Al Akaria suffers SAR 183 mln loss in FY18

11/04/2019 Argaam Exclusive

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Share Price

20.40
(0.24) (1.16 %)

Saudi Real Estate Co. (ALAKARIA)

Saudi Real Estate Co. (Al Akaria) incurred net loss after zakat and tax of SAR 183 million for the fiscal year 2018, versus net profit of SAR 132 million a year earlier, backed by a 5 percent decline in sales and higher cost of revenue.



Financials (M)

Item 2017 2018 Change‬
Revenues 315.01 296.57 (5.9 %)
Gross Income 209.91 185.20 (11.8 %)
Operating Income 143.99 39.04 (72.9 %)
Net Income 132.48 (183.07) (238.2 %)
Average Shares 276.53 276.53 -
EPS (Riyals) 0.48 (0.66) (238.2 %)

Operating profit also declined by 73 percent due to higher general and administrative expenses (G&As) as the company boosted investments in affiliates.

 

Last year, the Saudi realty firm implemented IFRS 9 which resulted in SAR 240 million in provisions for asset impairment.



Current Quarter Comparison (M)

Compared With The
Item Q4 2017 Q4 2018 Change‬
Revenues 77.63 64.14 (17.4 %)
Gross Income 52.01 36.56 (29.7 %)
Operating Income 29.01 (19.17) (166.1 %)
Net Income 39.91 (270.64) (778.2 %)
Average Shares 276.53 276.53 -
EPS (Riyals) 0.14 (0.98) (778.2 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2009 43.92 (7.8 %) 30.13 3.0 % 31.02 9.3 % 0.11
Q2 2009 42.00 (54.0 %) 25.27 (45.3 %) 21.22 (52.8 %) 0.08
Q3 2009 41.87 (1.4 %) 24.89 (3.1 %) 19.80 (37.0 %) 0.07
Q4 2009 43.43 (0.2 %) 28.11 8.2 % 20.58 67.2 % 0.07
Q1 2010 50.04 13.9 % 33.22 10.3 % 30.68 (1.1 %) 0.11
Q2 2010 45.11 7.4 % 24.80 (1.8 %) 2.60 (87.8 %) 0.01
Q3 2010 58.86 40.6 % 38.27 53.8 % 33.05 66.9 % 0.12
Q4 2010 278.15 540.4 % 167.46 495.7 % 116.81 467.6 % 0.42
Q1 2011 69.62 39.1 % 45.22 36.1 % 30.16 (1.7 %) 0.11
Q2 2011 59.10 31.0 % 39.59 59.6 % 25.14 868.0 % 0.09
Q3 2011 59.12 0.5 % 38.06 (0.6 %) 33.80 2.3 % 0.12
Q4 2011 76.82 (72.4 %) 56.95 (66.0 %) 60.62 (48.1 %) 0.22
Q1 2012 60.60 (13.0 %) 42.03 (7.1 %) 38.18 26.6 % 0.14
Q2 2012 60.49 2.3 % 40.11 1.3 % 37.16 47.8 % 0.13
Q3 2012 141.32 139.0 % 52.31 37.4 % 47.24 39.8 % 0.17
Q4 2012 62.87 (18.2 %) 43.88 (22.9 %) 56.76 (6.4 %) 0.21
Q1 2013 63.21 4.3 % 45.69 8.7 % 42.15 10.4 % 0.15
Q2 2013 62.73 3.7 % 41.47 3.4 % 19.27 (48.2 %) 0.07
Q3 2013 67.11 (52.5 %) 46.80 (10.5 %) 36.21 (23.3 %) 0.13
Q4 2013 65.77 4.6 % 47.44 8.1 % 58.39 2.9 % 0.21
Q1 2014 63.76 0.9 % 43.68 (4.4 %) 37.47 (11.1 %) 0.14
Q2 2014 64.88 3.4 % 45.30 9.2 % 48.03 149.3 % 0.17
Q3 2014 68.08 1.5 % 46.94 0.3 % 61.27 69.2 % 0.22
Q4 2014 144.51 119.7 % 117.48 147.6 % 132.20 126.4 % 0.48
Q1 2015 67.20 5.4 % 46.39 6.2 % 43.12 15.1 % 0.16
Q2 2015 68.49 5.6 % 46.06 1.7 % 36.72 (23.5 %) 0.13
Q3 2015 70.90 4.1 % 50.09 6.7 % 38.37 (37.4 %) 0.14
Q4 2015 72.30 (50.0 %) 52.38 (55.4 %) 29.42 (77.7 %) 0.11
Q1 2016 72.63 8.1 % 50.41 8.7 % 25.59 (40.7 %) 0.09
Q2 2016 74.65 9.0 % 50.42 9.5 % 42.75 16.4 % 0.15
Q3 2016 77.67 9.5 % 48.99 (2.2 %) 36.19 (5.7 %) 0.13
Q4 2016 89.52 23.8 % 66.52 27.0 % (21.76) (174.0 %) (0.08)
Q1 2017 78.60 8.2 % 52.38 3.9 % 47.76 86.6 % 0.17
Q2 2017 78.65 5.4 % 53.06 5.2 % 20.71 (51.6 %) 0.07
Q3 2017 80.13 3.2 % 52.47 7.1 % 21.36 (41.0 %) 0.08
Q4 2017 77.63 (13.3 %) 52.01 (21.8 %) 39.91 283.4 % 0.14
Q1 2018 80.29 2.2 % 54.12 3.3 % 44.64 (6.5 %) 0.16
Q2 2018 83.12 5.7 % 58.50 10.3 % 30.27 46.1 % 0.11
Q3 2018 69.02 (13.9 %) 36.03 (31.3 %) 12.67 (40.7 %) 0.05
Q4 2018 64.14 (17.4 %) 36.56 (29.7 %) (270.64) (778.2 %) (0.98)
2018 296.57 (5.9 %) 185.20 (11.8 %) (183.07) (238.2 %) (0.66)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
2018 62.45 % 34.38 % 6.84 %


Per Share Data (Riyal)

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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 26.33 26.33 1.02
Q2 2009 40.63 40.63 1.29
Q3 2009 More than 50 More than 50 1.45
Q4 2009 45.33 45.33 1.37
Q1 2010 45.67 45.67 1.36
Q2 2010 More than 50 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 More than 50 More than 50 1.24
Q1 2017 32.25 34.30 0.96
Q2 2017 41.10 46.36 0.98
Q3 2017 48.86 More than 50 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 50 1.26

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 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 - -
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 - - - - -

Analysts Estimates (Million)

Item Q4 2018 (e) Q4 2018 (a) Change‬
Average 16.00 (270.64) (1791.5 %)

Estimates vs Actual (Million)

Item Q4 2018 (e) Q4 2018 (a) Change
SNB Capital 16.00 (270.64) (1791.5) %

Current
Market Cap (M Riyal) 7,650.00
Enterprise Value (EV) (M) 10,000.63
Shares Outstanding ((M)) 375.00
EPS ( Riyal) (TTM) 0.16
Book Value (BV) ( Riyal) 12.74
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 50
P/E (TTM) More than 50
Price/book 1.60
Return on Average Assets (%) (TTM) 0.7
Return on Average Equity (%) (TTM) 1.3

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