Financial Results : Arriyadh Development’s FY17 profit falls 20%

Arriyadh Development’s FY17 profit falls 20%

04/03/2018 Argaam Exclusive

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Arriyadh Development Co. reported a net profit of SAR 210.2 million for fiscal year 2017, down 19.7 percent year-on-year (YoY), due to the company’s subscription to the real estate fund established by Alinma Investment. The company participated in the fund with its full stake in the land located in northeast Riyadh.



Financials (M)

Item 2016 2017 Change‬
Revenues 1,235.76 314.09 (74.6 %)
Gross Income 297.65 247.85 (16.7 %)
Operating Income 278.57 235.14 (15.6 %)
Net Income 261.23 222.34 (14.9 %)
Average Shares 177.78 177.78 -
Earnings Per Share before unusual items (Riyals) 1.47 1.25 (14.9 %)
EPS (Riyals) 1.47 1.25 (14.9 %)

Net profit for the fourth quarter doubled on a YoY basis to SAR 75.8 million, driven by improved operating revenues and growth in lands sale revenues, along with lower general and Zakat expenses.



Current Quarter Comparison (M)

Compared With The
Item Q4 2016 Q4 2017 Change‬
Revenues 64.89 123.52 90.4 %
Gross Income 53.63 94.75 76.7 %
Operating Income 47.29 91.57 93.6 %
Net Income 37.64 88.00 133.8 %
Average Shares 177.78 177.78 -
Earnings Per Share before unusual items (Riyals) 0.21 0.49 133.8 %
EPS (Riyals) 0.21 0.49 133.8 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2008 32.79 8.5 % 20.37 9.9 % 17.51 10.3 %
Q2 2008 36.13 17.7 % 22.78 14.9 % 19.74 21.7 %
Q3 2008 36.47 17.8 % 23.94 30.8 % 21.37 34.4 %
Q4 2008 34.88 (2.1 %) 22.72 6.6 % 17.59 1.8 %
Q1 2009 37.47 14.3 % 25.22 23.8 % 21.62 23.4 %
Q2 2009 39.42 9.1 % 26.57 16.6 % 22.98 16.4 %
Q3 2009 39.41 8.0 % 26.80 12.0 % 24.19 13.2 %
Q4 2009 39.19 12.3 % 25.11 10.5 % 22.73 29.2 %
Q1 2010 38.60 3.0 % 26.78 6.2 % 23.17 7.2 %
Q2 2010 41.32 4.8 % 28.79 8.4 % 26.17 13.9 %
Q3 2010 39.57 0.4 % 25.65 (4.3 %) 23.17 (4.2 %)
Q4 2010 43.50 11.0 % 30.35 20.9 % 26.82 18.0 %
Q1 2011 53.38 38.3 % 33.60 25.4 % 29.49 27.3 %
Q2 2011 48.86 18.3 % 37.06 28.7 % 34.18 30.6 %
Q3 2011 47.25 19.4 % 35.04 36.6 % 32.69 41.1 %
Q4 2011 47.46 9.1 % 36.21 19.3 % 33.18 23.7 %
Q1 2012 140.64 163.5 % 97.08 189.0 % 90.94 208.4 %
Q2 2012 53.55 9.6 % 40.06 8.1 % 37.06 8.4 %
Q3 2012 45.39 (3.9 %) 33.36 (4.8 %) 29.98 (8.3 %)
Q4 2012 107.84 127.2 % 79.74 120.2 % 76.36 130.1 %
Q1 2013 167.04 18.8 % 121.28 24.9 % 115.76 27.3 %
Q2 2013 67.62 26.3 % 51.52 28.6 % 49.18 32.7 %
Q3 2013 59.06 30.1 % 43.56 30.6 % 41.24 37.6 %
Q4 2013 62.13 (42.4 %) 46.45 (41.7 %) 44.21 (42.1 %)
Q1 2014 75.29 (54.9 %) 54.43 (55.1 %) 51.23 (55.7 %)
Q2 2014 66.70 (1.4 %) 50.01 (2.9 %) 47.00 (4.4 %)
Q3 2014 53.06 (10.2 %) 40.53 (7.0 %) 37.46 (9.2 %)
Q4 2014 56.25 (9.5 %) 43.55 (6.2 %) 40.44 (8.5 %)
Q1 2015 100.06 32.9 % 76.97 41.4 % 72.35 41.2 %
Q2 2015 99.63 49.4 % 76.78 53.5 % 72.05 53.3 %
Q3 2015 107.71 103.0 % 83.17 105.2 % 79.66 112.7 %
Q4 2015 117.91 109.6 % 96.57 121.7 % 93.30 130.7 %
Q1 2016 73.13 (26.9 %) 57.99 (24.7 %) 53.82 (25.6 %)
Q2 2016 1,038.58 942.5 % 139.95 82.3 % 135.26 87.7 %
Q3 2016 59.17 (45.1 %) 46.08 (44.6 %) 42.20 (47.0 %)
Q4 2016 64.89 (45.0 %) 53.63 (44.5 %) 47.29 (49.3 %)
Q1 2017 63.27 (13.5 %) 51.06 (12.0 %) 47.78 (11.2 %)
Q2 2017 67.11 (93.5 %) 54.32 (61.2 %) 50.81 (62.4 %)
Q3 2017 60.19 1.7 % 47.72 3.5 % 44.98 6.6 %
Q4 2017 123.52 90.4 % 94.75 76.7 % 91.57 93.6 %
2017 314.09 (74.6 %) 247.85 (16.7 %) 235.14 (15.6 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
Q1 2008 18.58 10.1 % 0.10 - 18.58 0.10
Q2 2008 20.66 16.9 % 0.12 - 20.66 0.12
Q3 2008 21.85 33.4 % 0.12 - 21.85 0.12
Q4 2008 18.09 (8.6 %) 0.10 - 18.09 0.10
Q1 2009 22.05 18.7 % 0.12 - 22.05 0.12
Q2 2009 22.95 11.1 % 0.13 - 22.95 0.13
Q3 2009 24.04 10.0 % 0.14 - 24.04 0.14
Q4 2009 23.70 31.0 % 0.13 - 23.70 0.13
Q1 2010 22.83 3.5 % 0.13 - 22.83 0.13
Q2 2010 26.47 15.3 % 0.15 - 26.47 0.15
Q3 2010 21.01 (12.6 %) 0.12 - 21.01 0.12
Q4 2010 26.32 11.1 % 0.15 - 26.32 0.15
Q1 2011 28.60 25.3 % 0.16 - 28.60 0.16
Q2 2011 32.83 24.0 % 0.18 - 32.83 0.18
Q3 2011 32.25 53.5 % 0.18 - 32.25 0.18
Q4 2011 36.49 38.7 % 0.21 - 36.49 0.21
Q1 2012 93.30 226.2 % 0.52 - 93.30 0.52
Q2 2012 35.74 8.9 % 0.20 - 35.74 0.20
Q3 2012 28.69 (11.0 %) 0.16 - 28.69 0.16
Q4 2012 71.20 95.1 % 0.40 - 71.20 0.40
Q1 2013 114.98 23.2 % 0.65 - 114.98 0.65
Q2 2013 48.73 36.3 % 0.27 - 48.73 0.27
Q3 2013 40.67 41.7 % 0.23 - 40.67 0.23
Q4 2013 45.32 (36.4 %) 0.25 - 45.32 0.25
Q1 2014 51.43 (55.3 %) 0.29 - 51.43 0.29
Q2 2014 47.03 (3.5 %) 0.26 - 47.03 0.26
Q3 2014 37.47 (7.8 %) 0.21 - 37.47 0.21
Q4 2014 53.43 17.9 % 0.30 - 53.43 0.30
Q1 2015 71.19 38.4 % 0.40 - 71.19 0.40
Q2 2015 70.80 50.5 % 0.40 - 70.80 0.40
Q3 2015 67.91 81.2 % 0.38 (10.37) 78.29 0.44
Q4 2015 84.52 58.2 % 0.48 (8.09) 92.61 0.52
Q1 2016 54.15 (23.9 %) 0.30 - 54.15 0.30
Q2 2016 132.80 87.6 % 0.75 - 132.80 0.75
Q3 2016 36.65 (46.0 %) 0.21 - 36.65 0.21
Q4 2016 37.64 (55.5 %) 0.21 - 37.64 0.21
Q1 2017 43.29 (20.1 %) 0.24 - 43.29 0.24
Q2 2017 45.95 (65.4 %) 0.26 - 45.95 0.26
Q3 2017 45.64 24.5 % 0.26 - 45.64 0.26
Q4 2017 88.00 133.8 % 0.49 - 88.00 0.49
2017 222.34 (14.9 %) 1.25 - 222.34 1.25

Profitability

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


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2008 36.34 36.34 1.89
Q2 2008 37.54 37.54 2.07
Q3 2008 21.14 21.14 1.23
Q4 2008 16.13 16.13 0.91
Q1 2009 15.60 15.60 0.94
Q2 2009 19.30 19.30 1.19
Q3 2009 19.79 19.79 1.23
Q4 2009 17.03 17.03 1.11
Q1 2010 18.81 18.81 1.22
Q2 2010 20.42 20.42 1.39
Q3 2010 21.63 21.63 1.41
Q4 2010 20.43 20.43 1.34
Q1 2011 20.45 20.45 1.40
Q2 2011 18.05 18.05 1.37
Q3 2011 17.17 17.17 1.41
Q4 2011 22.89 22.89 1.99
Q1 2012 17.36 17.36 2.31
Q2 2012 15.67 15.67 2.07
Q3 2012 15.85 15.85 2.10
Q4 2012 13.14 13.14 1.96
Q1 2013 11.50 11.50 1.75
Q2 2013 11.51 11.51 1.90
Q3 2013 11.66 11.66 1.96
Q4 2013 14.87 14.87 2.21
Q1 2014 24.82 24.82 2.66
Q2 2014 21.34 21.34 2.42
Q3 2014 23.90 23.90 2.60
Q4 2014 18.90 18.90 2.09
Q1 2015 17.98 17.98 2.11
Q2 2015 16.06 16.06 2.17
Q3 2015 11.77 11.32 1.73
Q4 2015 10.92 10.27 1.71
Q1 2016 12.95 12.15 1.86
Q2 2016 10.50 9.96 1.89
Q3 2016 10.80 10.53 1.80
Q4 2016 15.28 15.28 2.11
Q1 2017 15.03 15.03 1.94
Q2 2017 21.17 21.17 1.86
Q3 2017 18.40 18.40 1.71
Q4 2017 14.69 14.69 1.67

Business Segments (Million)

Compared With The
Period Commercial Centers Sector Public utility 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 8.51 - -
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 -

Analysts Estimates (Million)

Item Q4 2017 (e) Q4 2017 (net income) Change‬ Q4 2017 (before unusual items) Change‬
Average 43.90 88.00 100.45 % 88.00 100.45 %

Estimates vs Actual (Million)

Item Q4 2017 (e) Q4 2017 (net income) Change Q4 2017 (before unusual items) Change‬
OSOOL AND BAKHEET 43.90 88.00 100.4 % 88.00 100.4 %


Financial Ratios
Current
Market Cap (M Riyal) 8,035.52
Enterprise Value (EV) (M) 7,694.61
Shares Outstanding ((M)) 233.93
EPS ( Riyal) (TTM) 1.67
Book Value (BV) ( Riyal) 14.31
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 27.91
P/E (TTM) 27.13
Price/book 3.16
Return on Average Assets (%) (TTM) 10.4
Return on Average Equity (%) (TTM) 12.0
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Share Price

Arriyadh Development Co.
34.30
0.35 1.03 %

Arriyadh Development Co. (ARDCO)

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