Al Akaria's H1 net profit falls 7% to SAR 80 mln

14/07/2015 Argaam Exclusive

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Saudi Real Estate Co.'s (Al Akaria) H1-2015 net profit fell seven percent year-on-year to SAR 79.8 million; a drop mainly attributed to interest expenses and a decline in income from investee companies.

Financials (M)

Item	6m 2014	6m 2015	Change‬
Revenues	128.64	135.69	5.5 %
Gross Income	88.98	92.45	3.9 %
Operating Income	73.91	79.31	7.3 %
Net Income	85.50	79.84	(6.6 %)
Average Shares	276.53	276.53	-
EPS (Riyals)	0.31	0.29	(6.6 %)

Al Akaria’s Q2 net profit reached SAR 36.7 million, declining 23.5 percent, compared to SAR 48 million recorded in Q2-2014.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2014	Q2 2015	Change‬
Revenues	64.88	68.49	5.6 %
Gross Income	45.30	46.06	1.7 %
Operating Income	36.65	39.79	8.6 %
Net Income	48.03	36.72	(23.5 %)
Average Shares	276.53	276.53	-
EPS (Riyals)	0.17	0.13	(23.5 %)

Item	Q1 2015	Q2 2015	Change‬
Revenues	67.20	68.49	1.9 %
Gross Income	46.39	46.06	(0.7 %)
Operating Income	39.52	39.79	0.7 %
Net Income	43.12	36.72	(14.8 %)
Average Shares	276.53	276.53	-
EPS (Riyals)	0.16	0.13	(14.8 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2006	45.69	15.5 %	30.77	40.1 %	30.14	51.7 %	0.12
Q2 2006	47.31	0.3 %	25.89	(9.2 %)	22.23	(53.2 %)	0.09
Q3 2006	35.14	(8.2 %)	18.10	(0.3 %)	15.79	(7.9 %)	0.06
Q4 2006	33.37	(37.7 %)	31.19	(44.2 %)	45.95	(14.6 %)	0.17
2006	161.51	(9.5 %)	105.96	(14.9 %)	114.11	(17.5 %)	0.41
Q1 2007	35.68	(21.9 %)	22.20	(27.9 %)	31.36	4.1 %	0.11
Q2 2007	55.21	16.7 %	32.73	26.4 %	31.44	41.4 %	0.11
Q3 2007	63.89	81.8 %	46.99	159.6 %	45.15	185.9 %	0.16
Q4 2007	87.91	163.4 %	44.96	44.1 %	64.77	41.0 %	0.23
2007	242.69	50.3 %	146.89	38.6 %	172.72	51.4 %	0.62
Q1 2008	47.66	33.6 %	29.26	31.8 %	28.39	(9.5 %)	0.10
Q2 2008	91.37	65.5 %	46.16	41.0 %	44.92	42.9 %	0.16
Q3 2008	42.47	(33.5 %)	25.69	(45.3 %)	31.42	(30.4 %)	0.11
Q4 2008	43.53	(50.5 %)	25.98	(42.2 %)	12.31	(81.0 %)	0.04
2008	225.03	(7.3 %)	127.09	(13.5 %)	117.04	(32.2 %)	0.42
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
2009	171.22	(23.9 %)	108.40	(14.7 %)	92.61	(20.9 %)	0.33
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
2010	432.15	152.4 %	263.76	143.3 %	183.14	97.7 %	0.66
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
2011	264.66	(38.8 %)	179.81	(31.8 %)	149.72	(18.3 %)	0.54
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
2012	325.27	22.9 %	178.33	(0.8 %)	179.51	19.9 %	0.65
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
2013	258.82	(20.4 %)	181.39	1.7 %	156.02	(13.1 %)	0.56
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
2014	341.24	31.8 %	253.40	39.7 %	276.25	77.1 %	1.00
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

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2005	178.52	(16.5 %)	124.54	(10.4 %)	138.31	(3.6 %)	0.57
2006	161.51	(9.5 %)	105.96	(14.9 %)	114.11	(17.5 %)	0.41
2007	242.69	50.3 %	146.89	38.6 %	172.72	51.4 %	0.62
2008	225.03	(7.3 %)	127.09	(13.5 %)	117.04	(32.2 %)	0.42
2009	171.22	(23.9 %)	108.40	(14.7 %)	92.61	(20.9 %)	0.33
2010	432.15	152.4 %	263.76	143.3 %	183.14	97.7 %	0.66
2011	264.66	(38.8 %)	179.81	(31.8 %)	149.72	(18.3 %)	0.54
2012	325.27	22.9 %	178.33	(0.8 %)	179.51	19.9 %	0.65
2013	258.82	(20.4 %)	181.39	1.7 %	156.02	(13.1 %)	0.56
2014	341.24	31.8 %	253.40	39.7 %	276.25	77.1 %	1.00

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	72.22 %	76.29 %	96.63 %
Q2 2006	70.75 %	71.63 %	82.88 %
Q3 2006	71.94 %	70.39 %	83.56 %
Q4 2006	65.60 %	59.17 %	70.65 %
2006	65.60 %	59.17 %	70.65 %
Q1 2007	64.28 %	55.77 %	76.13 %
Q2 2007	65.38 %	55.50 %	78.13 %
Q3 2007	70.75 %	61.36 %	81.79 %
Q4 2007	60.52 %	62.19 %	71.17 %
2007	60.52 %	62.19 %	71.17 %
Q1 2008	60.45 %	61.31 %	66.65 %
Q2 2008	57.55 %	59.09 %	63.00 %
Q3 2008	54.22 %	55.82 %	62.91 %
Q4 2008	56.48 %	57.89 %	52.01 %
2008	56.48 %	57.89 %	52.01 %
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 %
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 %
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 %
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 %
2012	54.82 %	58.00 %	55.19 %
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 %
2013	70.08 %	74.74 %	69.39 %
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 %
2014	74.26 %	75.43 %	80.96 %
Q1 2015	74.30 %	75.34 %	82.57 %
Q2 2015	73.75 %	75.55 %	78.47 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2005	69.76 %	75.80 %	94.19 %
2006	65.60 %	59.17 %	70.65 %
2007	60.52 %	62.19 %	71.17 %
2008	56.48 %	57.89 %	52.01 %
2009	63.31 %	64.85 %	54.09 %
2010	61.03 %	62.92 %	51.06 %
2011	67.94 %	70.67 %	62.96 %
2012	54.82 %	58.00 %	55.19 %
2013	70.08 %	74.74 %	69.39 %
2014	74.26 %	75.43 %	80.96 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	67.35 %	77.36 %	65.96 %
Q2 2006	54.73 %	59.50 %	47.00 %
Q3 2006	51.51 %	62.54 %	44.93 %
Q4 2006	93.46 %	30.23 %	137.68 %
Q1 2007	62.22 %	68.05 %	87.91 %
Q2 2007	59.29 %	58.19 %	56.95 %
Q3 2007	73.55 %	76.63 %	70.66 %
Q4 2007	51.14 %	51.82 %	73.67 %
Q1 2008	61.39 %	61.88 %	59.57 %
Q2 2008	50.52 %	52.35 %	49.16 %
Q3 2008	60.48 %	64.77 %	73.98 %
Q4 2008	59.69 %	58.44 %	28.28 %
Q1 2009	68.60 %	73.59 %	70.63 %
Q2 2009	60.17 %	61.15 %	50.53 %
Q3 2009	59.45 %	65.65 %	47.28 %
Q4 2009	64.73 %	58.81 %	47.38 %
Q1 2010	66.39 %	74.08 %	61.32 %
Q2 2010	54.99 %	60.88 %	56.59 %
Q3 2010	65.03 %	68.17 %	56.15 %
Q4 2010	60.21 %	60.13 %	47.24 %
Q1 2011	64.96 %	64.30 %	54.68 %
Q2 2011	66.98 %	69.76 %	57.76 %
Q3 2011	64.37 %	70.87 %	57.17 %
Q4 2011	74.13 %	77.00 %	78.92 %
Q1 2012	69.36 %	62.45 %	63.00 %
Q2 2012	66.32 %	61.97 %	61.44 %
Q3 2012	37.01 %	35.29 %	33.43 %
Q4 2012	69.79 %	100.96 %	90.27 %
Q1 2013	72.27 %	77.10 %	66.69 %
Q2 2013	66.10 %	68.75 %	58.88 %
Q3 2013	69.73 %	75.15 %	62.74 %
Q4 2013	72.14 %	77.79 %	88.78 %
Q1 2014	68.52 %	69.71 %	58.77 %
Q2 2014	69.81 %	67.64 %	74.02 %
Q3 2014	68.94 %	72.06 %	89.99 %
Q4 2014	81.29 %	83.04 %	91.48 %
Q1 2015	69.03 %	69.56 %	64.16 %
Q2 2015	67.26 %	69.07 %	53.62 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2006	244.38	0.61	0.73	6.03
Q2 2006	244.38	0.50	0.63	5.87
Q3 2006	244.38	0.50	0.62	5.90
Q4 2006	276.53	0.41	0.41	10.56
Q1 2007	276.53	0.42	0.42	10.97
Q2 2007	276.53	0.45	0.45	10.74
Q3 2007	276.53	0.56	0.56	11.03
Q4 2007	276.53	0.62	0.62	11.28
Q1 2008	276.53	0.61	0.61	11.36
Q2 2008	276.53	0.66	0.66	11.12
Q3 2008	276.53	0.61	0.61	11.12
Q4 2008	276.53	0.42	0.42	11.12
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2005	244.38	0.57	0.69	5.71
2006	276.53	0.41	0.41	10.56
2007	276.53	0.62	0.62	11.28
2008	276.53	0.42	0.42	11.12
2009	276.53	0.33	0.33	11.09
2010	276.53	0.66	0.80	11.58
2011	276.53	0.54	0.60	11.48
2012	276.53	0.65	0.65	11.73
2013	276.53	0.56	0.65	11.95
2014	276.53	1.00	1.00	12.51

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2006	70.68	58.86	7.13
Q2 2006	96.39	77.61	8.29
Q3 2006	More than 100	86.30	9.08
Q4 2006	48.15	48.15	1.88
Q1 2007	53.28	53.28	2.03
Q2 2007	42.47	42.47	1.78
Q3 2007	42.57	42.57	2.15
Q4 2007	48.30	48.30	2.67
Q1 2008	42.91	42.91	2.32
Q2 2008	38.87	38.87	2.32
Q3 2008	27.27	27.27	1.50
Q4 2008	27.39	27.39	1.04
Q1 2009	26.33	26.33	1.02
Q2 2009	40.63	40.63	1.29
Q3 2009	52.28	52.28	1.45
Q4 2009	45.33	45.33	1.37
Q1 2010	45.67	45.67	1.36
Q2 2010	52.49	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

Period	P/E	Adjusted P/E	Price/book
2005	More than 100	86.79	10.45
2006	48.15	48.15	1.88
2007	48.30	48.30	2.67
2008	27.39	27.39	1.04
2009	45.33	45.33	1.37
2010	23.28	19.32	1.33
2011	28.48	25.59	1.34
2012	29.55	29.55	1.63
2013	36.09	31.35	1.70
2014	19.69	19.69	1.57

Business Segments (Million)

Compared With The

Period	Rents	Other real estate revenues	Maintenance revenues	Sale of Land	Amana Project
Q1 2006	35.03	0.05	0.25	11.38	0.23
Q2 2006	33.54	0.01	2.27	10.04	0.21
Q1 2007	34.86	0.11	0.54	-	0.17
Q2 2007	36.18	-	0.73	18.03	0.27
Q1 2008	42.25	-	-	5.40	-
Q2 2008	41.83	-	-	49.54	-
Q3 2008	41.81	-	-	0.66	-
Q4 2008	36.45	0.52	5.38	1.19	-
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	-	-

Period	Rents	Other real estate revenues	Maintenance revenues	Sale of Land	Amana Project
2005	121.20	0.20	1.72	54.17	1.24
2006	135.91	0.13	6.51	17.88	1.08
2007	146.63	0.12	2.36	93.58	-
2008	162.34	0.52	5.38	56.79	-
2009	168.02	0.83	2.36	-	-
2010	204.44	3.77	1.02	222.91	-
2011	233.44	0.37	1.84	29.01	-
2012	242.96	0.03	2.29	79.99	-
2013	256.84	0.27	1.71	-	-
2014	262.06	0.06	1.96	77.15	-

Analysts Estimates (Million)

Item	Q2 2015 (e)	Q2 2015 (a)	Change‬
Average	44.00	36.72	(16.5 %)

Estimates vs Actual (Million)

Item	Q2 2015 (e)	Q2 2015 (a)	Change
SNB Capital	44.00	36.72	(16.5) %

Financial Ratios

	Current
Market Cap (M Riyal)	7,312.50
Enterprise Value (EV) (M)	9,663.13
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 100
P/E (TTM)	More than 100
Price/book	1.53
Return on Average Assets (%) (TTM)	0.7
Return on Average Equity (%) (TTM)	1.3

Saudi Real Estate Co. (ALAKARIA)

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Al Akaria's H1 net profit falls 7% to SAR 80 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 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Real Estate Co. (ALAKARIA)

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Al Akaria's H1 net profit falls 7% to SAR 80 mln

View other reports

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) Q1 2015

Revenue by Business Segment (Latest) 2015 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Real Estate Co. (ALAKARIA)

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Business Segments (Million)