Al Akaria’s net profit falls 44% in 9M 2019

06/11/2019 Argaam Exclusive

View other reports

Saudi Real Estate Co. (Al Akaria) reported a net profit after zakat and tax dropped 44 percent year-on-year (YoY) to SAR 49 million in the first nine months of 2019, due to lower leasing revenue, unit prices and occupancy rates.

 

The nine-month figures were also hit by higher finance costs and cost of sales, due to the company’s expansions.



Financials (M)

Item 9m 2018 9m 2019 Change‬
Revenues 232.43 231.99 (0.2 %)
Gross Income 148.64 126.72 (14.7 %)
Operating Income 58.21 6.77 (88.4 %)
Net Income 87.57 48.98 (44.1 %)
Average Shares 276.53 276.53 -
EPS (Riyals) 0.32 0.18 (44.1 %)

The company’s Q3 2019 net profit after zakat and tax fell 29 percent YoY to SAR 9 million, on higher selling, general & administrative expenses, and finance costs.

 

When compared to the previous quarter, the third quarter net profit tumbled 58 percent, on higher general & administrative expenses.



Current Quarter Comparison (M)

Compared With The
Item Q3 2018 Q3 2019 Change‬
Revenues 69.02 87.78 27.2 %
Gross Income 36.03 43.54 20.9 %
Operating Income 4.83 (1.93) (139.9 %)
Net Income 12.67 8.98 (29.2 %)
Average Shares 276.53 276.53 -
EPS (Riyals) 0.05 0.03 (29.2 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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)
Q1 2019 72.41 (9.8 %) 45.36 (16.2 %) 18.49 (58.6 %) 0.07
Q2 2019 71.80 (13.6 %) 37.82 (35.3 %) 21.51 (28.9 %) 0.08
Q3 2019 87.78 27.2 % 43.54 20.9 % 8.98 (29.2 %) 0.03

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2019 61.12 % 24.15 % 1.28 %
Q2 2019 56.16 % 18.64 % (0.73 %)
Q3 2019 55.14 % 21.71 % (1.94 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2019 276.53 (0.76) 0.01 11.51
Q2 2019 276.53 (0.79) (0.01) 11.54
Q3 2019 276.53 (0.80) (0.02) 11.53

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
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 52.38 56.66 1.24
Q1 2017 32.25 34.30 0.96
Q2 2017 41.10 46.36 0.98
Q3 2017 48.86 56.69 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 100 1.26
Q1 2019 NEG More than 100 1.33
Q2 2019 NEG NEG 1.24
Q3 2019 NEG NEG 1.24

Business Segments (Million)

Compared With The
Period services segment Residential sector The commercial sector Rents Other real estate revenues Maintenance revenues Sale of Land Amana Project
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 - - - - -
Q1 2019 - 32.44 39.96 - - - - -
Q2 2019 - 28.83 42.97 - - - - -
Q3 2019 - 31.71 56.08 - - - - -

Analysts Estimates (Million)

Item Q3 2019 (e) Q3 2019 (a) Change‬
Average 16.00 8.98 (43.9 %)

Estimates vs Actual (Million)

Item Q3 2019 (e) Q3 2019 (a) Change
SNB Capital 16.00 8.98 (43.9) %

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

Share Price

19.50
0.20 1.04 %

Saudi Real Estate Co. (ALAKARIA)


Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.