Kingdom Holding's FY15 profit drops 19% to SAR 707 mln

21/01/2016 Argaam Exclusive

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Kingdom Holding Co. (KHC) reported a net profit of SAR 707.14 million for the 2015 fiscal year; a 19 percent year-on-year (YOY) drop the company attributed to lower revenue from hotels, a decline in income from investments and an impairment provisions.

Financials (M)

Item	2014	2015	Change‬
Revenues	2,128.51	1,879.75	(11.7 %)
Gross Income	729.42	625.91	(14.2 %)
Operating Income	67.59	41.32	(38.9 %)
Net Income	869.07	707.14	(18.6 %)
Average Shares	3,705.88	3,705.88	-
EPS (Riyals)	0.23	0.19	(18.6 %)

The company’s fourth-quarter net profit tumbled 86 percent YOY to SAR 37.91 million. Profit for Q4 plunged 87 percent quarter-on-quarter on a decline in dividends income and lower revenue from its affiliate and joint venture.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2014	Q4 2015	Change‬
Revenues	553.95	441.89	(20.2 %)
Gross Income	171.75	150.54	(12.4 %)
Operating Income	(17.67)	10.21	157.8 %
Net Income	266.00	37.91	(85.7 %)
Average Shares	3,705.88	3,705.88	-
EPS (Riyals)	0.07	0.01	(85.7 %)

Item	Q3 2015	Q4 2015	Change‬
Revenues	481.76	441.89	(8.3 %)
Gross Income	176.13	150.54	(14.5 %)
Operating Income	16.66	10.21	(38.7 %)
Net Income	291.55	37.91	(87.0 %)
Average Shares	3,705.88	3,705.88	-
EPS (Riyals)	0.08	0.01	(87.0 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2006	-	-	-	-	-	-	-
Q2 2006	-	-	-	-	-	-	-
Q3 2006	-	-	-	-	-	-	-
Q4 2006	-	-	-	-	-	-	-
2006	312.48	18.9 %	131.65	41.1 %	(2.92)	82.4 %	0.00
Q1 2007	1,164.50	-	394.82	-	289.23	-	0.08
Q2 2007	1,333.44	-	469.66	-	439.32	-	0.12
Q3 2007	1,245.59	-	421.50	-	225.99	-	0.06
Q4 2007	1,256.97	-	463.98	-	255.67	-	0.07
2007	5,000.50	1500.3 %	1,749.95	1229.3 %	1,210.21	41488.7 %	0.33
Q1 2008	1,094.46	(6.0 %)	372.51	(5.7 %)	303.80	5.0 %	0.08
Q2 2008	1,249.17	(6.3 %)	454.47	(3.2 %)	534.75	21.7 %	0.14
Q3 2008	1,177.04	(5.5 %)	386.74	(8.2 %)	226.49	0.2 %	0.06
Q4 2008	1,250.16	(0.5 %)	397.94	(14.2 %)	(30976.22)	(12215.6 %)	(8.36)
2008	4,770.82	(4.6 %)	1,611.65	(7.9 %)	(29911.18)	(2571.6 %)	(8.07)
Q1 2009	917.02	(16.2 %)	268.07	(28.0 %)	50.17	(83.5 %)	0.01
Q2 2009	972.06	(22.2 %)	284.54	(37.4 %)	92.06	(82.8 %)	0.02
Q3 2009	1,007.73	(14.4 %)	322.93	(16.5 %)	104.84	(53.7 %)	0.03
Q4 2009	1,134.78	(9.2 %)	368.85	(7.3 %)	155.53	100.5 %	0.04
2009	4,031.60	(15.5 %)	1,244.39	(22.8 %)	402.59	101.3 %	0.11
Q1 2010	994.47	8.4 %	232.34	(13.3 %)	75.21	49.9 %	0.02
Q2 2010	522.70	(46.2 %)	210.74	(25.9 %)	135.44	47.1 %	0.04
Q3 2010	519.15	(48.5 %)	154.08	(52.3 %)	160.01	52.6 %	0.04
Q4 2010	689.99	(39.2 %)	215.94	(41.5 %)	234.59	50.8 %	0.06
2010	2,726.31	(32.4 %)	813.11	(34.7 %)	605.25	50.3 %	0.16
Q1 2011	547.15	(45.0 %)	191.47	(17.6 %)	90.64	20.5 %	0.02
Q2 2011	541.82	3.7 %	155.84	(26.1 %)	163.47	20.7 %	0.04
Q3 2011	515.03	(0.8 %)	167.05	8.4 %	197.68	23.5 %	0.05
Q4 2011	525.71	(23.8 %)	134.41	(37.8 %)	187.82	(19.9 %)	0.05
2011	2,129.72	(21.9 %)	648.76	(20.2 %)	639.62	5.7 %	0.17
Q1 2012	484.00	(11.5 %)	151.52	(20.9 %)	100.80	11.2 %	0.03
Q2 2012	486.97	(10.1 %)	144.16	(7.5 %)	178.91	9.4 %	0.05
Q3 2012	482.04	(6.4 %)	152.37	(8.8 %)	217.76	10.2 %	0.06
Q4 2012	496.31	(5.6 %)	152.45	13.4 %	209.60	11.6 %	0.06
2012	1,949.32	(8.5 %)	600.51	(7.4 %)	707.07	10.5 %	0.19
Q1 2013	496.18	2.5 %	165.41	9.2 %	110.09	9.2 %	0.03
Q2 2013	542.87	11.5 %	190.70	32.3 %	181.20	1.3 %	0.05
Q3 2013	489.54	1.6 %	163.50	7.3 %	219.94	1.0 %	0.06
Q4 2013	480.17	(3.3 %)	167.77	10.1 %	231.24	10.3 %	0.06
2013	2,008.77	3.0 %	687.38	14.5 %	742.47	5.0 %	0.20
Q1 2014	512.95	3.4 %	180.51	9.1 %	126.39	14.8 %	0.03
Q2 2014	586.03	7.9 %	220.34	15.5 %	211.68	16.8 %	0.06
Q3 2014	475.57	(2.9 %)	156.82	(4.1 %)	265.00	20.5 %	0.07
Q4 2014	553.95	15.4 %	171.75	2.4 %	266.00	15.0 %	0.07
2014	2,128.51	6.0 %	729.42	6.1 %	869.07	17.1 %	0.23
Q1 2015	453.29	(11.6 %)	132.44	(26.6 %)	139.38	10.3 %	0.04
Q2 2015	502.82	(14.2 %)	166.81	(24.3 %)	238.30	12.6 %	0.06
Q3 2015	481.76	1.3 %	176.13	12.3 %	291.55	10.0 %	0.08
Q4 2015	441.89	(20.2 %)	150.54	(12.4 %)	37.91	(85.7 %)	0.01
2015	1,879.75	(11.7 %)	625.91	(14.2 %)	707.14	(18.6 %)	0.19

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2006	312.48	18.9 %	131.65	41.1 %	(2.92)	82.4 %	0.00
2007	5,000.50	1500.3 %	1,749.95	1229.3 %	1,210.21	41488.7 %	0.33
2008	4,770.82	(4.6 %)	1,611.65	(7.9 %)	(29911.18)	(2571.6 %)	(8.07)
2009	4,031.60	(15.5 %)	1,244.39	(22.8 %)	402.59	101.3 %	0.11
2010	2,726.31	(32.4 %)	813.11	(34.7 %)	605.25	50.3 %	0.16
2011	2,129.72	(21.9 %)	648.76	(20.2 %)	639.62	5.7 %	0.17
2012	1,949.32	(8.5 %)	600.51	(7.4 %)	707.07	10.5 %	0.19
2013	2,008.77	3.0 %	687.38	14.5 %	742.47	5.0 %	0.20
2014	2,128.51	6.0 %	729.42	6.1 %	869.07	17.1 %	0.23
2015	1,879.75	(11.7 %)	625.91	(14.2 %)	707.14	(18.6 %)	0.19

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
2006	42.13 %	29.30 %	(0.94 %)
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	35.00 %	17.77 %	24.20 %
2007	35.00 %	17.77 %	24.20 %
Q1 2008	35.04 %	17.88 %	24.84 %
Q2 2008	35.34 %	15.21 %	27.24 %
Q3 2008	35.12 %	12.73 %	27.64 %
Q4 2008	33.78 %	16.07 %	(370.07 %)
2008	33.78 %	16.07 %	(370.07 %)
Q1 2009	32.81 %	14.44 %	(389.88 %)
Q2 2009	30.98 %	15.09 %	(425.17 %)
Q3 2009	30.71 %	16.53 %	(445.46 %)
Q4 2009	30.87 %	16.74 %	9.99 %
2009	30.87 %	16.74 %	9.99 %
Q1 2010	29.41 %	14.56 %	10.41 %
Q2 2010	31.01 %	14.90 %	12.87 %
Q3 2010	30.46 %	12.29 %	16.59 %
Q4 2010	29.82 %	13.16 %	22.20 %
2010	29.82 %	13.16 %	22.20 %
Q1 2011	33.89 %	15.57 %	27.23 %
Q2 2011	31.21 %	12.65 %	28.23 %
Q3 2011	31.84 %	12.80 %	29.92 %
Q4 2011	30.46 %	10.22 %	30.03 %
2011	30.46 %	10.38 %	30.03 %
Q1 2012	29.46 %	10.26 %	31.44 %
Q2 2012	29.68 %	10.65 %	33.07 %
Q3 2012	29.44 %	10.80 %	34.63 %
Q4 2012	30.81 %	12.26 %	36.27 %
2012	30.81 %	12.26 %	36.27 %
Q1 2013	31.32 %	11.75 %	36.52 %
Q2 2013	32.76 %	11.99 %	35.62 %
Q3 2013	33.19 %	13.36 %	35.60 %
Q4 2013	34.22 %	11.57 %	36.96 %
2013	34.22 %	11.57 %	36.96 %
Q1 2014	34.68 %	12.76 %	37.46 %
Q2 2014	35.39 %	13.99 %	38.15 %
Q3 2014	35.31 %	13.80 %	40.60 %
Q4 2014	34.27 %	15.41 %	40.83 %
2014	34.27 %	15.41 %	40.83 %
Q1 2015	32.93 %	13.70 %	42.64 %
Q2 2015	31.62 %	12.55 %	45.76 %
Q3 2015	32.49 %	12.25 %	46.95 %
Q4 2015	33.30 %	11.72 %	57.30 %
2015	33.30 %	11.72 %	57.30 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2006	42.13 %	29.30 %	(0.94 %)
2007	35.00 %	17.77 %	24.20 %
2008	33.78 %	16.07 %	(370.07 %)
2009	30.87 %	16.74 %	9.99 %
2010	29.82 %	13.16 %	22.20 %
2011	30.46 %	10.38 %	30.03 %
2012	30.81 %	12.26 %	36.27 %
2013	34.22 %	11.57 %	36.96 %
2014	34.27 %	15.41 %	40.83 %
2015	33.30 %	11.72 %	57.30 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	33.90 %	22.43 %	24.84 %
Q2 2007	35.22 %	25.33 %	32.95 %
Q3 2007	33.84 %	23.22 %	18.14 %
Q4 2007	36.91 %	0.01 %	20.34 %
Q1 2008	34.04 %	23.24 %	27.76 %
Q2 2008	36.38 %	15.48 %	42.81 %
Q3 2008	32.86 %	13.60 %	19.24 %
Q4 2008	31.83 %	12.69 %	(1497.42 %)
Q1 2009	29.23 %	16.47 %	5.47 %
Q2 2009	29.27 %	18.69 %	9.47 %
Q3 2009	32.05 %	19.27 %	10.40 %
Q4 2009	32.50 %	13.06 %	13.71 %
Q1 2010	23.36 %	7.46 %	7.56 %
Q2 2010	40.32 %	24.66 %	25.91 %
Q3 2010	29.68 %	7.43 %	30.82 %
Q4 2010	31.30 %	16.98 %	34.00 %
Q1 2011	34.99 %	12.82 %	16.57 %
Q2 2011	28.76 %	11.98 %	30.17 %
Q3 2011	32.43 %	8.02 %	38.38 %
Q4 2011	25.57 %	7.87 %	35.73 %
Q1 2012	31.31 %	13.34 %	20.83 %
Q2 2012	29.60 %	13.77 %	36.74 %
Q3 2012	31.61 %	8.44 %	45.17 %
Q4 2012	30.72 %	13.43 %	42.23 %
Q1 2013	33.34 %	11.31 %	22.19 %
Q2 2013	35.13 %	14.45 %	33.38 %
Q3 2013	33.40 %	14.16 %	44.93 %
Q4 2013	34.94 %	5.96 %	48.16 %
Q1 2014	35.19 %	15.99 %	24.64 %
Q2 2014	37.60 %	18.66 %	36.12 %
Q3 2014	32.97 %	13.38 %	55.72 %
Q4 2014	31.00 %	13.20 %	48.02 %
Q1 2015	29.22 %	8.24 %	30.75 %
Q2 2015	33.17 %	14.93 %	47.39 %
Q3 2015	36.56 %	12.15 %	60.52 %
Q4 2015	34.07 %	11.18 %	92.31 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2006	-	-	-	-
Q2 2006	-	-	-	-
Q3 2006	-	-	-	-
Q4 2006	-	-	-	-
Q1 2007	3,705.88	-	-	17.00
Q2 2007	3,705.88	-	-	17.10
Q3 2007	3,705.88	-	-	16.31
Q4 2007	3,705.88	0.33	0.33	13.82
Q1 2008	3,705.88	0.33	0.33	11.45
Q2 2008	3,705.88	0.36	0.36	10.60
Q3 2008	3,705.88	0.36	0.36	10.59
Q4 2008	3,705.88	(8.07)	(4.76)	5.83
Q1 2009	3,705.88	(8.14)	(4.83)	5.18
Q2 2009	3,705.88	(8.26)	(4.95)	5.52
Q3 2009	3,705.88	(8.29)	(4.98)	6.01
Q4 2009	3,705.88	0.11	0.11	6.63
Q1 2010	3,705.88	0.12	0.12	6.97
Q2 2010	3,705.88	0.13	0.13	6.65
Q3 2010	3,705.88	0.14	0.14	6.88
Q4 2010	3,705.88	0.16	0.16	7.31
Q1 2011	3,705.88	0.17	0.17	7.26
Q2 2011	3,705.88	0.18	0.18	7.26
Q3 2011	3,705.88	0.19	0.19	6.62
Q4 2011	3,705.88	0.17	0.17	6.87
Q1 2012	3,705.88	0.18	0.18	7.19
Q2 2012	3,705.88	0.18	0.18	6.98
Q3 2012	3,705.88	0.18	0.18	7.32
Q4 2012	3,705.88	0.19	0.19	7.61
Q1 2013	3,705.88	0.19	0.19	7.88
Q2 2013	3,705.88	0.19	0.19	8.05
Q3 2013	3,705.88	0.19	0.19	8.28
Q4 2013	3,705.88	0.20	0.20	8.53
Q1 2014	3,705.88	0.20	0.20	8.08
Q2 2014	3,705.88	0.21	0.21	8.55
Q3 2014	3,705.88	0.23	0.23	8.71
Q4 2014	3,705.88	0.23	0.23	8.70
Q1 2015	3,705.88	0.24	0.24	8.32
Q2 2015	3,705.88	0.25	0.25	8.40
Q3 2015	3,705.88	0.25	0.25	7.76
Q4 2015	3,705.88	0.19	0.29	7.72

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2006	3,705.88	0.00	0.00	17.74
2007	3,705.88	0.33	0.33	13.82
2008	3,705.88	(8.07)	(4.76)	5.83
2009	3,705.88	0.11	0.11	6.63
2010	3,705.88	0.16	0.16	7.31
2011	3,705.88	0.17	0.17	6.87
2012	3,705.88	0.19	0.19	7.61
2013	3,705.88	0.20	0.20	8.53
2014	3,705.88	0.23	0.23	8.70
2015	3,705.88	0.19	0.29	7.72

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	0.99
Q4 2007	60.54	60.54	1.43
Q1 2008	52.65	52.65	1.52
Q2 2008	43.28	43.28	1.46
Q3 2008	31.96	31.96	1.08
Q4 2008	NEG	NEG	1.27
Q1 2009	NEG	NEG	1.16
Q2 2009	NEG	NEG	1.39
Q3 2009	NEG	NEG	1.22
Q4 2009	68.39	68.39	1.12
Q1 2010	81.03	81.03	1.34
Q2 2010	63.73	63.73	1.22
Q3 2010	56.34	56.34	1.16
Q4 2010	50.21	50.21	1.12
Q1 2011	54.33	54.33	1.25
Q2 2011	45.70	45.70	1.10
Q3 2011	40.49	40.49	1.13
Q4 2011	51.28	51.28	1.29
Q1 2012	71.01	71.01	1.73
Q2 2012	67.41	67.41	1.73
Q3 2012	78.14	78.14	1.97
Q4 2012	More than 100	More than 100	2.75
Q1 2013	86.91	86.91	2.13
Q2 2013	94.88	94.88	2.28
Q3 2013	97.68	97.68	2.30
Q4 2013	More than 100	More than 100	2.87
Q1 2014	More than 100	More than 100	2.78
Q2 2014	More than 100	More than 100	2.82
Q3 2014	More than 100	More than 100	2.74
Q4 2014	77.18	77.18	2.08
Q1 2015	85.20	85.20	2.44
Q2 2015	89.56	89.56	2.61
Q3 2015	71.37	71.37	2.32
Q4 2015	82.80	54.36	2.05

Period	P/E	Adjusted P/E	Price/book
2006	-	-	-
2007	60.54	60.54	1.43
2008	NEG	NEG	1.27
2009	68.39	68.39	1.12
2010	50.21	50.21	1.12
2011	51.28	51.28	1.29
2012	More than 100	More than 100	2.75
2013	More than 100	More than 100	2.87
2014	77.18	77.18	2.08
2015	82.80	54.36	2.05

Business Segments (Million)

Compared With The

Period	Intellectual Property Investments	Operating Hotels	Real Estate
Q1 2007	464.35	1,068.53	138.72
Q2 2007	601.75	1,378.59	133.04
Q3 2007	513.14	1,457.74	100.71
Q4 2007	450.32	670.54	180.25
Q1 2008	345.69	1,077.75	169.38
Q2 2008	685.66	1,141.54	177.22
Q3 2008	344.95	1,061.52	141.23
Q4 2008	(75.97)	926.14	163.50
Q1 2009	202.20	728.15	192.77
Q2 2009	8.19	828.61	180.86
Q3 2009	94.00	899.93	103.35
Q4 2009	150.92	1,019.89	112.42
Q1 2010	(32.45)	744.18	532.68
Q2 2010	41.31	330.19	315.14
Q3 2010	29.93	383.95	412.04
Q4 2010	7.23	719.69	259.14
Q1 2011	44.64	372.31	397.86
Q2 2011	109.52	406.07	302.92
Q3 2011	431.33	515.72	(113.89)
Q4 2011	(576.77)	485.75	826.83
Q1 2012	165.79	302.46	592.00
Q2 2012	30.75	394.87	232.61
Q3 2012	132.65	406.97	293.14
Q4 2012	95.47	399.53	431.09
Q1 2013	200.23	323.73	141.21
Q2 2013	181.82	464.51	151.02
Q3 2013	297.94	362.03	126.36
Q4 2013	167.67	369.87	346.41
Q1 2014	295.66	291.02	154.43
Q2 2014	279.22	436.26	181.46
Q3 2014	169.73	499.83	143.34
Q4 2014	298.68	475.93	172.32
Q1 2015	242.57	252.61	219.81
Q2 2015	235.31	395.99	199.26
Q3 2015	362.25	379.66	123.24
Q4 2015	498.17	286.48	296.75

Period	Intellectual Property Investments	Operating Hotels	Real Estate
2007	2,029.56	4,575.41	552.72
2008	1,300.33	4,206.94	651.32
2009	455.32	3,476.58	589.39
2010	46.01	2,209.02	1,488.00
2011	59.26	1,799.85	1,363.17
2012	424.65	1,503.83	1,549.23
2013	847.66	1,520.13	764.99
2014	1,024.16	1,722.16	651.56
2015	1,338.30	1,314.74	839.06

Financial Ratios

	Current
Market Cap (M Riyal)	25,867.06
Enterprise Value (EV) (M)	38,602.17
Shares Outstanding ((M))	3,705.88
EPS ( Riyal) (TTM)	0.28
Book Value (BV) ( Riyal)	10.00
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	39.17
P/E (TTM)	24.91
Price/book	0.70
Return on Average Assets (%) (TTM)	1.9
Return on Average Equity (%) (TTM)	3.0

Kingdom Holding Co. (KINGDOM)

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Kingdom Holding's FY15 profit drops 19% to SAR 707 mln

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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)

Revenue by Business Segment (Latest) 2015 Q4

Financial Ratios

Share Price

Kingdom Holding Co. (KINGDOM)

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Kingdom Holding's FY15 profit drops 19% to SAR 707 mln

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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) Q4 2015

Revenue by Business Segment (Latest) 2015 Q4

Financial Ratios

Share Price

Kingdom Holding Co. (KINGDOM)

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Business Segments (Million)