ARDCO’s net profit down 14% in 9M 2019

31/10/2019 Argaam Exclusive

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Arriyadh Development Co. (ARDCO)

Arriyadh Development Co. (ARDCO) reported a net profit of SAR 133.8 million for the first nine months of 2019, a 14 percent, year on year decline, on lower sales of leasing segment despite the increase of other revenue.

Financials (M)

Item	9m 2018	9m 2019	Change‬
Revenues	217.14	-	-
Gross Income	165.02	-	-
Operating Income	154.61	-	-
Net Income	155.55	-	-
Average Shares	177.78	-	-
EPS (Riyals)	0.87	-	-

The company reported a net profit of SAR 40.9 million a 19.6 percent decline compared to the same period last year.

When compared to previous quarter, net profit of Q3 fell 18.3 percent attributed to lower operating segment revenue and higher general & administrative expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2018	Q3 2019	Change‬
Revenues	71.04	-	-
Gross Income	53.57	-	-
Operating Income	50.13	-	-
Net Income	50.82	-	-
Average Shares	177.78	-	-
EPS (Riyals)	0.29	-	-

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q4 2014	56.25	(9.5 %)	43.55	(6.2 %)	53.43	17.9 %	0.30
2014	251.29	(29.4 %)	188.52	(28.3 %)	189.37	(24.2 %)	1.07
Q1 2015	100.06	32.9 %	76.97	41.4 %	71.19	38.4 %	0.40
Q2 2015	99.63	49.4 %	76.78	53.5 %	70.80	50.5 %	0.40
Q3 2015	107.71	103.0 %	83.17	105.2 %	67.91	81.2 %	0.38
Q4 2015	117.91	109.6 %	96.57	121.7 %	84.52	58.2 %	0.48
2015	425.31	69.3 %	333.48	76.9 %	294.43	55.5 %	1.66
Q1 2016	73.13	(26.9 %)	57.99	(24.7 %)	54.15	(23.9 %)	0.30
Q2 2016	1,038.58	942.5 %	139.95	82.3 %	132.80	87.6 %	0.75
Q3 2016	59.17	(45.1 %)	46.08	(44.6 %)	36.65	(46.0 %)	0.21
Q4 2016	64.89	(45.0 %)	53.63	(44.5 %)	37.64	(55.5 %)	0.21
2016	1,235.76	190.6 %	297.65	(10.7 %)	261.23	(11.3 %)	1.47
Q1 2017	63.27	(13.5 %)	51.06	(12.0 %)	43.29	(20.1 %)	0.24
Q2 2017	67.11	(93.5 %)	54.32	(61.2 %)	45.95	(65.4 %)	0.26
Q3 2017	60.19	1.7 %	47.72	3.5 %	45.64	24.5 %	0.26
Q4 2017	123.52	90.4 %	94.75	76.7 %	88.00	133.8 %	0.49
2017	314.09	(74.6 %)	247.85	(16.7 %)	222.34	(14.9 %)	1.25
Q1 2018	71.73	13.4 %	54.66	7.0 %	51.41	18.8 %	0.29
Q2 2018	74.37	10.8 %	56.79	4.5 %	53.12	15.6 %	0.30
Q3 2018	71.04	18.0 %	53.57	12.3 %	50.82	11.3 %	0.29
Q4 2018	65.85	(46.7 %)	50.34	(46.9 %)	48.38	(45.0 %)	0.27
2018	282.99	(9.9 %)	215.36	(13.1 %)	203.93	(8.3 %)	1.15
Q1 2019	-	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-	-

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2014	251.29	(29.4 %)	188.52	(28.3 %)	189.37	(24.2 %)	1.07
2015	425.31	69.3 %	333.48	76.9 %	294.43	55.5 %	1.66
2016	1,235.76	190.6 %	297.65	(10.7 %)	261.23	(11.3 %)	1.47
2017	314.09	(74.6 %)	247.85	(16.7 %)	222.34	(14.9 %)	1.25
2018	282.99	(9.9 %)	215.36	(13.1 %)	203.93	(8.3 %)	1.15

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2014	75.02 %	77.94 %	75.36 %
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 %
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 %
Q4 2016	24.09 %	24.18 %	21.14 %
2016	24.09 %	24.18 %	21.14 %
Q1 2017	23.71 %	23.88 %	20.42 %
Q2 2017	80.60 %	81.97 %	64.27 %
Q3 2017	80.92 %	82.74 %	67.53 %
Q4 2017	78.91 %	83.93 %	70.96 %
2017	78.91 %	83.93 %	70.79 %
Q1 2018	77.95 %	83.49 %	71.62 %
Q2 2018	76.99 %	82.92 %	72.21 %
Q3 2018	76.25 %	82.75 %	71.43 %
Q4 2018	76.10 %	81.81 %	71.99 %
2018	76.10 %	81.88 %	72.06 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2014	75.02 %	77.94 %	75.36 %
2015	78.41 %	79.29 %	73.57 %
2016	24.09 %	24.18 %	21.14 %
2017	78.91 %	83.93 %	70.79 %
2018	76.10 %	81.88 %	72.06 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2014	77.44 %	80.66 %	94.99 %
Q1 2015	76.93 %	77.24 %	71.15 %
Q2 2015	77.06 %	77.29 %	71.06 %
Q3 2015	77.21 %	78.56 %	72.68 %
Q4 2015	81.90 %	83.39 %	78.54 %
Q1 2016	79.30 %	80.51 %	74.04 %
Q2 2016	13.47 %	13.51 %	12.79 %
Q3 2016	77.89 %	79.88 %	61.95 %
Q4 2016	82.65 %	80.68 %	58.01 %
Q1 2017	80.69 %	83.51 %	68.41 %
Q2 2017	80.94 %	83.61 %	68.47 %
Q3 2017	79.28 %	83.20 %	75.83 %
Q4 2017	76.71 %	84.68 %	71.24 %
Q1 2018	76.19 %	81.59 %	71.66 %
Q2 2018	76.37 %	81.07 %	71.43 %
Q3 2018	75.41 %	82.33 %	71.53 %
Q4 2018	76.45 %	82.33 %	73.47 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q4 2016	177.78	1.47	1.47	10.66
Q1 2017	177.78	1.41	1.41	10.90
Q2 2017	177.78	0.92	0.92	10.47
Q3 2017	177.78	0.97	0.97	10.43
Q4 2017	177.78	1.25	1.25	11.05
Q1 2018	177.78	1.30	1.30	11.29
Q2 2018	177.78	1.34	1.34	10.93
Q3 2018	177.78	1.37	1.37	10.66
Q4 2018	177.78	1.15	1.15	11.63
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	-	-	-	-

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2014	177.78	1.07	1.07	9.61
2015	177.78	1.66	1.76	10.56
2016	177.78	1.47	1.47	10.66
2017	177.78	1.25	1.25	11.05
2018	177.78	1.15	1.15	11.63

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q4 2016	11.61	11.61	1.60
Q1 2017	11.42	11.42	1.48
Q2 2017	16.09	16.09	1.41
Q3 2017	13.98	13.98	1.30
Q4 2017	11.17	11.17	1.27
Q1 2018	11.51	11.51	1.33
Q2 2018	9.98	9.98	1.22
Q3 2018	8.78	8.78	1.13
Q4 2018	11.48	11.48	1.13
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-

Period	P/E	Adjusted P/E	Price/book
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
2014	14.36	14.36	1.59
2015	8.30	7.81	1.30
2016	11.61	11.61	1.60
2017	11.19	11.19	1.27
2018	11.47	11.47	1.13

Business Segments (Million)

Compared With The

Period	Commercial Centers Sector	Rental sector	Sale of Land and Contributions Sector	Joint Assets and liabilities
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	-	-
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	-	-
Q4 2016	41.57	23.32	-	-
Q1 2017	41.17	22.11	-	-
Q2 2017	44.61	22.51	-	-
Q3 2017	37.50	22.69	-	-
Q4 2017	40.05	47.36	36.11	-
Q1 2018	37.07	34.66	-	-
Q2 2018	39.02	35.34	-	-
Q3 2018	36.02	35.02	-	-
Q4 2018	36.10	29.75	-	-
Q1 2019	36.37	25.16	-	-
Q2 2019	38.40	25.90	-	-
Q3 2019	34.74	26.48	-	-

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	-
2014	129.23	81.14	40.92	-
2015	136.67	92.36	196.28	-
2016	152.85	90.73	992.18	-
2017	163.32	114.67	36.11	-
2018	148.22	134.77	-	-

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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ARDCO’s net profit down 14% in 9M 2019

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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) 2019 Q3

Financial Ratios

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ARDCO’s net profit down 14% in 9M 2019

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 2019

Revenue by Business Segment (Latest) 2019 Q3

Financial Ratios

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Business Segments (Million)