commercial rentals.

 

The profit decrease was also due to higher costs of subsidiaries’ investment expansions. 



Financials (M)

Item 6m 2018 6m 2019 Change‬
Revenues 163.41 144.21 (11.8 %)
Gross Income 112.61 83.18 (26.1 %)
Operating Income 53.38 8.70 (83.7 %)
Net Income 74.90 40.00 (46.6 %)
Average Shares 276.53 276.53 -
EPS (Riyals) 0.27 0.14 (46.6 %)

The company’s Q2 2019 net profit fell 29 percent YoY to SAR 21.5 million due to lower revenues from main activities and higher costs.

 

When compared to the previous quarter, Q2 net profit rose 16.2 percent, attributed to lower selling and marketing expenses related to subsidiaries’ investments.



Current Quarter Comparison (M)

Compared With The
Item Q2 2018 Q2 2019 Change‬
Revenues 83.12 71.80 (13.6 %)
Gross Income 58.50 37.82 (35.3 %)
Operating Income 20.40 7.26 (64.4 %)
Net Income 30.27 21.51 (28.9 %)
Average Shares 276.53 276.53 -
EPS (Riyals) 0.11 0.08 (28.9 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q4 2016 89.52 23.8 % 66.52 27.0 % 49.11 16.9 %
Q1 2017 78.60 8.2 % 52.38 3.9 % 40.43 (2.4 %)
Q2 2017 78.65 5.4 % 53.06 5.2 % 35.45 (15.0 %)
Q3 2017 80.13 3.2 % 52.47 7.1 % 39.11 28.9 %
Q4 2017 77.63 (13.3 %) 52.01 (21.8 %) 29.01 (40.9 %)
Q1 2018 80.29 2.2 % 54.12 3.3 % 32.98 (18.4 %)
Q2 2018 83.12 5.7 % 58.50 10.3 % 20.40 (42.5 %)
Q3 2018 69.02 (13.9 %) 36.03 (31.3 %) 4.83 (87.7 %)
Q4 2018 64.14 (17.4 %) 36.56 (29.7 %) (19.17) (166.1 %)
Q1 2019 72.41 (9.8 %) 45.36 (16.2 %) 1.44 (95.6 %)
Q2 2019 71.80 (13.6 %) 37.82 (35.3 %) 7.26 (64.4 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q4 2016 (21.76) (174.0 %) (0.08) 9.40 (31.16) (0.11)
Q1 2017 47.76 86.6 % 0.17 - 47.76 0.17
Q2 2017 20.71 (51.6 %) 0.07 - 20.71 0.07
Q3 2017 21.36 (41.0 %) 0.08 - 21.36 0.08
Q4 2017 39.91 283.4 % 0.14 (15.50) 55.41 0.20
Q1 2018 44.64 (6.5 %) 0.16 9.53 35.10 0.13
Q2 2018 30.27 46.1 % 0.11 3.04 27.23 0.10
Q3 2018 12.67 (40.7 %) 0.05 - 12.67 0.05
Q4 2018 (270.64) (778.2 %) (0.98) (215.93) (54.71) (0.20)
Q1 2019 18.49 (58.6 %) 0.07 - 18.49 0.07
Q2 2019 21.51 (28.9 %) 0.08 - 21.51 0.08

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q4 2016 68.79 % 63.62 % 24.33 %
Q1 2017 68.13 % 62.73 % 30.80 %
Q2 2017 68.10 % 61.80 % 22.65 %
Q3 2017 68.65 % 61.40 % 17.95 %
Q4 2017 66.64 % 61.44 % 46.11 %
Q1 2018 66.83 % 60.05 % 41.86 %
Q2 2018 67.59 % 55.60 % 43.31 %
Q3 2018 64.71 % 48.48 % 42.06 %
Q4 2018 62.45 % 34.38 % 6.84 %
Q1 2019 61.12 % 24.15 % 1.28 %
Q2 2019 56.16 % 18.64 % (0.73 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2016 276.53 0.30 0.28 12.68
Q1 2017 276.53 0.38 0.36 12.78
Q2 2017 276.53 0.30 0.27 12.55
Q3 2017 276.53 0.25 0.21 12.34
Q4 2017 276.53 0.47 0.53 12.54
Q1 2018 276.53 0.46 0.48 12.65
Q2 2018 276.53 0.49 0.50 12.50
Q3 2018 276.53 0.46 0.47 12.52
Q4 2018 276.53 (0.66) 0.07 11.43
Q1 2019 276.53 (0.76) 0.01 11.51
Q2 2019 276.53 (0.79) (0.01) 11.54

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2016 52.38 56.66 1.24
Q1 2017 32.25 34.30 0.96
Q2 2017 41.10 46.36 0.98
Q3 2017 48.86 56.69 0.97
Q4 2017 28.10 25.10 1.05
Q1 2018 27.94 26.68 1.01
Q2 2018 38.08 37.27 1.50
Q3 2018 36.00 35.19 1.33
Q4 2018 NEG More than 100 1.26
Q1 2019 NEG More than 100 1.33
Q2 2019 NEG NEG 1.24

Business Segments (Million)

Compared With The
Period services segment Residential sector The commercial sector Rents Other real estate revenues Maintenance revenues Sale of Land Amana Project
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 - -
Q4 2016 - 113.91 (24.39) - - - - -
Q1 2017 - 45.84 32.76 - - - - -
Q2 2017 - 21.60 57.05 - - - - -
Q3 2017 - 33.98 46.15 - - - - -
Q4 2017 - 35.82 41.81 - - - - -
Q1 2018 - 44.71 35.58 - - - - -
Q2 2018 - 28.12 55.00 - - - - -
Q3 2018 - 30.99 37.69 - - - - -
Q4 2018 - 28.19 36.29 - - - - -
Q1 2019 - 32.44 39.96 - - - - -
Q2 2019 - 28.83 42.97 - - - - -

Analysts Estimates (Million)

Item Q2 2019 (e) Q2 2019 (a) Change‬
Average (0.70) 21.51 3172.57 %

Estimates vs Actual (Million)

Item Q2 2019 (e) Q2 2019 (a) Change
SNB Capital (0.70) 21.51 3,172.6 %


Financial Ratios
Current
Market Cap (M Riyal) 9,618.75
Enterprise Value (EV) (M) 11,953.29
Shares Outstanding ((M)) 375.00
EPS ( Riyal) (TTM) 0.49
Book Value (BV) ( Riyal) 12.79
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 2.01
Return on Average Assets (%) (TTM) 2.0
Return on Average Equity (%) (TTM) 3.9
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Share Price

Saudi Real Estate Co.
25.65
0.25 0.98 %

Saudi Real Estate Co. (ALAKARIA)

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