Al Hokair Group widens losses in 9M 2019

29/10/2019 Argaam Exclusive

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Abdulmohsen Alhokair Group for Tourism and Development (Al Hokair Group) widened losses after zakat and tax to SAR 46.96 million for the first nine months of 2019, compared to net losses of SAR 2.57 million in year-earlier period.

The losses resulted due to lower revenues, fierce competition, lower average daily room rate, increased financial charges, and lower profit share from joint ventures.

Financials (M)

Item	9m 2018	9m 2019	Change‬
Revenues	894.13	861.51	(3.6 %)
Gross Income	202.45	226.86	12.1 %
Operating Income	(7.95)	28.32	456.3 %
Net Income	(2.49)	(46.96)	(1,786.5 %)
Average Shares	226.54	226.54	-
EPS (Riyals)	(0.01)	(0.21)	(1,786.5 %)

Al Hokair incurred net losses after zakat and tax of SAR 15.52 million in Q3 2019, versus net profit of SAR 1.93 million in a year-earlier period, due to lower revenues and increased market competition.

On a sequential basis, the company swung to losses in Q3 2019.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2018	Q3 2019	Change‬
Revenues	315.52	301.85	(4.3 %)
Gross Income	75.35	82.85	10.0 %
Operating Income	0.64	13.46	2006.4 %
Net Income	1.93	(15.52)	(904.9 %)
Average Shares	226.54	226.54	-
EPS (Riyals)	0.01	(0.07)	(904.9 %)

Item	Q2 2019	Q3 2019	Change‬
Revenues	298.93	301.85	1.0 %
Gross Income	84.31	82.85	(1.7 %)
Operating Income	18.16	13.46	(25.9 %)
Net Income	0.63	(15.52)	(2582.9 %)
Average Shares	226.54	226.54	-
EPS (Riyals)	0.00	(0.07)	(2582.9 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2010	-	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-	-
2010	649.04	-	228.42	-	139.13	-	0.61
Q1 2011	-	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-	-
2011	722.59	11.3 %	275.74	20.7 %	175.78	26.3 %	0.78
Q1 2012	184.33	-	75.34	-	49.82	-	0.22
Q2 2012	199.62	-	82.19	-	53.21	-	0.23
Q3 2012	193.78	-	73.93	-	47.01	-	0.21
Q4 2012	192.62	-	64.59	-	29.92	-	0.13
2012	770.35	6.6 %	294.93	7.0 %	178.85	1.7 %	0.79
Q1 2013	218.12	18.3 %	83.27	10.5 %	47.79	(4.1 %)	0.21
Q2 2013	231.99	16.2 %	89.12	8.4 %	54.24	1.9 %	0.24
Q3 2013	217.19	12.1 %	69.53	(6.0 %)	32.55	(30.8 %)	0.14
Q4 2013	212.90	10.5 %	84.28	30.5 %	60.91	103.6 %	0.27
2013	880.06	14.2 %	325.86	10.5 %	195.65	9.4 %	0.86
Q1 2014	232.60	6.6 %	90.43	8.6 %	52.06	8.9 %	0.23
Q2 2014	241.06	3.9 %	88.93	(0.2 %)	51.61	(4.8 %)	0.23
Q3 2014	245.49	13.0 %	90.59	30.3 %	42.58	30.8 %	0.19
Q4 2014	232.47	9.2 %	86.37	2.5 %	50.24	(17.5 %)	0.22
2014	951.62	8.1 %	356.31	9.3 %	196.49	0.4 %	0.87
Q1 2015	278.05	19.5 %	113.50	25.5 %	57.60	10.6 %	0.25
Q2 2015	275.62	14.3 %	97.93	10.1 %	43.08	(16.5 %)	0.19
Q3 2015	316.63	29.0 %	118.98	31.3 %	57.20	34.3 %	0.25
Q4 2015	275.59	18.5 %	91.39	5.8 %	31.90	(36.5 %)	0.14
2015	1,145.90	20.4 %	421.80	18.4 %	189.78	(3.4 %)	0.84
Q1 2016	297.81	7.1 %	106.25	(6.4 %)	49.16	(14.7 %)	0.22
Q2 2016	279.87	1.5 %	82.22	(16.0 %)	16.50	(61.7 %)	0.07
Q3 2016	336.89	6.4 %	123.75	4.0 %	55.80	(2.5 %)	0.25
Q4 2016	258.96	(6.0 %)	61.95	(32.2 %)	4.85	(84.8 %)	0.02
2016	1,173.53	2.4 %	374.16	(11.3 %)	126.31	(33.4 %)	0.56
Q1 2017	258.31	(13.3 %)	64.45	(39.3 %)	7.99	(83.7 %)	0.04
Q2 2017	289.40	3.4 %	77.59	(5.6 %)	14.83	(10.1 %)	0.07
Q3 2017	316.08	(6.2 %)	79.58	(35.7 %)	9.00	(83.9 %)	0.04
Q4 2017	260.30	0.5 %	46.90	(24.3 %)	(23.14)	(577.2 %)	(0.10)
2017	1,124.09	(4.2 %)	268.52	(28.2 %)	8.69	(93.1 %)	0.04
Q1 2018	271.00	4.9 %	56.98	(11.6 %)	(7.52)	(194.1 %)	(0.03)
Q2 2018	307.62	6.3 %	70.13	(9.6 %)	3.10	(79.1 %)	0.01
Q3 2018	315.52	(0.2 %)	75.35	(5.3 %)	1.93	(78.6 %)	0.01
Q4 2018	256.82	(1.3 %)	25.07	(46.5 %)	(73.56)	(217.9 %)	(0.32)
2018	1,150.95	2.4 %	227.53	(15.3 %)	(76.05)	(975.4 %)	(0.34)
Q1 2019	260.73	(3.8 %)	59.70	4.8 %	(32.06)	(326.3 %)	(0.14)
Q2 2019	298.93	(2.8 %)	84.31	20.2 %	0.63	(79.9 %)	0.00
Q3 2019	301.85	(4.3 %)	82.85	10.0 %	(15.52)	(904.9 %)	(0.07)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2009	-	-	-	-	-	-	-
2010	649.04	-	228.42	-	139.13	-	0.61
2011	722.59	11.3 %	275.74	20.7 %	175.78	26.3 %	0.78
2012	770.35	6.6 %	294.93	7.0 %	178.85	1.7 %	0.79
2013	880.06	14.2 %	325.86	10.5 %	195.65	9.4 %	0.86
2014	951.62	8.1 %	356.31	9.3 %	196.49	0.4 %	0.87
2015	1,145.90	20.4 %	421.80	18.4 %	189.78	(3.4 %)	0.84
2016	1,173.53	2.4 %	374.16	(11.3 %)	126.31	(33.4 %)	0.56
2017	1,124.09	(4.2 %)	268.52	(28.2 %)	8.69	(93.1 %)	0.04
2018	1,150.95	2.4 %	227.53	(15.3 %)	(76.05)	(975.4 %)	(0.34)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	35.19 %	31.41 %	19.88 %
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
2011	38.16 %	34.38 %	24.33 %
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	38.43 %	32.12 %	23.36 %
2012	38.29 %	31.98 %	23.22 %
Q1 2013	37.80 %	30.93 %	22.13 %
Q2 2013	37.17 %	30.50 %	21.39 %
Q3 2013	35.64 %	28.73 %	19.13 %
Q4 2013	37.06 %	30.45 %	21.67 %
2013	37.03 %	30.42 %	21.70 %
Q1 2014	37.26 %	30.38 %	21.80 %
Q2 2014	36.86 %	29.92 %	21.29 %
Q3 2014	38.00 %	30.38 %	21.72 %
Q4 2014	37.44 %	30.06 %	20.65 %
2014	37.44 %	30.06 %	20.65 %
Q1 2015	38.05 %	29.92 %	20.26 %
Q2 2015	37.65 %	28.14 %	18.76 %
Q3 2015	37.79 %	28.23 %	18.87 %
Q4 2015	36.81 %	25.81 %	16.56 %
2015	36.81 %	25.81 %	16.56 %
Q1 2016	35.56 %	25.04 %	15.56 %
Q2 2016	34.09 %	23.40 %	13.23 %
Q3 2016	33.91 %	23.53 %	12.89 %
Q4 2016	31.88 %	22.41 %	10.76 %
2016	31.88 %	22.41 %	10.76 %
Q1 2017	29.31 %	20.02 %	7.51 %
Q2 2017	28.66 %	19.98 %	7.30 %
Q3 2017	25.26 %	16.11 %	3.27 %
Q4 2017	23.89 %	14.34 %	0.77 %
2017	23.89 %	14.34 %	0.77 %
Q1 2018	22.96 %	13.34 %	(0.60 %)
Q2 2018	21.96 %	12.32 %	(1.61 %)
Q3 2018	21.60 %	12.11 %	(2.22 %)
Q4 2018	19.77 %	10.15 %	(4.48 %)
2018	19.77 %	10.15 %	(4.48 %)
Q1 2019	20.19 %	14.96 %	(6.67 %)
Q2 2019	21.59 %	21.47 %	(6.94 %)
Q3 2019	22.53 %	27.37 %	(8.59 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2009	-	-	-
2010	35.19 %	31.41 %	19.88 %
2011	38.16 %	34.38 %	24.33 %
2012	38.29 %	31.98 %	23.22 %
2013	37.03 %	30.42 %	21.70 %
2014	37.44 %	30.06 %	20.65 %
2015	36.81 %	25.81 %	16.56 %
2016	31.88 %	22.41 %	10.76 %
2017	23.89 %	14.34 %	0.77 %
2018	19.77 %	10.15 %	(4.48 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	40.87 %	35.88 %	27.03 %
Q2 2012	41.17 %	34.12 %	26.65 %
Q3 2012	38.15 %	31.85 %	24.26 %
Q4 2012	33.53 %	26.72 %	15.53 %
Q1 2013	38.18 %	30.91 %	21.91 %
Q2 2013	38.42 %	32.12 %	23.38 %
Q3 2013	32.01 %	24.71 %	14.99 %
Q4 2013	39.59 %	34.01 %	26.39 %
Q1 2014	38.88 %	30.60 %	22.38 %
Q2 2014	36.89 %	30.35 %	21.41 %
Q3 2014	36.90 %	27.06 %	17.35 %
Q4 2014	37.15 %	32.40 %	21.61 %
Q1 2015	40.82 %	29.99 %	20.72 %
Q2 2015	35.53 %	23.64 %	15.63 %
Q3 2015	37.58 %	27.59 %	18.07 %
Q4 2015	33.16 %	21.71 %	11.58 %
Q1 2016	35.68 %	26.68 %	16.51 %
Q2 2016	29.38 %	16.82 %	5.90 %
Q3 2016	36.73 %	27.80 %	16.56 %
Q4 2016	23.92 %	16.51 %	1.87 %
Q1 2017	24.95 %	16.84 %	3.09 %
Q2 2017	26.81 %	16.78 %	5.13 %
Q3 2017	25.18 %	14.58 %	2.85 %
Q4 2017	18.02 %	8.87 %	(8.89 %)
Q1 2018	21.03 %	12.52 %	(2.78 %)
Q2 2018	22.80 %	12.74 %	1.01 %
Q3 2018	23.88 %	13.80 %	0.61 %
Q4 2018	9.76 %	0.07 %	(19.10 %)
Q1 2019	22.90 %	33.66 %	(12.30 %)
Q2 2019	28.20 %	37.30 %	0.21 %
Q3 2019	27.45 %	35.34 %	(5.14 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2010	-	-	-	-
Q2 2010	-	-	-	-
Q3 2010	-	-	-	-
Q4 2010	-	-	-	-
Q1 2011	-	-	-	-
Q2 2011	-	-	-	-
Q3 2011	-	-	-	-
Q4 2011	-	-	-	-
Q1 2012	226.54	-	-	3.83
Q2 2012	226.54	-	-	2.54
Q3 2012	226.54	-	-	2.74
Q4 2012	226.54	0.79	0.79	2.48
Q1 2013	226.54	0.79	0.79	2.70
Q2 2013	226.54	0.79	0.79	2.94
Q3 2013	226.54	0.73	0.73	3.08
Q4 2013	226.54	0.86	0.84	3.35
Q1 2014	226.54	0.88	0.86	3.27
Q2 2014	226.54	0.87	0.85	3.20
Q3 2014	226.54	0.91	0.89	3.08
Q4 2014	226.54	0.87	0.87	3.13
Q1 2015	226.54	0.89	0.89	3.39
Q2 2015	226.54	0.85	0.85	3.27
Q3 2015	226.54	0.92	0.92	3.53
Q4 2015	226.54	0.84	0.84	3.36
Q1 2016	226.54	0.80	0.80	2.95
Q2 2016	226.54	0.68	0.68	3.02
Q3 2016	226.54	0.68	0.68	3.11
Q4 2016	226.54	0.56	0.56	3.08
Q1 2017	226.54	0.38	0.38	3.07
Q2 2017	226.54	0.37	0.37	3.13
Q3 2017	226.54	0.16	0.16	3.17
Q4 2017	226.54	0.04	0.04	2.96
Q1 2018	226.54	(0.03)	(0.03)	2.88
Q2 2018	226.54	(0.08)	(0.08)	2.89
Q3 2018	226.54	(0.11)	(0.11)	2.90
Q4 2018	226.54	(0.34)	(0.23)	2.57
Q1 2019	226.54	(0.44)	(0.34)	2.43
Q2 2019	226.54	(0.45)	(0.35)	2.43
Q3 2019	226.54	(0.53)	(0.42)	2.36

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2009	-	-	-	-
2010	226.54	0.61	0.57	2.87
2011	226.54	0.78	0.78	3.65
2012	226.54	0.79	0.79	2.48
2013	226.54	0.86	0.84	3.35
2014	226.54	0.87	0.87	3.13
2015	226.54	0.84	0.84	3.36
2016	226.54	0.56	0.56	3.08
2017	226.54	0.04	0.04	2.96
2018	226.54	(0.34)	(0.23)	2.57

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	23.07	23.63	6.27
Q3 2014	28.78	29.46	8.54
Q4 2014	20.68	20.68	5.73
Q1 2015	24.39	24.39	6.42
Q2 2015	29.97	29.97	7.82
Q3 2015	22.79	22.79	5.94
Q4 2015	23.77	23.77	5.92
Q1 2016	16.51	16.51	4.47
Q2 2016	17.99	17.99	4.07
Q3 2016	10.59	10.59	2.30
Q4 2016	20.76	20.76	3.75
Q1 2017	25.78	25.78	3.15
Q2 2017	24.63	24.63	2.90
Q3 2017	59.10	59.10	3.02
Q4 2017	More than 100	More than 100	2.52
Q1 2018	NEG	NEG	2.21
Q2 2018	NEG	NEG	2.40
Q3 2018	NEG	NEG	2.03
Q4 2018	NEG	NEG	2.03
Q1 2019	NEG	NEG	2.13
Q2 2019	NEG	NEG	1.75
Q3 2019	NEG	NEG	1.90

Period	P/E	Adjusted P/E	Price/book
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	20.68	20.68	5.73
2015	23.77	23.77	5.92
2016	20.76	20.76	3.75
2017	More than 100	More than 100	2.52
2018	NEG	NEG	2.03

Business Segments (Million)

Compared With The

Period	Hotels sector	Recreational centers sector	Other sectors	Disposals
Q1 2012	115.48	65.86	3.69	(0.69)
Q2 2012	130.73	65.52	4.20	(0.83)
Q3 2012	110.73	78.08	5.71	(0.74)
Q4 2012	126.00	62.92	3.46	0.24
Q1 2013	137.98	76.11	4.77	(0.74)
Q2 2013	151.69	76.30	4.76	(0.75)
Q3 2013	127.96	84.80	5.05	(0.76)
Q4 2013	135.45	73.43	4.97	(0.94)
Q1 2014	147.82	80.21	5.37	(0.80)
Q2 2014	158.09	78.81	4.94	(0.79)
Q3 2014	142.08	98.68	5.57	(0.84)
Q4 2014	144.34	83.69	5.28	(0.83)
Q1 2015	169.23	104.03	5.50	(0.70)
Q2 2015	177.58	93.11	5.58	(0.64)
Q3 2015	178.24	133.24	5.82	(0.67)
Q4 2015	177.93	89.39	9.14	(0.86)
Q1 2016	179.29	108.87	9.65	-
Q2 2016	174.97	96.54	8.35	-
Q3 2016	170.76	157.25	8.88	-
Q4 2016	153.81	96.23	8.92	-
Q1 2017	145.66	103.18	9.48	-
Q2 2017	165.94	114.04	9.42	-
Q3 2017	160.63	144.94	10.51	-
Q4 2017	141.06	106.92	12.32	-
Q1 2018	149.34	108.02	13.64	-
Q2 2018	183.71	109.66	14.26	-
Q3 2018	172.72	127.08	15.72	-
Q4 2018	144.26	99.06	13.50	-
Q1 2019	142.46	100.10	18.18	-
Q2 2019	158.30	123.81	16.82	-
Q3 2019	160.17	124.82	16.87	-

Period	Hotels sector	Recreational centers sector	Other sectors	Disposals
2010	383.59	255.07	14.08	(3.70)
2011	428.55	283.09	14.51	(3.55)
2012	482.93	272.38	17.06	(2.02)
2013	553.07	310.64	19.55	(3.19)
2014	592.33	341.39	21.16	(3.26)
2015	702.98	419.76	26.03	(2.87)
2016	678.83	458.89	35.80	-
2017	613.29	469.08	41.72	-
2018	650.02	443.81	57.12	-

Financial Ratios

	Current
Market Cap (M Riyal)	828.45
Enterprise Value (EV) (M)	1,304.88
Shares Outstanding ((M))	315.00
EPS ( Riyal) (TTM)	(0.16)
Book Value (BV) ( Riyal)	0.66
Par Value ( Riyal)	1.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	4.00
Return on Average Assets (%) (TTM)	(2.42 )
Return on Average Equity (%) (TTM)	(22.04 )

Abdulmohsen Alhokair Group for Tourism and Development (ALHOKAIR GROUP)

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Al Hokair Group widens losses in 9M 2019

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Financials (M)

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Financial results (Million)

Profitability

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Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

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Revenue by Business Segment (Latest) 2019 Q3

Financial Ratios

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Abdulmohsen Alhokair Group for Tourism and Development (ALHOKAIR GROUP)

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Al Hokair Group widens losses in 9M 2019

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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

Share Price

Abdulmohsen Alhokair Group for Tourism and Development (ALHOKAIR GROUP)

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