Jabal Omar Development turns to profit in FY18

17/02/2019 Argaam Exclusive

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Jabal Omar Development Co. reported a net profit after zakat and tax of SAR 193.78 million for fiscal year 2018, versus net losses of SAR 600.96 million in year-earlier period, due to a 245 percent hike in revenue on higher sales of residential units. The company also cited higher revenue from hotels and shopping malls.



Financials (M)

Item 2017 2018 Change‬
Revenues 568.83 1,962.64 245.0 %
Gross Income 11.11 797.84 7081.3 %
Operating Income (199.09) 535.36 368.9 %
Net Income (600.98) 193.78 132.2 %
Average Shares 929.40 929.40 -
EPS (Riyals) (0.65) 0.21 132.2 %

Cost of revenue retreated to 59 percent from 98 percent on sales of residential units. Additionally, operating costs dropped by 108 percent. 



Current Quarter Comparison (M)

Compared With The
Item Q4 2017 Q4 2018 Change‬


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2009 - - - - (4.10) 89.4 % (0.01)
Q2 2009 - - - - (18.24) (417.0 %) (0.02)
Q3 2009 - - - - (9.64) (222.1 %) (0.01)
Q4 2009 - - - - (1.46) 92.0 % 0.00
Q1 2010 - - - - (8.91) (117.5 %) (0.01)
Q2 2010 - - - - (7.60) 58.4 % (0.01)
Q3 2010 - - - - (9.21) 4.5 % (0.01)
Q4 2010 - - - - (11.31) (677.5 %) (0.01)
Q1 2011 - - - - (7.36) 17.5 % (0.01)
Q2 2011 - - - - (10.36) (36.4 %) (0.01)
Q3 2011 - - - - (9.57) (3.9 %) (0.01)
Q4 2011 - - - - (9.48) 16.2 % (0.01)
Q1 2012 - - - - (13.06) (77.6 %) (0.01)
Q2 2012 - - - - (16.93) (63.4 %) (0.02)
Q3 2012 - - - - (11.78) (23.1 %) (0.01)
Q4 2012 - - - - (9.62) (1.5 %) (0.01)
Q1 2013 12.70 - 3.47 - (5.26) 59.7 % (0.01)
Q2 2013 16.18 - 5.34 - (6.12) 63.8 % (0.01)
Q3 2013 22.79 - 10.81 - (3.37) 71.4 % 0.00
Q4 2013 (6.07) - (10.14) - (57.50) (497.8 %) (0.06)
Q1 2014 23.86 88.0 % 9.79 182.0 % (2.53) 52.0 % 0.00
Q2 2014 26.57 64.3 % 12.72 138.3 % (0.47) 92.4 % 0.00
Q3 2014 26.79 17.6 % 14.73 36.2 % (1.63) 51.6 % 0.00
Q4 2014 653.94 10878.7 % 488.24 4914.0 % 431.26 850.1 % 0.46
Q1 2015 239.16 902.2 % 169.39 1630.4 % 145.16 5842.2 % 0.16
Q2 2015 234.95 784.2 % 140.58 1004.9 % 65.05 14028.3 % 0.07
Q3 2015 192.52 618.6 % 98.28 567.3 % 8.67 630.8 % 0.01
Q4 2015 112.81 (82.7 %) 26.20 (94.6 %) (126.95) (129.4 %) (0.14)
Q1 2016 104.51 (56.3 %) 8.45 (95.0 %) (75.51) (152.0 %) (0.08)
Q2 2016 166.43 (29.2 %) 5.92 (95.8 %) 9.49 (85.4 %) 0.01
Q3 2016 270.58 40.5 % 139.38 41.8 % 63.35 630.9 % 0.07
Q4 2016 - - (38.98) (248.8 %) (68.04) 46.4 % (0.07)
Q1 2017 323.12 209.2 % 157.91 1769.0 % 53.79 171.2 % 0.06
Q2 2017 200.19 20.3 % 63.53 974.0 % (60.79) (740.3 %) (0.07)
Q3 2017 45.52 (83.2 %) (210.33) (250.9 %) (593.97) (1037.6 %) (0.64)
Q4 2017 - - - - - - -
Q1 2018 142.13 (56.0 %) 29.30 (81.4 %) (129.30) (340.4 %) (0.14)
Q2 2018 250.25 25.0 % 49.49 (22.1 %) (148.02) (143.5 %) (0.16)
Q3 2018 1,322.66 2805.7 % 673.04 420.0 % 469.62 179.1 % 0.51
Q4 2018 247.61 - 46.01 - 1.48 - 0.00
2018 1,962.64 245.0 % 797.84 7081.3 % 193.78 132.2 % 0.21

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 27.34 % (382.17 %) (343.38 %)
Q2 2013 30.52 % (117.18 %) (113.56 %)
Q3 2013 37.98 % (43.14 %) (47.18 %)
Q4 2013 20.79 % (141.50 %) (158.46 %)
Q1 2014 27.83 % (103.72 %) (122.47 %)
Q2 2014 34.52 % (77.14 %) (95.09 %)
Q3 2014 38.08 % (68.48 %) (87.30 %)
Q4 2014 71.87 % 64.33 % 58.35 %
Q1 2015 72.38 % 67.76 % 60.68 %
Q2 2015 70.39 % 64.34 % 55.40 %
Q3 2015 67.89 % 63.49 % 49.23 %
Q4 2015 55.74 % 37.45 % 11.79 %
Q1 2016 42.42 % 22.00 % (19.97 %)
Q2 2016 24.09 % 15.12 % (46.50 %)
Q3 2016 27.50 % 4.39 % (32.60 %)
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 40.65 % 42.48 % 9.87 %
2018 40.65 % 42.48 % 9.87 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2009 756.39 (0.02) (0.02) 8.80
Q2 2009 756.39 (0.04) (0.04) 8.78
Q3 2009 756.39 (0.07) (0.07) 8.78
Q4 2009 756.39 (0.04) (0.04) 8.78
Q1 2010 756.39 (0.05) (0.05) 8.76
Q2 2010 756.39 (0.04) (0.04) 8.75
Q3 2010 756.39 (0.04) (0.04) 8.74
Q4 2010 756.39 (0.05) (0.05) 8.73
Q1 2011 756.39 (0.05) (0.05) 8.72
Q2 2011 756.39 (0.05) (0.05) 8.70
Q3 2011 929.40 (0.04) (0.04) 9.77
Q4 2011 929.40 (0.04) (0.04) 9.76
Q1 2012 929.40 (0.05) (0.05) 9.74
Q2 2012 929.40 (0.05) (0.05) 9.73
Q3 2012 929.40 (0.06) (0.06) 9.71
Q4 2012 929.40 (0.06) (0.06) 9.70
Q1 2013 929.40 (0.05) (0.05) 9.70
Q2 2013 929.40 (0.04) (0.04) 9.61
Q3 2013 929.40 (0.03) (0.03) 9.65
Q4 2013 929.40 (0.08) (0.08) 9.62
Q1 2014 929.40 (0.07) (0.07) 9.60
Q2 2014 929.40 (0.07) (0.07) 9.60
Q3 2014 929.40 (0.07) (0.07) 9.57
Q4 2014 929.40 0.46 0.46 10.01
Q1 2015 929.40 0.62 0.62 10.11
Q2 2015 929.40 0.69 0.69 10.19
Q3 2015 929.40 0.70 0.70 10.24
Q4 2015 929.40 0.10 0.10 10.10
Q1 2016 929.40 (0.14) (0.14) 10.14
Q2 2016 929.40 (0.20) (0.29) 10.03
Q3 2016 929.40 (0.14) (0.23) 10.08
Q4 2016 929.40 (0.08) (0.17) 10.97
Q1 2017 929.40 0.06 (0.03) 10.96
Q2 2017 929.40 (0.01) (0.01) 11.02
Q3 2017 929.40 (0.72) (0.72) 10.96
Q4 2017 - - - -
Q1 2018 929.40 - - 10.18
Q2 2018 929.40 - - 10.02
Q3 2018 929.40 - - 10.52
Q4 2018 929.40 0.21 0.21 10.52

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 NEG NEG 2.86
Q2 2009 NEG NEG 2.91
Q3 2009 NEG NEG 3.15
Q4 2009 NEG NEG 2.91
Q1 2010 NEG NEG 3.10
Q2 2010 NEG NEG 2.83
Q3 2010 NEG NEG 2.81
Q4 2010 NEG NEG 2.70
Q1 2011 NEG NEG 2.37
Q2 2011 NEG NEG 2.36
Q3 2011 NEG NEG 1.51
Q4 2011 NEG NEG 1.55
Q1 2012 NEG NEG 2.46
Q2 2012 NEG NEG 2.20
Q3 2012 NEG NEG 2.34
Q4 2012 NEG NEG 2.43
Q1 2013 NEG NEG 3.28
Q2 2013 NEG NEG 3.68
Q3 2013 NEG NEG 3.94
Q4 2013 NEG NEG 3.77
Q1 2014 NEG NEG 5.32
Q2 2014 NEG NEG 5.93
Q3 2014 NEG NEG 6.83
Q4 2014 More than 100 More than 100 6.51
Q1 2015 More than 100 More than 100 9.33
Q2 2015 More than 100 More than 100 9.06
Q3 2015 More than 100 More than 100 7.78
Q4 2015 More than 100 More than 100 6.83
Q1 2016 NEG NEG 6.87
Q2 2016 NEG NEG 7.81
Q3 2016 NEG NEG 6.26
Q4 2016 NEG NEG 8.47
Q1 2017 More than 100 NEG 7.71
Q2 2017 NEG NEG 8.29
Q3 2017 NEG NEG 7.62
Q4 2017 - - -
Q1 2018 - - 6.16
Q2 2018 - - 5.08
Q3 2018 - - 4.62
Q4 2018 More than 100 More than 100 4.06

Business Segments (Million)

Compared With The
Period Operating Hotels Commercial center Properties for development and sale
Q1 2014 - 23.86 -
Q2 2014 - 26.57 -
Q3 2014 - 26.79 -
Q4 2014 61.63 27.92 564.40
Q1 2015 27.91 31.75 179.50
Q2 2015 27.16 32.39 175.40
Q3 2015 46.50 30.42 115.60
Q4 2015 76.09 36.71 -
Q1 2016 57.38 35.83 11.30
Q2 2016 163.57 2.87 -
Q4 2016 124.33 - 989.30
Q1 2017 93.63 21.84 196.00
Q2 2017 202.86 19.38 100.88
Q3 2017 168.45 31.74 -
Q4 2017 116.23 30.17 -
Q1 2018 114.54 27.59 -
Q2 2018 215.15 35.10 -
Q3 2018 182.41 34.68 1,105.57
Q4 2018 111.34 32.44 103.83


Financial Ratios
Current
Market Cap (M Riyal) 26,785.10
Enterprise Value (EV) (M) 38,290.42
Shares Outstanding ((M)) 1,154.53
EPS ( Riyal) (TTM) 0.04
Book Value (BV) ( Riyal) 11.04
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) More than 100
Price/book 2.10
Return on Average Assets (%) (TTM) 0.2
Return on Average Equity (%) (TTM) 0.4
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Share Price

Jabal Omar Development Co.
23.20
(0.28) (1.19 %)

Jabal Omar Development Co. (JABAL OMAR)

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