Al-Ahsa Development turns to profit in H1

01/08/2017 Argaam Exclusive

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Share Price

AYYAN Investment Co.
18.72
(0.52) (2.70 %)

AYYAN Investment Co. (AYYAN)

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Al-Ahsa Development Co. reported a net profit of SAR 4.5 million for the first half of 2017, compared to a net loss of SAR 13.9 million a year earlier, mainly due to lower zakat, higher revenue, a decrease in losses from discontinued operations, and profits from the fair value valuation of investments. 



Financials (M)

Item 6m 2016 6m 2017 Change‬
Revenues 99.22 106.10 6.9 %
Gross Income 25.39 27.62 8.8 %
Operating Income (2.31) (1.33) 42.4 %
Net Income (15.62) 2.59 116.6 %
Average Shares 49.00 49.00 -
EPS (Riyals) (0.32) 0.05 116.6 %

The second quarter saw a net profit of SAR 2.7 million, versus a net loss of SAR 12.3 million a year earlier.

 

On a quarterly basis, the company’s net profit in Q2 rose by 48 percent. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2016 Q2 2017 Change‬
Revenues 49.61 55.45 11.8 %
Gross Income 12.68 15.06 18.8 %
Operating Income (1.11) 0.61 154.7 %
Net Income (12.83) 1.59 112.4 %
Average Shares 49.00 49.00 -
EPS (Riyals) (0.26) 0.03 112.4 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2008 - - - - 5.86 20.6 % 0.12
Q2 2008 - - - - 8.01 93.3 % 0.16
Q3 2008 - - - - (44.39) (708.0 %) (0.91)
Q4 2008 - - - - (25.72) (247.5 %) (0.52)
Q1 2009 - - - - (6.25) (206.7 %) (0.13)
Q2 2009 - - - - 7.42 (7.3 %) 0.15
Q3 2009 - - - - 4.61 110.4 % 0.09
Q4 2009 - - - - (2.42) 90.6 % (0.05)
Q1 2010 - - - - 6.32 201.0 % 0.13
Q2 2010 - - - - (2.83) (138.1 %) (0.06)
Q3 2010 - - - - 2.48 (46.2 %) 0.05
Q4 2010 - - - - 40.31 1769.2 % 0.82
Q1 2011 - - - - 4.79 (24.2 %) 0.10
Q2 2011 - - - - 2.88 202.0 % 0.06
Q3 2011 - - - - 1.43 (42.4 %) 0.03
Q4 2011 - - - - (8.97) (122.2 %) (0.18)
Q1 2012 3.38 - 3.38 - 3.29 (31.2 %) 0.07
Q2 2012 - - (3.38) - 4.44 54.1 % 0.09
Q3 2012 - - - - (1.45) (201.5 %) (0.03)
Q4 2012 - - - - (3.62) 59.6 % (0.07)
Q1 2013 1.43 (57.6 %) 0.45 (86.7 %) 0.61 (81.6 %) 0.01
Q2 2013 2.26 - 0.54 116.0 % 3.53 (20.6 %) 0.07
Q3 2013 1.13 - (0.06) - 1.17 180.6 % 0.02
Q4 2013 1.65 - (0.28) - 10.71 395.8 % 0.22
Q1 2014 0.73 (49.1 %) 0.00 (100.4 %) 4.70 674.8 % 0.10
Q2 2014 2.47 9.4 % 0.58 6.9 % (4.11) (216.6 %) (0.08)
Q3 2014 1.02 (10.1 %) (0.08) (36.1 %) (12.83) (1198.1 %) (0.26)
Q4 2014 2.57 55.5 % 0.25 189.2 % (22.37) (308.8 %) (0.46)
Q1 2015 9.51 1202.9 % 2.66 132900.0 % 4.74 0.9 % 0.10
Q2 2015 47.51 1820.4 % 13.14 2176.6 % 29.26 811.3 % 0.60
Q3 2015 43.30 4157.4 % 10.82 13141.0 % 7.56 159.0 % 0.15
Q4 2015 50.24 1858.1 % 12.67 4989.2 % (0.41) 98.2 % (0.01)
Q1 2016 49.61 421.6 % 12.71 378.4 % (2.79) (158.8 %) (0.06)
Q2 2016 49.61 4.4 % 12.68 (3.4 %) (12.83) (143.8 %) (0.26)
Q3 2016 45.23 4.5 % 13.43 24.1 % (2.88) (138.1 %) (0.06)
Q4 2016 47.48 (5.5 %) 9.52 (24.9 %) (14.17) (3,382.6 %) (0.29)
Q1 2017 50.64 2.1 % 12.56 (1.2 %) 1.00 135.9 % 0.02
Q2 2017 55.45 11.8 % 15.06 18.8 % 1.59 112.4 % 0.03

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2008 25.14 % (67.10 %) 383.50 %
Q2 2008 24.06 % (373.12 %) 2,587.87 %
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 - - -
Q1 2012 100.00 % (39.20 %) 134.47 %
Q2 2012 - (141.95 %) 180.58 %
Q3 2012 - (133.40 %) 95.48 %
Q4 2012 - (139.43 %) 78.81 %
Q1 2013 (204.53 %) (539.68 %) (1.46 %)
Q2 2013 26.79 % (99.59 %) (25.35 %)
Q3 2013 19.25 % (89.06 %) 34.82 %
Q4 2013 10.04 % (95.52 %) 315.10 %
Q1 2014 3.43 % (103.24 %) 424.48 %
Q2 2014 3.93 % (88.57 %) 281.77 %
Q3 2014 3.63 % (128.17 %) 620.97 %
Q4 2014 10.92 % (157.30 %) 217.25 %
Q1 2015 21.83 % (65.06 %) 75.87 %
Q2 2015 26.33 % (17.50 %) 69.87 %
Q3 2015 26.11 % (6.83 %) 5.79 %
Q4 2015 26.09 % 4.77 % 8.07 %
Q1 2016 25.88 % 5.37 % 4.76 %
Q2 2016 25.36 % 6.95 % (14.75 %)
Q3 2016 26.45 % 8.29 % (8.05 %)
Q4 2016 25.18 % 4.00 % (8.51 %)
Q1 2017 24.97 % 4.40 % (7.26 %)
Q2 2017 25.44 % 4.43 % (0.68 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2008 49.00 0.71 0.71 10.51
Q2 2008 49.00 0.79 0.79 10.65
Q3 2008 49.00 (0.27) (0.27) 9.48
Q4 2008 49.00 (1.15) (0.65) 8.11
Q1 2009 49.00 (1.40) (0.89) 7.96
Q2 2009 49.00 (1.41) (0.91) 8.45
Q3 2009 49.00 (0.41) 0.09 8.70
Q4 2009 49.00 0.07 0.07 8.57
Q1 2010 49.00 0.33 0.33 8.87
Q2 2010 49.00 0.12 0.12 8.65
Q3 2010 49.00 0.07 0.07 8.73
Q4 2010 49.00 0.94 1.35 9.78
Q1 2011 49.00 0.91 1.32 9.84
Q2 2011 49.00 1.03 1.44 9.85
Q3 2011 49.00 1.01 1.42 9.79
Q4 2011 49.00 0.00 0.12 9.60
Q1 2012 49.00 (0.03) 0.09 10.22
Q2 2012 49.00 0.00 0.12 9.77
Q3 2012 49.00 (0.05) 0.07 9.86
Q4 2012 49.00 0.05 0.05 9.87
Q1 2013 49.00 0.00 0.00 9.92
Q2 2013 49.00 (0.02) (0.02) 10.13
Q3 2013 49.00 0.03 0.03 10.33
Q4 2013 49.00 0.33 0.42 10.71
Q1 2014 49.00 0.41 0.50 10.68
Q2 2014 49.00 0.25 0.34 10.71
Q3 2014 49.00 (0.03) 0.74 10.52
Q4 2014 49.00 (0.71) 0.30 9.90
Q1 2015 49.00 (0.71) 0.24 10.17
Q2 2015 49.00 (0.02) 0.86 10.86
Q3 2015 49.00 0.39 0.12 10.59
Q4 2015 49.00 0.84 0.25 10.79
Q1 2016 49.00 0.69 0.19 10.51
Q2 2016 49.00 (0.17) (0.58) 10.24
Q3 2016 49.00 (0.39) (0.32) 10.13
Q4 2016 49.00 (0.67) (0.33) 9.96
Q1 2017 49.00 (0.59) (0.29) 9.95
Q2 2017 49.00 (0.30) (0.03) 9.93

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2008 More than 50 More than 50 3.63
Q2 2008 43.86 43.86 3.24
Q3 2008 NEG NEG 2.07
Q4 2008 NEG NEG 1.75
Q1 2009 NEG NEG 2.68
Q2 2009 NEG NEG 2.28
Q3 2009 NEG More than 50 2.14
Q4 2009 More than 50 More than 50 2.07
Q1 2010 More than 50 More than 50 2.21
Q2 2010 More than 50 More than 50 2.04
Q3 2010 More than 50 More than 50 1.89
Q4 2010 19.25 13.44 1.86
Q1 2011 19.19 13.26 1.78
Q2 2011 17.58 12.59 1.84
Q3 2011 16.08 11.44 1.66
Q4 2011 More than 50 More than 50 2.24
Q1 2012 NEG More than 50 3.51
Q2 2012 More than 50 More than 50 2.17
Q3 2012 NEG More than 50 2.51
Q4 2012 More than 50 More than 50 2.18
Q1 2013 NEG NEG 2.50
Q2 2013 NEG NEG 2.17
Q3 2013 More than 50 More than 50 2.40
Q4 2013 More than 50 More than 50 2.27
Q1 2014 More than 50 More than 50 2.63
Q2 2014 More than 50 More than 50 2.70
Q3 2014 NEG 42.36 3.00
Q4 2014 NEG More than 50 2.42
Q1 2015 NEG More than 50 2.36
Q2 2015 NEG 31.40 2.50
Q3 2015 45.16 More than 50 1.67
Q4 2015 24.18 More than 50 1.88
Q1 2016 30.94 More than 50 2.02
Q2 2016 NEG NEG 1.91
Q3 2016 NEG NEG 1.63
Q4 2016 NEG NEG 1.93
Q1 2017 NEG NEG 2.49
Q2 2017 NEG NEG 1.99

Business Segments (Million)

Compared With The
Period medical service Manufacturing sector Investments Food
Q1 2013 - - 3.29 1.43
Q2 2013 - - 5.37 2.26
Q3 2013 - - 3.62 1.13
Q4 2013 - - 2.52 1.65
Q1 2014 - 0.73 - -
Q2 2014 - 2.47 - -
Q3 2014 - 1.02 - -
Q4 2014 - 2.57 - -
Q1 2015 6.92 2.59 - -
Q2 2015 44.09 3.43 - -
Q3 2015 41.55 1.75 - -
Q4 2015 47.09 3.15 - -
Q1 2016 46.51 3.10 - -
Q2 2016 45.56 4.04 - -
Q3 2016 43.72 1.51 - -
Q4 2016 44.67 2.81 - -
Q1 2017 47.97 2.67 - -
Q2 2017 50.48 4.98 - -


Financial Ratios
Current
Market Cap (M Riyal) 1,509.58
Enterprise Value (EV) (M) 2,199.46
Shares Outstanding ((M)) 80.64
EPS ( Riyal) (TTM) (2.79)
Book Value (BV) ( Riyal) 5.49
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 3.41
Return on Average Assets (%) (TTM) (13.51 )
Return on Average Equity (%) (TTM) (39.81 )
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