Al Akaria’s net profit rises 46% in H1

08/08/2017 Argaam Exclusive

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Share Price

Saudi Real Estate Co. (ALAKARIA)

Saudi Real Estate Co. (Al Akaria) reported a net profit of SAR 69.6 million in the first half of this year, a 46 percent year-on-year (YoY) increase attributed to lower cost of finance, higher other revenues, and an increase in profit from investments.

Financials (M)

Item	6m 2016	6m 2017	Change‬
Revenues	147.28	157.24	6.8 %
Gross Income	100.89	105.44	4.5 %
Operating Income	83.18	75.88	(8.8 %)
Net Income	47.62	71.22	49.6 %
Average Shares	276.53	276.53	-
EPS (Riyals)	0.17	0.26	49.6 %

The company saw a net profit of SAR 18.8 million in the second quarter this year, a drop by 56 percent YoY on unrealized loss on fair value derivatives and an increase in the general and administrative expenses.

The Q2 net profit was down 63 percent compared to the previous quarter mainly on the back of unrealized loss on fair value derivatives and a higher zakat provision.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2016	Q2 2017	Change‬
Revenues	74.65	78.65	5.4 %
Gross Income	50.42	53.06	5.2 %
Operating Income	41.70	35.45	(15.0 %)
Net Income	42.75	20.71	(51.6 %)
Average Shares	276.53	276.53	-
EPS (Riyals)	0.15	0.07	(51.6 %)

Item	Q1 2017	Q2 2017	Change‬
Revenues	78.60	78.65	0.1 %
Gross Income	52.38	53.06	1.3 %
Operating Income	40.43	35.45	(12.3 %)
Net Income	47.76	20.71	(56.6 %)
Average Shares	276.53	276.53	-
EPS (Riyals)	0.17	0.07	(56.6 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2008	47.66	33.6 %	29.26	31.8 %	28.39	(9.5 %)	0.10
Q2 2008	91.37	65.5 %	46.16	41.0 %	44.92	42.9 %	0.16
Q3 2008	42.47	(33.5 %)	25.69	(45.3 %)	31.42	(30.4 %)	0.11
Q4 2008	43.53	(50.5 %)	25.98	(42.2 %)	12.31	(81.0 %)	0.04
2008	225.03	(7.3 %)	127.09	(13.5 %)	117.04	(32.2 %)	0.42
Q1 2009	43.92	(7.8 %)	30.13	3.0 %	31.02	9.3 %	0.11
Q2 2009	42.00	(54.0 %)	25.27	(45.3 %)	21.22	(52.8 %)	0.08
Q3 2009	41.87	(1.4 %)	24.89	(3.1 %)	19.80	(37.0 %)	0.07
Q4 2009	43.43	(0.2 %)	28.11	8.2 %	20.58	67.2 %	0.07
2009	171.22	(23.9 %)	108.40	(14.7 %)	92.61	(20.9 %)	0.33
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
2010	432.15	152.4 %	263.76	143.3 %	183.14	97.7 %	0.66
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
2011	264.66	(38.8 %)	179.81	(31.8 %)	149.72	(18.3 %)	0.54
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
2012	325.27	22.9 %	178.33	(0.8 %)	179.51	19.9 %	0.65
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
2013	258.82	(20.4 %)	181.39	1.7 %	156.02	(13.1 %)	0.56
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
2014	341.24	31.8 %	253.40	39.7 %	276.25	77.1 %	1.00
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
2015	278.89	(18.3 %)	194.92	(23.1 %)	147.63	(46.6 %)	0.53
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)
2016	314.47	12.8 %	216.40	11.0 %	73.68	(50.1 %)	0.27
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

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2007	242.69	50.3 %	146.89	38.6 %	172.72	51.4 %	0.62
2008	225.03	(7.3 %)	127.09	(13.5 %)	117.04	(32.2 %)	0.42
2009	171.22	(23.9 %)	108.40	(14.7 %)	92.61	(20.9 %)	0.33
2010	432.15	152.4 %	263.76	143.3 %	183.14	97.7 %	0.66
2011	264.66	(38.8 %)	179.81	(31.8 %)	149.72	(18.3 %)	0.54
2012	325.27	22.9 %	178.33	(0.8 %)	179.51	19.9 %	0.65
2013	258.82	(20.4 %)	181.39	1.7 %	156.02	(13.1 %)	0.56
2014	341.24	31.8 %	253.40	39.7 %	276.25	77.1 %	1.00
2015	278.89	(18.3 %)	194.92	(23.1 %)	147.63	(46.6 %)	0.53
2016	314.47	12.8 %	216.40	11.0 %	73.68	(50.1 %)	0.27

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	60.45 %	61.31 %	66.65 %
Q2 2008	57.55 %	59.09 %	63.00 %
Q3 2008	54.22 %	55.82 %	62.91 %
Q4 2008	56.48 %	57.89 %	52.01 %
2008	56.48 %	57.89 %	52.01 %
Q1 2009	57.82 %	60.15 %	54.08 %
Q2 2009	62.28 %	64.53 %	55.82 %
Q3 2009	62.03 %	64.75 %	49.24 %
Q4 2009	63.31 %	64.85 %	54.09 %
2009	63.31 %	64.85 %	54.09 %
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 %
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 %
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 %
2012	54.82 %	58.00 %	55.19 %
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 %
2013	70.08 %	74.74 %	69.39 %
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 %
2014	74.26 %	75.43 %	80.96 %
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 %
2015	69.89 %	70.11 %	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 %
2016	68.81 %	63.64 %	21.44 %
Q1 2017	68.13 %	62.73 %	30.80 %
Q2 2017	68.10 %	61.80 %	22.65 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2007	60.52 %	62.19 %	71.17 %
2008	56.48 %	57.89 %	52.01 %
2009	63.31 %	64.85 %	54.09 %
2010	61.03 %	62.92 %	51.06 %
2011	67.94 %	70.67 %	62.96 %
2012	54.82 %	58.00 %	55.19 %
2013	70.08 %	74.74 %	69.39 %
2014	74.26 %	75.43 %	80.96 %
2015	69.89 %	70.11 %	52.93 %
2016	68.81 %	63.64 %	21.44 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	61.39 %	61.88 %	59.57 %
Q2 2008	50.52 %	52.35 %	49.16 %
Q3 2008	60.48 %	64.77 %	73.98 %
Q4 2008	59.69 %	58.44 %	28.28 %
Q1 2009	68.60 %	73.59 %	70.63 %
Q2 2009	60.17 %	61.15 %	50.53 %
Q3 2009	59.45 %	65.65 %	47.28 %
Q4 2009	64.73 %	58.81 %	47.38 %
Q1 2010	66.39 %	74.08 %	61.32 %
Q2 2010	54.99 %	60.88 %	56.59 %
Q3 2010	65.03 %	68.17 %	56.15 %
Q4 2010	60.21 %	60.13 %	47.24 %
Q1 2011	64.96 %	64.30 %	54.68 %
Q2 2011	66.98 %	69.76 %	57.76 %
Q3 2011	64.37 %	70.87 %	57.17 %
Q4 2011	74.13 %	77.00 %	78.92 %
Q1 2012	69.36 %	62.45 %	63.00 %
Q2 2012	66.32 %	61.97 %	61.44 %
Q3 2012	37.01 %	35.29 %	33.43 %
Q4 2012	69.79 %	100.96 %	90.27 %
Q1 2013	72.27 %	77.10 %	66.69 %
Q2 2013	66.10 %	68.75 %	58.88 %
Q3 2013	69.73 %	75.15 %	62.74 %
Q4 2013	72.14 %	77.79 %	88.78 %
Q1 2014	68.52 %	69.71 %	58.77 %
Q2 2014	69.81 %	67.64 %	74.02 %
Q3 2014	68.94 %	72.06 %	89.99 %
Q4 2014	81.29 %	83.04 %	91.48 %
Q1 2015	69.03 %	69.56 %	64.16 %
Q2 2015	67.26 %	69.07 %	53.62 %
Q3 2015	70.65 %	73.27 %	54.11 %
Q4 2015	72.44 %	68.53 %	40.69 %
Q1 2016	69.40 %	70.50 %	35.23 %
Q2 2016	67.55 %	61.02 %	61.49 %
Q3 2016	63.07 %	51.57 %	46.59 %
Q4 2016	74.31 %	70.67 %	(34.81 %)
Q1 2017	66.65 %	66.33 %	60.77 %
Q2 2017	67.46 %	57.28 %	26.34 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2008	276.53	0.61	0.61	11.36
Q2 2008	276.53	0.66	0.66	11.12
Q3 2008	276.53	0.61	0.61	11.12
Q4 2008	276.53	0.42	0.42	11.12
Q1 2009	276.53	0.43	0.43	11.22
Q2 2009	276.53	0.35	0.35	10.89
Q3 2009	276.53	0.31	0.31	10.99
Q4 2009	276.53	0.33	0.33	11.09
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2007	276.53	0.62	0.62	11.28
2008	276.53	0.42	0.42	11.12
2009	276.53	0.33	0.33	11.09
2010	276.53	0.66	0.80	11.58
2011	276.53	0.54	0.60	11.48
2012	276.53	0.65	0.65	11.73
2013	276.53	0.56	0.65	11.95
2014	276.53	1.00	1.00	12.51
2015	276.53	0.53	0.53	12.39
2016	276.53	0.27	0.24	12.68

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2008	42.91	42.91	2.32
Q2 2008	38.87	38.87	2.32
Q3 2008	27.27	27.27	1.50
Q4 2008	27.39	27.39	1.04
Q1 2009	26.33	26.33	1.02
Q2 2009	40.63	40.63	1.29
Q3 2009	More than 50	More than 50	1.45
Q4 2009	45.33	45.33	1.37
Q1 2010	45.67	45.67	1.36
Q2 2010	More than 50	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	More than 50	More than 50	1.24
Q1 2017	32.25	34.30	0.96
Q2 2017	41.10	46.36	0.98

Period	P/E	Adjusted P/E	Price/book
2007	48.30	48.30	2.67
2008	27.39	27.39	1.04
2009	45.33	45.33	1.37
2010	23.28	19.32	1.33
2011	28.48	25.59	1.34
2012	29.55	29.55	1.63
2013	36.09	31.35	1.70
2014	19.69	19.69	1.57
2015	25.33	25.33	1.09
2016	More than 50	More than 50	1.24

Business Segments (Million)

Compared With The

Period	Residential sector	The commercial sector	Rents	Other real estate revenues	Maintenance revenues	Sale of Land	Amana Project
Q1 2008	-	-	42.25	-	-	5.40	-
Q2 2008	-	-	41.83	-	-	49.54	-
Q3 2008	-	-	41.81	-	-	0.66	-
Q4 2008	-	-	36.45	0.52	5.38	1.19	-
Q1 2009	-	-	42.57	0.66	0.68	-	-
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	-	-	-	-	-

Period	Residential sector	The commercial sector	Rents	Other real estate revenues	Maintenance revenues	Sale of Land	Amana Project
2007	-	-	146.63	0.12	2.36	93.58	-
2008	-	-	162.34	0.52	5.38	56.79	-
2009	-	-	168.02	0.83	2.36	-	-
2010	-	-	204.44	3.77	1.02	222.91	-
2011	-	-	233.44	0.37	1.84	29.01	-
2012	-	-	242.96	0.03	2.29	79.99	-
2013	-	-	256.84	0.27	1.71	-	-
2014	-	-	262.06	0.06	1.96	77.15	-
2015	-	-	277.12	0.08	1.69	-	-
2016	198.79	115.68	-	-	-	-	-

Analysts Estimates (Million)

Item	Q2 2017 (e)	Q2 2017 (a)	Change‬
Average	29.50	20.71	(29.8 %)

Estimates vs Actual (Million)

Item	Q2 2017 (e)	Q2 2017 (a)	Change
HSBC	22.00	20.71	(5.9) %
SNB Capital	37.00	20.71	(44.0) %

Financial Ratios

	Current
Market Cap (M Riyal)	7,440.00
Enterprise Value (EV) (M)	9,790.63
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 50
P/E (TTM)	More than 50
Price/book	1.56
Return on Average Assets (%) (TTM)	0.7
Return on Average Equity (%) (TTM)	1.3

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Al Akaria’s net profit rises 46% in H1

View other reports

Share Price

Saudi Real Estate Co. (ALAKARIA)

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) 2017 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Al Akaria’s net profit rises 46% in H1

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Share Price

Saudi Real Estate Co. (ALAKARIA)

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 2017

Revenue by Business Segment (Latest) 2017 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)