Arriyadh Development’s net profit surges to SAR 254.4 mln in H1 2021

14/07/2021 Argaam Exclusive

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Share Price

Arriyadh Development Co. (ARDCO)

Arriyadh Development Co. (ARDCO) reported a net profit after Zakat and tax of SAR 254.4 million for the first half of 2021, an increase of 184%, from SAR 89.7 million in the same period last year.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	114.45	126.15	10.2 %
Gross Income	81.50	91.35	12.1 %
Operating Income	73.03	80.12	9.7 %
Net Income	89.70	254.44	183.7 %
Average Shares	177.78	177.78	-
EPS (Riyals)	0.50	1.43	183.7 %

The increase was attributed to higher revenues in the operating and leasing sectors, as well as increased profit share from associates.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	57.41	63.01	9.8 %
Gross Income	41.22	45.07	9.4 %
Operating Income	37.62	38.30	1.8 %
Net Income	54.56	143.41	162.9 %
Average Shares	177.78	177.78	-
EPS (Riyals)	0.31	0.81	162.9 %

Item	Q1 2021	Q2 2021	Change‬
Revenues	63.14	63.01	(0.2 %)
Gross Income	46.27	45.07	(2.6 %)
Operating Income	41.83	38.30	(8.4 %)
Net Income	111.03	143.41	29.2 %
Average Shares	177.78	177.78	-
EPS (Riyals)	0.62	0.81	29.2 %

The firm reported a net profit after Zakat and tax of SAR 143.4 million for Q2 2021, up 163% year-on-year (YoY), due to higher profit share from associates and increased revenue from operating and leasing sectors.

On a quarter-on-quarter basis, net profit for the current quarter rose 29.19%.

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2012	140.64	163.5 %	97.08	189.0 %	93.30	226.2 %	0.52
Q2 2012	53.55	9.6 %	40.06	8.1 %	35.74	8.9 %	0.20
Q3 2012	45.39	(3.9 %)	33.36	(4.8 %)	28.69	(11.0 %)	0.16
Q4 2012	107.84	127.2 %	79.74	120.2 %	71.20	95.1 %	0.40
2012	347.41	76.4 %	250.24	76.3 %	228.94	75.9 %	1.29
Q1 2013	167.04	18.8 %	121.28	24.9 %	114.98	23.2 %	0.65
Q2 2013	67.62	26.3 %	51.52	28.6 %	48.73	36.3 %	0.27
Q3 2013	59.06	30.1 %	43.56	30.6 %	40.67	41.7 %	0.23
Q4 2013	62.13	(42.4 %)	46.45	(41.7 %)	45.32	(36.4 %)	0.25
2013	355.85	2.4 %	262.82	5.0 %	249.69	9.1 %	1.40
Q1 2014	75.29	(54.9 %)	54.43	(55.1 %)	51.43	(55.3 %)	0.29
Q2 2014	66.70	(1.4 %)	50.01	(2.9 %)	47.03	(3.5 %)	0.26
Q3 2014	53.06	(10.2 %)	40.53	(7.0 %)	37.47	(7.8 %)	0.21
Q4 2014	56.25	(9.5 %)	43.55	(6.2 %)	53.43	17.9 %	0.30
2014	251.29	(29.4 %)	188.52	(28.3 %)	189.37	(24.2 %)	1.07
Q1 2015	100.06	32.9 %	76.97	41.4 %	71.19	38.4 %	0.40
Q2 2015	99.63	49.4 %	76.78	53.5 %	70.80	50.5 %	0.40
Q3 2015	107.71	103.0 %	83.17	105.2 %	67.91	81.2 %	0.38
Q4 2015	117.91	109.6 %	96.57	121.7 %	84.52	58.2 %	0.48
2015	425.31	69.3 %	333.48	76.9 %	294.43	55.5 %	1.66
Q1 2016	73.13	(26.9 %)	57.99	(24.7 %)	54.15	(23.9 %)	0.30
Q2 2016	1,038.58	942.5 %	139.95	82.3 %	132.80	87.6 %	0.75
Q3 2016	59.17	(45.1 %)	46.08	(44.6 %)	36.65	(46.0 %)	0.21
Q4 2016	64.89	(45.0 %)	53.63	(44.5 %)	37.64	(55.5 %)	0.21
2016	1,235.76	190.6 %	297.65	(10.7 %)	261.23	(11.3 %)	1.47
Q1 2017	63.27	(13.5 %)	51.06	(12.0 %)	43.29	(20.1 %)	0.24
Q2 2017	67.11	(93.5 %)	54.32	(61.2 %)	45.95	(65.4 %)	0.26
Q3 2017	60.19	1.7 %	47.72	3.5 %	45.64	24.5 %	0.26
Q4 2017	123.52	90.4 %	94.75	76.7 %	88.00	133.8 %	0.49
2017	314.09	(74.6 %)	247.85	(16.7 %)	222.34	(14.9 %)	1.25
Q1 2018	71.73	13.4 %	54.66	7.0 %	51.41	18.8 %	0.29
Q2 2018	74.37	10.8 %	56.79	4.5 %	53.12	15.6 %	0.30
Q3 2018	71.04	18.0 %	53.57	12.3 %	50.82	11.3 %	0.29
Q4 2018	65.85	(46.7 %)	50.34	(46.9 %)	48.38	(45.0 %)	0.27
2018	282.99	(9.9 %)	215.36	(13.1 %)	203.93	(8.3 %)	1.15
Q1 2019	-	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-	-
2019	-	-	-	-	-	-	-
Q1 2020	57.04	-	40.29	-	35.14	-	0.20
Q2 2020	57.41	-	41.22	-	54.56	-	0.31
Q3 2020	59.74	-	43.56	-	55.09	-	0.31
Q4 2020	63.54	-	43.56	-	83.14	-	0.47
2020	237.73	-	168.62	-	227.93	-	1.28
Q1 2021	63.14	10.7 %	46.27	14.9 %	111.03	216.0 %	0.62
Q2 2021	63.01	9.8 %	45.07	9.4 %	143.41	162.9 %	0.81

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2011	196.94	20.8 %	141.91	27.2 %	130.17	34.7 %	0.73
2012	347.41	76.4 %	250.24	76.3 %	228.94	75.9 %	1.29
2013	355.85	2.4 %	262.82	5.0 %	249.69	9.1 %	1.40
2014	251.29	(29.4 %)	188.52	(28.3 %)	189.37	(24.2 %)	1.07
2015	425.31	69.3 %	333.48	76.9 %	294.43	55.5 %	1.66
2016	1,235.76	190.6 %	297.65	(10.7 %)	261.23	(11.3 %)	1.47
2017	314.09	(74.6 %)	247.85	(16.7 %)	222.34	(14.9 %)	1.25
2018	282.99	(9.9 %)	215.36	(13.1 %)	203.93	(8.3 %)	1.15
2019	-	-	-	-	-	-	-
2020	237.73	-	168.62	-	227.93	-	1.28

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2012	72.27 %	73.55 %	68.57 %
Q2 2012	72.13 %	73.29 %	68.46 %
Q3 2012	72.02 %	72.80 %	67.67 %
Q4 2012	72.03 %	72.56 %	65.90 %
2012	72.03 %	72.56 %	65.90 %
Q1 2013	73.42 %	74.06 %	67.04 %
Q2 2013	73.71 %	74.48 %	67.96 %
Q3 2013	73.74 %	74.86 %	68.63 %
Q4 2013	73.86 %	75.57 %	70.17 %
2013	73.86 %	75.57 %	70.17 %
Q1 2014	74.20 %	77.60 %	70.48 %
Q2 2014	73.89 %	77.25 %	70.09 %
Q3 2014	74.43 %	77.61 %	70.48 %
Q4 2014	75.02 %	77.94 %	75.36 %
2014	75.02 %	77.94 %	75.36 %
Q1 2015	76.46 %	78.60 %	75.76 %
Q2 2015	76.97 %	78.34 %	75.37 %
Q3 2015	77.13 %	78.18 %	75.27 %
Q4 2015	78.41 %	79.29 %	73.57 %
2015	78.41 %	79.29 %	73.57 %
Q1 2016	78.94 %	80.03 %	74.26 %
Q2 2016	28.24 %	28.58 %	26.76 %
Q3 2016	26.43 %	26.75 %	24.54 %
Q4 2016	24.09 %	24.18 %	21.14 %
2016	24.09 %	24.18 %	21.14 %
Q1 2017	23.71 %	23.88 %	20.42 %
Q2 2017	80.60 %	81.97 %	64.27 %
Q3 2017	80.92 %	82.74 %	67.53 %
Q4 2017	78.91 %	83.93 %	70.96 %
2017	78.91 %	83.93 %	70.79 %
Q1 2018	77.95 %	83.49 %	71.62 %
Q2 2018	76.99 %	82.92 %	72.21 %
Q3 2018	76.25 %	82.75 %	71.43 %
Q4 2018	76.10 %	81.81 %	71.99 %
2018	76.10 %	81.88 %	72.06 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	-	-	-
Q1 2020	73.41 %	73.83 %	60.12 %
Q2 2020	72.84 %	73.33 %	66.12 %
Q3 2020	72.84 %	73.16 %	72.52 %
Q4 2020	70.93 %	77.27 %	95.87 %
2020	70.93 %	77.27 %	95.88 %
Q1 2021	71.61 %	77.87 %	124.60 %
Q2 2021	71.55 %	76.26 %	157.42 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2011	72.06 %	74.87 %	66.10 %
2012	72.03 %	72.56 %	65.90 %
2013	73.86 %	75.57 %	70.17 %
2014	75.02 %	77.94 %	75.36 %
2015	78.41 %	79.29 %	73.57 %
2016	24.09 %	24.18 %	21.14 %
2017	78.91 %	83.93 %	70.79 %
2018	76.10 %	81.88 %	72.06 %
2019	-	-	-
2020	70.93 %	77.27 %	95.88 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2012	69.03 %	67.84 %	66.34 %
Q2 2012	74.80 %	77.48 %	66.74 %
Q3 2012	73.51 %	75.85 %	63.22 %
Q4 2012	73.94 %	74.89 %	66.03 %
Q1 2013	72.61 %	71.93 %	68.83 %
Q2 2013	76.19 %	79.22 %	72.06 %
Q3 2013	73.76 %	78.09 %	68.86 %
Q4 2013	74.76 %	79.02 %	72.94 %
Q1 2014	72.30 %	74.60 %	68.32 %
Q2 2014	74.97 %	77.86 %	70.51 %
Q3 2014	76.39 %	79.90 %	70.63 %
Q4 2014	77.44 %	80.66 %	94.99 %
Q1 2015	76.93 %	77.24 %	71.15 %
Q2 2015	77.06 %	77.29 %	71.06 %
Q3 2015	77.21 %	78.56 %	72.68 %
Q4 2015	81.90 %	83.39 %	78.54 %
Q1 2016	79.30 %	80.51 %	74.04 %
Q2 2016	13.47 %	13.51 %	12.79 %
Q3 2016	77.89 %	79.88 %	61.95 %
Q4 2016	82.65 %	80.68 %	58.01 %
Q1 2017	80.69 %	83.51 %	68.41 %
Q2 2017	80.94 %	83.61 %	68.47 %
Q3 2017	79.28 %	83.20 %	75.83 %
Q4 2017	76.71 %	84.68 %	71.24 %
Q1 2018	76.19 %	81.59 %	71.66 %
Q2 2018	76.37 %	81.07 %	71.43 %
Q3 2018	75.41 %	82.33 %	71.53 %
Q4 2018	76.45 %	82.33 %	73.47 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	70.63 %	77.55 %	61.60 %
Q2 2020	71.80 %	81.12 %	95.04 %
Q3 2020	72.91 %	79.75 %	92.22 %
Q4 2020	68.55 %	71.22 %	130.84 %
Q1 2021	73.28 %	79.83 %	175.84 %
Q2 2021	71.53 %	74.45 %	227.60 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2012	177.78	1.10	1.10	8.23
Q2 2012	177.78	1.11	1.11	8.43
Q3 2012	177.78	1.09	1.09	8.23
Q4 2012	177.78	1.29	1.29	8.63
Q1 2013	177.78	1.41	1.41	9.28
Q2 2013	177.78	1.48	1.48	8.98
Q3 2013	177.78	1.55	1.55	9.21
Q4 2013	177.78	1.40	1.40	9.46
Q1 2014	177.78	1.05	1.05	9.75
Q2 2014	177.78	1.04	1.04	9.16
Q3 2014	177.78	1.02	1.02	9.37
Q4 2014	177.78	1.07	1.07	9.61
Q1 2015	177.78	1.18	1.18	10.02
Q2 2015	177.78	1.31	1.31	9.67
Q3 2015	177.78	1.48	1.54	10.07
Q4 2015	177.78	1.66	1.76	10.56
Q1 2016	177.78	1.56	1.66	10.84
Q2 2016	177.78	1.91	2.01	10.61
Q3 2016	177.78	1.73	1.78	10.42
Q4 2016	177.78	1.47	1.47	10.66
Q1 2017	177.78	1.41	1.41	10.90
Q2 2017	177.78	0.92	0.92	10.47
Q3 2017	177.78	0.97	0.97	10.43
Q4 2017	177.78	1.25	1.25	11.05
Q1 2018	177.78	1.30	1.30	11.29
Q2 2018	177.78	1.34	1.34	10.93
Q3 2018	177.78	1.37	1.37	10.66
Q4 2018	177.78	1.15	1.15	11.63
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	-	-	-	-
Q4 2019	-	-	-	-
Q1 2020	177.78	0.76	0.83	11.13
Q2 2020	177.78	0.79	0.89	10.93
Q3 2020	177.78	0.87	0.97	11.26
Q4 2020	177.78	1.28	1.28	11.14
Q1 2021	177.78	1.71	1.71	11.81
Q2 2021	177.78	2.21	2.21	11.99

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2011	177.78	0.73	0.73	8.42
2012	177.78	1.29	1.29	8.63
2013	177.78	1.40	1.40	9.46
2014	177.78	1.07	1.07	9.61
2015	177.78	1.66	1.76	10.56
2016	177.78	1.47	1.47	10.66
2017	177.78	1.25	1.25	11.05
2018	177.78	1.15	1.15	11.63
2019	-	-	-	-
2020	177.78	1.28	1.28	11.14

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2012	13.19	13.19	1.76
Q2 2012	11.91	11.91	1.57
Q3 2012	12.05	12.05	1.60
Q4 2012	9.99	9.99	1.49
Q1 2013	8.74	8.74	1.33
Q2 2013	8.75	8.75	1.44
Q3 2013	8.86	8.86	1.49
Q4 2013	11.30	11.30	1.68
Q1 2014	18.86	18.86	2.02
Q2 2014	16.22	16.22	1.84
Q3 2014	18.16	18.16	1.98
Q4 2014	14.36	14.36	1.59
Q1 2015	13.66	13.66	1.60
Q2 2015	12.21	12.21	1.65
Q3 2015	8.95	8.61	1.32
Q4 2015	8.30	7.81	1.30
Q1 2016	9.84	9.23	1.42
Q2 2016	7.98	7.57	1.44
Q3 2016	8.21	8.00	1.37
Q4 2016	11.61	11.61	1.60
Q1 2017	11.42	11.42	1.48
Q2 2017	16.09	16.09	1.41
Q3 2017	13.98	13.98	1.30
Q4 2017	11.17	11.17	1.27
Q1 2018	11.51	11.51	1.33
Q2 2018	9.98	9.98	1.22
Q3 2018	8.78	8.78	1.13
Q4 2018	11.48	11.48	1.13
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	17.75	16.28	1.21
Q2 2020	18.78	16.65	1.35
Q3 2020	19.33	17.33	1.49
Q4 2020	13.40	13.40	1.54
Q1 2021	12.77	12.77	1.85
Q2 2021	11.08	11.08	2.04

Period	P/E	Adjusted P/E	Price/book
2011	17.40	17.40	1.51
2012	9.99	9.99	1.49
2013	11.30	11.30	1.68
2014	14.36	14.36	1.59
2015	8.30	7.81	1.30
2016	11.61	11.61	1.60
2017	11.19	11.19	1.27
2018	11.47	11.47	1.13
2019	-	-	-
2020	13.40	13.40	1.54

Business Segments (Million)

Compared With The

Period	Commercial Centers Sector	Public utility sector	Sale of Land and Contributions Sector	Joint Assets and liabilities
Q1 2012	34.71	9.74	96.18	-
Q2 2012	36.81	10.20	6.54	-
Q3 2012	32.63	12.76	-	-
Q4 2012	35.12	13.55	59.18	-
Q1 2013	30.86	18.39	117.79	-
Q2 2013	32.20	19.27	16.15	-
Q3 2013	29.69	19.66	9.71	-
Q4 2013	33.08	19.48	9.58	-
Q1 2014	26.63	24.81	23.84	-
Q2 2014	39.22	15.19	12.28	-
Q3 2014	32.44	20.62	-	-
Q4 2014	30.94	20.51	4.80	-
Q1 2015	32.11	21.23	46.72	-
Q2 2015	37.08	22.28	40.26	-
Q3 2015	32.60	22.25	52.85	-
Q4 2015	34.87	26.60	56.43	-
Q1 2016	34.59	21.99	16.55	-
Q2 2016	40.39	22.56	975.63	-
Q3 2016	36.30	22.86	-	-
Q4 2016	41.57	23.32	-	-
Q1 2017	41.17	22.11	-	-
Q2 2017	44.61	22.51	-	-
Q3 2017	37.50	22.69	-	-
Q4 2017	40.05	47.36	36.11	-
Q1 2018	37.07	34.66	-	-
Q2 2018	39.02	35.34	-	-
Q3 2018	36.02	35.02	-	-
Q4 2018	36.10	29.75	-	-
Q1 2019	36.37	25.16	-	-
Q2 2019	38.40	25.90	-	-
Q3 2019	34.74	26.48	-	-
Q4 2019	36.06	26.60	-	-
Q1 2020	31.10	25.94	-	-
Q2 2020	30.70	26.71	-	-
Q3 2020	30.85	28.89	-	-
Q4 2020	34.11	29.43	-	-
Q1 2021	34.87	28.27	-	-
Q2 2021	33.64	29.37	-	-

Period	Commercial Centers Sector	Public utility sector	Sale of Land and Contributions Sector	Joint Assets and liabilities
2011	144.82	40.57	11.55	-
2012	139.27	46.25	161.90	-
2013	125.82	76.80	153.22	-
2014	129.23	81.14	40.92	-
2015	136.67	92.36	196.28	-
2016	152.85	90.73	992.18	-
2017	163.32	114.67	36.11	-
2018	148.22	134.77	-	-
2019	145.57	104.13	-	-
2020	126.76	110.97	-	-

Financial Ratios

	Current
Market Cap (M Riyal)	3,950.27
Enterprise Value (EV) (M)	2,962.39
Shares Outstanding ((M))	177.78
EPS ( Riyal) (TTM)	1.74
Book Value (BV) ( Riyal)	13.79
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	12.40
P/E (TTM)	12.76
Price/book	1.61
Return on Average Assets (%) (TTM)	11.3
Return on Average Equity (%) (TTM)	13.2

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Arriyadh Development’s net profit surges to SAR 254.4 mln in H1 2021

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Share Price

Arriyadh Development Co. (ARDCO)

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) 2021 Q2

Financial Ratios

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Arriyadh Development’s net profit surges to SAR 254.4 mln in H1 2021

View other reports

Share Price

Arriyadh Development Co. (ARDCO)

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) Q2 2021

Revenue by Business Segment (Latest) 2021 Q2

Financial Ratios

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Business Segments (Million)