Knowledge Economic City turns to profit in FY16

18/01/2017 Argaam Exclusive

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Share Price

15.00
(0.30) (1.96 %)

Knowledge Economic City (KEC)

Knowledge Economic City Co. reported a net profit of SAR 15.23 million for the fiscal year 2016, versus a loss of SAR 11.47 million in the year-earlier period on higher revenue and higher income from Murabaha financing.



Financials (M)

Item 2015 2016 Change‬
Revenues 30.97 105.31 240.1 %
Gross Income 5.54 57.44 936.8 %
Operating Income (26.40) 14.54 155.1 %
Net Income (11.47) 14.01 222.1 %
Average Shares 339.30 339.30 -
EPS (Riyals) (0.03) 0.04 222.1 %

The company reported a net profit of SAR 29.8 million for the fourth quarter of 2016, compared to a profit of SAR 2.2 million in the same period last year due to higher revenue.

When compared to the loss of SAR 7.2 million in third quarter of 2016, the period’s net profit was attributed to higher revenue and higher income realized from sale of land.



Current Quarter Comparison (M)

Compared With The
Item Q4 2015 Q4 2016 Change‬
Revenues 9.59 65.86 587.0 %
Gross Income (0.74) 40.98 5630.4 %
Operating Income (6.26) 24.25 487.6 %
Net Income 2.19 22.04 906.7 %
Average Shares 339.30 339.30 -
EPS (Riyals) 0.01 0.06 906.7 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2007 - - - - - - -
Q2 2007 - - - - - - -
Q3 2007 - - - - - - -
Q4 2007 - - - - - - -
Q1 2008 - - - - - - -
Q2 2008 - - - - - - -
Q3 2008 - - - - - - -
Q4 2008 - - - - - - -
Q1 2009 - - - - - - -
Q2 2009 - - - - - - -
Q3 2009 - - - - - - -
Q4 2009 - - - - - - -
Q1 2010 - - - - - - -
Q2 2010 - - - - - - -
Q3 2010 - - - - - - -
Q4 2010 - - - - - - -
Q1 2011 86.22 - 63.38 - 20.19 - 0.06
Q2 2011 - - - - (9.28) - (0.03)
Q3 2011 - - - - (9.96) - (0.03)
Q4 2011 7.72 - 3.13 - (10.08) - (0.03)
Q1 2012 4.02 (95.3 %) 1.79 (97.2 %) (8.33) (141.3 %) (0.02)
Q2 2012 26.52 - 16.79 - (0.78) 91.6 % 0.00
Q3 2012 57.04 - 40.04 - 9.69 197.3 % 0.03
Q4 2012 5.00 (35.2 %) (1.68) (153.7 %) (26.63) (164.1 %) (0.08)
Q1 2013 5.99 49.0 % 2.56 43.1 % (8.14) 2.3 % (0.02)
Q2 2013 8.88 (66.5 %) 3.52 (79.0 %) (3.02) (287.3 %) (0.01)
Q3 2013 18.92 (66.8 %) 5.12 (87.2 %) 1.72 (82.3 %) 0.01
Q4 2013 4.38 (12.6 %) (0.33) 80.1 % 9.07 134.1 % 0.03
Q1 2014 21.67 261.7 % 4.51 75.8 % (2.49) 69.4 % (0.01)
Q2 2014 27.56 210.4 % 7.64 117.2 % 15.53 614.7 % 0.05
Q3 2014 12.72 (32.8 %) 4.19 (18.1 %) 15.93 826.8 % 0.05
Q4 2014 10.82 147.3 % (6.15) (1,740.7 %) (57.15) (730.3 %) (0.17)
Q1 2015 4.11 (81.0 %) (0.74) (116.4 %) (4.81) (93.2 %) (0.01)
Q2 2015 10.23 (62.9 %) 4.27 (44.1 %) (3.11) (120.0 %) (0.01)
Q3 2015 7.04 (44.6 %) 2.75 (34.4 %) (5.74) (136.1 %) (0.02)
Q4 2015 9.59 (11.4 %) (0.74) 87.9 % 2.19 103.8 % 0.01
Q1 2016 5.36 30.5 % (0.34) 54.3 % (7.46) (55.1 %) (0.02)
Q2 2016 29.90 192.4 % 17.08 299.9 % 8.55 375.1 % 0.03
Q3 2016 4.19 (40.6 %) (0.29) (110.4 %) (9.12) (58.8 %) (0.03)
Q4 2016 65.86 587.0 % 40.98 5630.4 % 22.04 906.7 % 0.06
2016 105.31 240.1 % 57.44 936.8 % 14.01 222.1 % 0.04

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 70.80 % 23.71 % (9.72 %)
Q1 2012 41.88 % (309.15 %) (320.76 %)
Q2 2012 56.72 % (51.57 %) (76.18 %)
Q3 2012 64.79 % 22.25 % (9.97 %)
Q4 2012 61.50 % 8.80 % (28.13 %)
Q1 2013 61.04 % 11.49 % (27.35 %)
Q2 2013 57.79 % 1.09 % (36.53 %)
Q3 2013 24.55 % (72.81 %) (92.97 %)
Q4 2013 28.48 % (43.36 %) (0.97 %)
Q1 2014 23.79 % (22.71 %) 9.81 %
Q2 2014 23.35 % (7.42 %) 32.85 %
Q3 2014 24.13 % (9.99 %) 57.36 %
Q4 2014 14.01 % (20.36 %) 0.65 %
Q1 2015 8.96 % (37.39 %) (3.34 %)
Q2 2015 4.16 % (62.92 %) (54.09 %)
Q3 2015 0.41 % (100.25 %) (130.94 %)
Q4 2015 17.89 % (77.46 %) (37.04 %)
Q1 2016 18.44 % (70.62 %) (43.82 %)
Q2 2016 36.14 % (23.94 %) (4.74 %)
Q3 2016 32.05 % (27.68 %) (11.91 %)
Q4 2016 54.54 % 16.00 % 13.30 %
2016 54.54 % 16.00 % 13.30 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2007 - - - -
Q2 2007 - - - -
Q3 2007 - - - -
Q4 2007 - - - -
Q1 2008 - - - -
Q2 2008 - - - -
Q3 2008 - - - -
Q4 2008 - - - -
Q1 2009 - - - -
Q2 2009 - - - -
Q3 2009 - - - -
Q4 2009 - - - -
Q1 2010 - - - -
Q2 2010 - - - -
Q3 2010 - - - -
Q4 2010 - - - -
Q1 2011 339.30 - - 9.54
Q2 2011 339.30 - - 9.52
Q3 2011 339.30 - - 9.49
Q4 2011 339.30 (0.03) (0.03) 9.46
Q1 2012 339.30 (0.11) (0.11) 9.43
Q2 2012 339.30 (0.09) (0.09) 9.43
Q3 2012 339.30 (0.03) (0.03) 9.46
Q4 2012 339.30 (0.08) (0.08) 9.38
Q1 2013 339.30 (0.08) (0.08) 9.36
Q2 2013 339.30 (0.08) (0.08) 9.35
Q3 2013 339.30 (0.11) (0.11) 9.35
Q4 2013 339.30 0.00 0.00 9.38
Q1 2014 339.30 0.02 0.02 9.37
Q2 2014 339.30 0.07 0.07 9.42
Q3 2014 339.30 0.11 0.11 9.47
Q4 2014 339.30 (0.08) 0.00 9.30
Q1 2015 339.30 (0.09) (0.01) 9.28
Q2 2015 339.30 (0.14) (0.06) 9.27
Q3 2015 339.30 (0.21) (0.12) 9.26
Q4 2015 339.30 (0.03) (0.03) 9.26
Q1 2016 339.30 (0.04) (0.04) 9.26
Q2 2016 339.30 (0.01) (0.01) 9.28
Q3 2016 339.30 (0.02) (0.02) 9.26
Q4 2016 339.30 0.04 0.04 9.32

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - 0.79
Q2 2011 - - 0.85
Q3 2011 - - 0.80
Q4 2011 NEG NEG 1.16
Q1 2012 NEG NEG 2.01
Q2 2012 NEG NEG 1.59
Q3 2012 NEG NEG 1.52
Q4 2012 NEG NEG 1.34
Q1 2013 NEG NEG 1.55
Q2 2013 NEG NEG 1.51
Q3 2013 NEG NEG 1.59
Q4 2013 NEG NEG 1.89
Q1 2014 More than 50 More than 50 2.26
Q2 2014 More than 50 More than 50 2.17
Q3 2014 More than 50 More than 50 2.54
Q4 2014 NEG More than 50 1.82
Q1 2015 NEG NEG 2.47
Q2 2015 NEG NEG 2.94
Q3 2015 NEG NEG 1.80
Q4 2015 NEG NEG 1.67
Q1 2016 NEG NEG 1.47
Q2 2016 NEG NEG 1.56
Q3 2016 NEG NEG 1.35
Q4 2016 More than 50 More than 50 1.94

Business Segments (Million)

Compared With The
Period Real estate development Property management & consulting services Learning and training of operational staff
Q2 2015 - 4.96 5.27
Q3 2015 - 4.63 2.41
Q4 2015 - 7.84 1.74
Q1 2016 0.27 4.75 0.34
Q2 2016 19.63 8.19 2.08
Q3 2016 0.27 2.00 1.91
Q4 2016 50.27 7.21 8.39

Current
Market Cap (M Riyal) 5,089.50
Enterprise Value (EV) (M) 5,591.73
Shares Outstanding ((M)) 339.30
EPS ( Riyal) (TTM) (0.15)
Book Value (BV) ( Riyal) 8.84
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.70
Return on Average Assets (%) (TTM) (1.35 )
Return on Average Equity (%) (TTM) (1.66 )

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