Hotels posts higher net profit at SAR 45.8m in I1 of 2014

31/03/2014 Argaam Exclusive

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Share Price

Dur Hospitality Company
27.00
0.20 0.75 %

Saudi Hotels & Resort Areas Co., which manages a number of hotels in different areas of the Kingdom, reported SAR 45.8m net profit at the end of the first quarter of 2014, a 7% increase compared to the same period last year, as shown in the following table:



Current Quarter Comparison (M)

Compared With The
Item Q1 2013 Q1 2014 Change‬
Revenues 109.47 119.36 9.0 %
Gross Income 42.38 45.33 7.0 %
Operating Income 38.09 40.97 7.6 %
Net Income 42.77 45.77 7.0 %
Average Shares 100.00 100.00 -
EPS (Riyals) 0.43 0.46 7.0 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2005 44.09 17.1 % 20.18 27.4 % 21.75 100.4 % 0.30
Q2 2005 43.84 50.1 % 15.97 233.7 % 17.78 204.2 % 0.25
Q3 2005 45.51 16.2 % 17.75 18.1 % 22.61 189.3 % 0.31
Q4 2005 47.60 20.9 % 18.75 23.5 % 17.43 9.8 % 0.24
Q1 2006 51.84 17.6 % 25.11 24.5 % 10.35 (52.4 %) 0.14
Q2 2006 53.60 22.3 % 21.71 35.9 % 6.78 (61.9 %) 0.09
Q3 2006 51.48 13.1 % 18.70 5.4 % 3.31 (85.4 %) 0.05
Q4 2006 62.68 31.7 % 25.86 37.9 % 20.77 19.1 % 0.29
Q1 2007 62.32 20.2 % 27.60 9.9 % 14.99 44.9 % 0.21
Q2 2007 57.41 7.1 % 25.39 16.9 % 13.21 95.0 % 0.18
Q3 2007 61.50 19.5 % 27.36 46.3 % 15.06 354.6 % 0.21
Q4 2007 82.73 32.0 % 41.89 62.0 % 34.40 65.6 % 0.47
Q1 2008 64.97 4.3 % 31.36 13.6 % 26.74 78.5 % 0.27
Q2 2008 73.47 28.0 % 33.20 30.7 % 29.12 120.4 % 0.29
Q3 2008 75.25 22.4 % 36.51 33.4 % 33.72 123.9 % 0.34
Q4 2008 80.20 (3.1 %) 40.15 (4.2 %) 33.43 (2.8 %) 0.33
Q1 2009 66.41 2.2 % 32.95 5.1 % 28.19 5.4 % 0.28
Q2 2009 554.02 654.1 % 323.52 874.5 % 318.06 992.1 % 3.18
Q3 2009 48.69 (35.3 %) 20.20 (44.7 %) 14.63 (56.6 %) 0.15
Q4 2009 64.15 (20.0 %) 29.96 (25.4 %) 19.69 (41.1 %) 0.20
Q1 2010 68.87 3.7 % 36.81 11.7 % 31.09 10.3 % 0.31
Q2 2010 66.83 (87.9 %) 31.82 (90.2 %) 26.09 (91.8 %) 0.26
Q3 2010 70.22 44.2 % 38.18 89.0 % 32.58 122.7 % 0.33
Q4 2010 75.12 17.1 % 38.84 29.7 % 32.97 67.4 % 0.33
Q1 2011 126.09 83.1 % 43.19 17.3 % 36.82 18.4 % 0.37
Q2 2011 59.18 (11.4 %) 44.09 38.6 % 35.69 36.8 % 0.36
Q3 2011 87.96 25.3 % 43.78 14.7 % 41.08 26.1 % 0.41
Q4 2011 95.76 27.5 % 51.94 33.7 % 40.11 21.6 % 0.40
Q1 2012 97.25 (22.9 %) 51.19 18.5 % 97.35 164.4 % 0.97
Q2 2012 93.61 58.2 % 39.62 (10.1 %) 35.74 0.1 % 0.36
Q3 2012 103.03 17.1 % 39.33 (10.2 %) 35.08 (14.6 %) 0.35
Q4 2012 111.91 16.9 % 42.49 (18.2 %) 30.70 (23.5 %) 0.31
Q1 2013 109.47 12.6 % 42.38 (17.2 %) 42.77 (56.1 %) 0.43
Q2 2013 112.45 20.1 % 38.66 (2.4 %) 36.48 2.1 % 0.36
Q3 2013 101.77 (1.2 %) 31.42 (20.1 %) 26.61 (24.2 %) 0.27
Q4 2013 108.76 (2.8 %) 25.92 (39.0 %) 37.16 21.0 % 0.37
Q1 2014 119.36 9.0 % 45.33 7.0 % 45.77 7.0 % 0.46

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 36.33 % 36.54 % 33.78 %
Q2 2005 39.86 % 40.17 % 37.98 %
Q3 2005 39.97 % 40.34 % 45.14 %
Q4 2005 40.13 % 40.26 % 43.96 %
Q1 2006 41.10 % 41.47 % 36.11 %
Q2 2006 41.97 % 42.23 % 28.79 %
Q3 2006 41.21 % 41.44 % 18.51 %
Q4 2006 41.61 % 41.79 % 12.14 %
Q1 2007 40.80 % 40.89 % 13.60 %
Q2 2007 41.71 % 41.80 % 16.14 %
Q3 2007 43.54 % 43.59 % 20.29 %
Q4 2007 46.31 % 46.41 % 29.42 %
Q1 2008 47.26 % 47.30 % 33.54 %
Q2 2008 47.34 % 47.37 % 37.26 %
Q3 2008 48.23 % 48.25 % 41.83 %
Q4 2008 48.05 % 48.09 % 41.86 %
Q1 2009 48.35 % 48.34 % 42.15 %
Q2 2009 55.82 % 55.82 % 53.28 %
Q3 2009 55.63 % 55.62 % 52.62 %
Q4 2009 55.45 % 55.47 % 51.90 %
Q1 2010 55.79 % 55.82 % 52.12 %
Q2 2010 47.79 % 47.87 % 36.82 %
Q3 2010 50.64 % 50.73 % 40.53 %
Q4 2010 51.83 % 51.88 % 43.67 %
Q1 2011 44.95 % 44.99 % 37.98 %
Q2 2011 49.70 % 49.01 % 41.76 %
Q3 2011 48.77 % 47.41 % 40.14 %
Q4 2011 49.59 % 46.68 % 39.82 %
Q1 2012 56.15 % 52.01 % 44.48 %
Q2 2012 49.80 % 47.30 % 40.41 %
Q3 2012 46.73 % 46.17 % 39.03 %
Q4 2012 42.54 % 44.12 % 35.16 %
Q1 2013 39.19 % 42.68 % 34.52 %
Q2 2013 37.28 % 41.07 % 32.26 %
Q3 2013 35.57 % 39.64 % 30.40 %
Q4 2013 32.00 % 36.64 % 32.12 %
Q1 2014 31.95 % 37.07 % 32.08 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 72.46 0.71 0.71 10.65
Q2 2005 72.46 0.87 0.87 10.47
Q3 2005 72.46 1.08 1.08 10.79
Q4 2005 72.46 1.10 1.10 11.03
Q1 2006 72.46 0.94 0.94 11.14
Q2 2006 72.46 0.79 0.79 10.52
Q3 2006 72.46 0.52 0.52 10.55
Q4 2006 72.46 0.57 0.37 10.64
Q1 2007 72.46 0.63 0.43 10.83
Q2 2007 72.46 0.72 0.52 10.62
Q3 2007 72.46 0.88 0.68 10.87
Q4 2007 72.46 1.07 1.07 11.32
Q1 2008 100.00 0.89 0.89 13.64
Q2 2008 100.00 1.05 1.05 13.26
Q3 2008 100.00 1.24 1.24 13.45
Q4 2008 100.00 1.23 1.23 13.48
Q1 2009 100.00 1.24 1.24 12.90
Q2 2009 100.00 4.13 4.13 16.31
Q3 2009 100.00 3.94 3.94 16.16
Q4 2009 100.00 3.81 3.81 16.25
Q1 2010 100.00 3.83 3.83 16.68
Q2 2010 100.00 0.92 0.92 16.18
Q3 2010 100.00 1.09 1.09 16.22
Q4 2010 100.00 1.23 1.23 16.63
Q1 2011 100.00 1.28 1.28 16.30
Q2 2011 100.00 1.38 1.38 16.72
Q3 2011 100.00 1.47 1.40 16.64
Q4 2011 100.00 1.54 1.47 17.07
Q1 2012 100.00 2.14 1.51 18.27
Q2 2012 100.00 2.14 1.51 17.77
Q3 2012 100.00 2.08 1.52 17.56
Q4 2012 100.00 1.99 1.43 17.89
Q1 2013 100.00 1.44 1.44 17.45
Q2 2013 100.00 1.45 1.41 17.83
Q3 2013 100.00 1.37 1.32 17.68
Q4 2013 100.00 1.43 1.39 18.01
Q1 2014 100.00 1.46 1.42 17.75

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 35.51 35.51 2.36
Q2 2005 More than 50 More than 50 7.45
Q3 2005 More than 50 More than 50 8.35
Q4 2005 More than 50 More than 50 8.51
Q1 2006 More than 50 More than 50 4.31
Q2 2006 More than 50 More than 50 5.34
Q3 2006 More than 50 More than 50 8.12
Q4 2006 More than 50 More than 50 2.75
Q1 2007 More than 50 More than 50 3.69
Q2 2007 41.89 More than 50 2.85
Q3 2007 38.52 49.83 3.13
Q4 2007 35.30 35.30 3.34
Q1 2008 25.65 25.65 1.68
Q2 2008 25.86 25.86 2.05
Q3 2008 17.52 17.52 1.62
Q4 2008 12.81 12.81 1.17
Q1 2009 12.83 12.83 1.24
Q2 2009 4.97 4.97 1.26
Q3 2009 5.39 5.39 1.31
Q4 2009 5.54 5.54 1.30
Q1 2010 5.72 5.72 1.31
Q2 2010 20.73 20.73 1.17
Q3 2010 17.14 17.14 1.16
Q4 2010 15.06 15.06 1.11
Q1 2011 14.44 14.44 1.14
Q2 2011 13.34 13.34 1.10
Q3 2011 13.60 14.25 1.20
Q4 2011 14.63 15.30 1.32
Q1 2012 13.63 19.30 1.60
Q2 2012 13.02 18.43 1.57
Q3 2012 13.16 18.02 1.56
Q4 2012 13.43 18.71 1.49
Q1 2013 19.34 19.34 1.60
Q2 2013 21.79 22.42 1.77
Q3 2013 26.51 27.33 2.05
Q4 2013 24.05 24.77 1.91
Q1 2014 23.97 24.67 1.97

Business Segments (Million)

Compared With The
Period Hotels and recreational centers sector Owned Real estate Services and Employment sector Mutual transactions Others..
Q3 2012 90.88 13.05 5.81 (6.70) -
Q4 2012 74.05 27.19 15.45 (8.49) -
Q1 2013 93.64 16.53 4.71 (5.40) -
Q2 2013 101.71 11.59 4.56 (5.41) -
Q3 2013 86.96 15.61 4.67 (5.47) -
Q4 2013 84.05 14.06 10.16 (10.00) 10.48
Q1 2014 103.79 15.96 6.56 (6.95) -


Financial Ratios
Current
Market Cap (M Riyal) 2,700.00
Enterprise Value (EV) (M) 3,783.73
Shares Outstanding ((M)) 100.00
EPS ( Riyal) (TTM) 0.66
Book Value (BV) ( Riyal) 16.27
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 47.70
P/E (TTM) 40.65
Price/book 1.66
Return on Average Assets (%) (TTM) 1.9
Return on Average Equity (%) (TTM) 4.1
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