Arriyadh Development’s net profit down 34% to SAR 135.9m for the first nine months of 2014

30/09/2014 Argaam Exclusive

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Arriyadh Development Co. (ARDCO)

Arriyadh Development Company (Tameer), a real estate developer in Riyadh city, reported a net profit of SAR 135.9m for the nine months ended September 30, 2014, a 34% decrease compared to the same period last year.

A net profit of SAR 37.5m was reported for Q3-2014 compared to SAR 47.0m in Q2.

Financials (M)

Item	9m 2013	9m 2014	Change‬
Revenues	293.71	195.04	(33.6 %)
Gross Income	216.36	144.97	(33.0 %)
Operating Income	206.18	135.69	(34.2 %)
Net Income	204.37	135.94	(33.5 %)
Average Shares	177.78	177.78	-
EPS (Riyals)	1.15	0.76	(33.5 %)

The company attributed the decline of the first nine months of 2014’s net profit, compared to the same period last year, to the decrease of land sales activities.

The decline of Q3-2014’s net profit compared to the same period last year was attributed to not selling any land during the current period despite the increase of operating profit.

The decline of Q3-2014’s net profit compared to the previous period (Q2-2014) was attributed to not selling any land during the current period.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2013	Q3 2014	Change‬
Revenues	59.06	53.06	(10.2 %)
Gross Income	43.56	40.53	(7.0 %)
Operating Income	41.24	37.46	(9.2 %)
Net Income	40.67	37.47	(7.8 %)
Average Shares	177.78	177.78	-
EPS (Riyals)	0.23	0.21	(7.8 %)

Item	Q2 2014	Q3 2014	Change‬
Revenues	66.70	53.06	(20.5 %)
Gross Income	50.01	40.53	(19.0 %)
Operating Income	47.00	37.46	(20.3 %)
Net Income	47.03	37.47	(20.3 %)
Average Shares	177.78	177.78	-
EPS (Riyals)	0.26	0.21	(20.3 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2005	23.26	20.4 %	14.62	35.1 %	12.37	49.4 %	0.07
Q2 2005	28.28	41.1 %	18.77	79.3 %	17.11	113.4 %	0.10
Q3 2005	27.69	27.5 %	15.91	28.4 %	14.82	41.1 %	0.08
Q4 2005	26.84	(45.8 %)	17.38	(10.1 %)	17.36	9.7 %	0.10
2005	106.06	(4.1 %)	66.69	25.8 %	61.67	44.6 %	0.35
Q1 2006	25.73	10.6 %	15.99	9.3 %	18.00	45.5 %	0.10
Q2 2006	27.23	(3.7 %)	17.11	(8.8 %)	14.12	(17.5 %)	0.08
Q3 2006	27.85	0.6 %	16.44	3.3 %	12.68	(14.5 %)	0.07
Q4 2006	29.43	9.6 %	18.64	7.2 %	18.05	3.9 %	0.10
2006	110.24	3.9 %	68.17	2.2 %	62.84	1.9 %	0.35
Q1 2007	30.22	17.5 %	18.54	16.0 %	16.88	(6.2 %)	0.09
Q2 2007	30.69	12.7 %	19.82	15.8 %	17.67	25.2 %	0.10
Q3 2007	30.95	11.1 %	18.30	11.3 %	16.38	29.2 %	0.09
Q4 2007	35.63	21.1 %	21.30	14.3 %	19.79	9.7 %	0.11
2007	127.48	15.6 %	77.95	14.3 %	70.73	12.6 %	0.40
Q1 2008	32.79	8.5 %	20.37	9.9 %	18.58	10.1 %	0.10
Q2 2008	36.13	17.7 %	22.78	14.9 %	20.66	16.9 %	0.12
Q3 2008	36.47	17.8 %	23.94	30.8 %	21.85	33.4 %	0.12
Q4 2008	34.88	(2.1 %)	22.72	6.6 %	18.09	(8.6 %)	0.10
2008	140.28	10.0 %	89.80	15.2 %	79.18	11.9 %	0.45
Q1 2009	37.47	14.3 %	25.22	23.8 %	22.05	18.7 %	0.12
Q2 2009	39.42	9.1 %	26.57	16.6 %	22.95	11.1 %	0.13
Q3 2009	39.41	8.0 %	26.80	12.0 %	24.04	10.0 %	0.14
Q4 2009	39.19	12.3 %	25.11	10.5 %	23.70	31.0 %	0.13
2009	155.49	10.8 %	103.69	15.5 %	92.74	17.1 %	0.52
Q1 2010	38.60	3.0 %	26.78	6.2 %	22.83	3.5 %	0.13
Q2 2010	41.32	4.8 %	28.79	8.4 %	26.47	15.3 %	0.15
Q3 2010	39.57	0.4 %	25.65	(4.3 %)	21.01	(12.6 %)	0.12
Q4 2010	43.50	11.0 %	30.35	20.9 %	26.32	11.1 %	0.15
2010	162.98	4.8 %	111.58	7.6 %	96.62	4.2 %	0.54
Q1 2011	53.38	38.3 %	33.60	25.4 %	28.60	25.3 %	0.16
Q2 2011	48.86	18.3 %	37.06	28.7 %	32.83	24.0 %	0.18
Q3 2011	47.25	19.4 %	35.04	36.6 %	32.25	53.5 %	0.18
Q4 2011	47.46	9.1 %	36.21	19.3 %	36.49	38.7 %	0.21
2011	196.94	20.8 %	141.91	27.2 %	130.17	34.7 %	0.73
Q1 2012	140.64	163.5 %	97.08	189.0 %	93.30	226.2 %	0.52
Q2 2012	53.55	9.6 %	40.06	8.1 %	35.74	8.9 %	0.20
Q3 2012	45.39	(3.9 %)	33.36	(4.8 %)	28.69	(11.0 %)	0.16
Q4 2012	107.84	127.2 %	79.74	120.2 %	71.20	95.1 %	0.40
2012	347.41	76.4 %	250.24	76.3 %	228.94	75.9 %	1.29
Q1 2013	167.04	18.8 %	121.28	24.9 %	114.98	23.2 %	0.65
Q2 2013	67.62	26.3 %	51.52	28.6 %	48.73	36.3 %	0.27
Q3 2013	59.06	30.1 %	43.56	30.6 %	40.67	41.7 %	0.23
Q4 2013	62.13	(42.4 %)	46.45	(41.7 %)	45.32	(36.4 %)	0.25
2013	355.85	2.4 %	262.82	5.0 %	249.69	9.1 %	1.40
Q1 2014	75.29	(54.9 %)	54.43	(55.1 %)	51.43	(55.3 %)	0.29
Q2 2014	66.70	(1.4 %)	50.01	(2.9 %)	47.03	(3.5 %)	0.26
Q3 2014	53.06	(10.2 %)	40.53	(7.0 %)	37.47	(7.8 %)	0.21

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2004	110.63	(74.7 %)	53.01	(56.0 %)	42.64	(62.4 %)	0.24
2005	106.06	(4.1 %)	66.69	25.8 %	61.67	44.6 %	0.35
2006	110.24	3.9 %	68.17	2.2 %	62.84	1.9 %	0.35
2007	127.48	15.6 %	77.95	14.3 %	70.73	12.6 %	0.40
2008	140.28	10.0 %	89.80	15.2 %	79.18	11.9 %	0.45
2009	155.49	10.8 %	103.69	15.5 %	92.74	17.1 %	0.52
2010	162.98	4.8 %	111.58	7.6 %	96.62	4.2 %	0.54
2011	196.94	20.8 %	141.91	27.2 %	130.17	34.7 %	0.73
2012	347.41	76.4 %	250.24	76.3 %	228.94	75.9 %	1.29
2013	355.85	2.4 %	262.82	5.0 %	249.69	9.1 %	1.40

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2004	47.92 %	49.95 %	38.54 %
2005	62.87 %	64.71 %	58.14 %
2006	61.84 %	64.09 %	57.00 %
2007	61.15 %	63.74 %	55.48 %
2008	64.02 %	66.75 %	56.44 %
2009	66.69 %	70.07 %	59.64 %
2010	68.46 %	71.60 %	59.29 %
2011	72.06 %	74.87 %	66.10 %
2012	72.03 %	72.56 %	65.90 %
2013	73.86 %	75.57 %	70.17 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	62.88 %	66.07 %	53.20 %
Q2 2005	66.37 %	69.06 %	60.49 %
Q3 2005	57.48 %	65.49 %	53.55 %
Q4 2005	64.75 %	58.14 %	64.69 %
Q1 2006	62.14 %	66.38 %	69.97 %
Q2 2006	62.83 %	64.85 %	51.84 %
Q3 2006	59.03 %	62.68 %	45.51 %
Q4 2006	63.32 %	62.73 %	61.32 %
Q1 2007	61.34 %	64.54 %	55.86 %
Q2 2007	64.57 %	64.81 %	57.59 %
Q3 2007	59.13 %	63.56 %	52.93 %
Q4 2007	59.79 %	62.29 %	55.56 %
Q1 2008	62.12 %	66.65 %	56.65 %
Q2 2008	63.04 %	66.84 %	57.17 %
Q3 2008	65.62 %	70.45 %	59.92 %
Q4 2008	65.12 %	62.90 %	51.86 %
Q1 2009	67.32 %	69.37 %	58.84 %
Q2 2009	67.39 %	68.80 %	58.23 %
Q3 2009	68.00 %	72.74 %	60.99 %
Q4 2009	64.07 %	69.31 %	60.48 %
Q1 2010	69.39 %	71.24 %	59.14 %
Q2 2010	69.68 %	73.83 %	64.06 %
Q3 2010	64.83 %	69.53 %	53.10 %
Q4 2010	69.78 %	71.67 %	60.51 %
Q1 2011	62.94 %	63.39 %	53.58 %
Q2 2011	75.86 %	79.39 %	67.20 %
Q3 2011	74.16 %	78.70 %	68.25 %
Q4 2011	76.31 %	79.33 %	76.90 %
Q1 2012	69.03 %	67.84 %	66.34 %
Q2 2012	74.80 %	77.48 %	66.74 %
Q3 2012	73.51 %	75.85 %	63.22 %
Q4 2012	73.94 %	74.89 %	66.03 %
Q1 2013	72.61 %	71.93 %	68.83 %
Q2 2013	76.19 %	79.22 %	72.06 %
Q3 2013	73.76 %	78.09 %	68.86 %
Q4 2013	74.76 %	79.02 %	72.94 %
Q1 2014	72.30 %	74.60 %	68.32 %
Q2 2014	74.97 %	77.86 %	70.51 %
Q3 2014	76.39 %	79.90 %	70.63 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2004	177.78	0.24	0.24	7.21
2005	177.78	0.35	0.35	7.58
2006	177.78	0.35	0.35	7.62
2007	177.78	0.40	0.40	7.74
2008	177.78	0.45	0.45	7.90
2009	177.78	0.52	0.52	8.00
2010	177.78	0.54	0.54	8.26
2011	177.78	0.73	0.73	8.42
2012	177.78	1.29	1.29	8.63
2013	177.78	1.40	1.40	9.46

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2005	More than 50	More than 50	1.81
Q2 2005	More than 50	More than 50	2.74
Q3 2005	More than 50	More than 50	3.34
Q4 2005	More than 50	More than 50	6.37
Q1 2006	More than 50	More than 50	4.27
Q2 2006	More than 50	More than 50	3.92
Q3 2006	More than 50	More than 50	3.76
Q4 2006	30.64	30.64	1.42
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

Period	P/E	Adjusted P/E	Price/book
2004	More than 50	More than 50	2.01
2005	More than 50	More than 50	6.37
2006	30.64	30.64	1.42
2007	34.66	34.66	1.78
2008	12.26	12.26	0.69
2009	12.94	12.94	0.84
2010	15.53	15.53	1.02
2011	17.40	17.40	1.51
2012	9.99	9.99	1.49
2013	11.30	11.30	1.68

Business Segments (Million)

Compared With The

Period	Commercial Centers Sector	Rental 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	8.50	-	-
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	-	-

Period	Commercial Centers Sector	Rental sector	Sale of Land and Contributions Sector	Joint Assets and liabilities
2009	121.81	32.89	0.78	-
2010	127.88	33.89	1.20	-
2011	144.82	40.57	11.55	-
2012	139.27	46.25	161.90	-
2013	125.82	76.80	153.22	-

Financial Ratios

	Current
Market Cap (M Riyal)	4,284.50
Enterprise Value (EV) (M)	3,296.61
Shares Outstanding ((M))	177.78
EPS ( Riyal) (TTM)	1.74
Book Value (BV) ( Riyal)	13.79
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	13.45
P/E (TTM)	13.84
Price/book	1.75
Return on Average Assets (%) (TTM)	11.3
Return on Average Equity (%) (TTM)	13.2

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Arriyadh Development’s net profit down 34% to SAR 135.9m for the first nine months of 2014

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Share Price

Arriyadh Development Co. (ARDCO)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2014 Q3

Financial Ratios

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Arriyadh Development’s net profit down 34% to SAR 135.9m for the first nine months of 2014

View other reports

Share Price

Arriyadh Development Co. (ARDCO)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2014

Revenue by Business Segment (Latest) 2014 Q3

Financial Ratios

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Business Segments (Million)