Real Estate posts higher net profit at SAR 85.5m in I2 of 2014

20/07/2014 Argaam Exclusive

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Share Price

Saudi Real Estate Co.
20.40
(0.24) (1.16 %)

Saudi Real Estate Co. (ALAKARIA)

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Saudi Real Estate Co., manages number of commercial malls in the city of Riyadh, reported SAR 85.5m net profit at the end of the first half of 2014, compared to SAR 61.4m net profit in the same period last year, as shown in the following table:



Financials (M)

Item 6m 2013 6m 2014 Change‬
Revenues 125.95 128.64 2.1 %
Gross Income 87.15 88.98 2.1 %
Operating Income 77.90 73.91 (5.1 %)
Net Income 61.42 85.50 39.2 %
Average Shares 276.53 276.53 -
EPS (Riyals) 0.22 0.31 39.2 %


Current Quarter Comparison (M)

Compared With The
Item Q2 2013 Q2 2014 Change‬
Revenues 62.73 64.88 3.4 %
Gross Income 41.47 45.30 9.2 %
Operating Income 35.97 36.65 1.9 %
Net Income 19.27 48.03 149.3 %
Average Shares 276.53 276.53 -
EPS (Riyals) 0.07 0.17 149.3 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2005 39.57 (64.2 %) 21.96 (76.2 %) 19.87 (77.5 %) 0.08
Q2 2005 47.16 25.7 % 28.51 61.6 % 47.51 333.4 % 0.19
Q3 2005 38.27 15.5 % 18.15 27.1 % 17.13 19.1 % 0.07
Q4 2005 53.53 65.2 % 55.92 282.2 % 53.80 79.5 % 0.22
Q1 2006 45.69 15.5 % 30.77 40.1 % 30.14 51.7 % 0.12
Q2 2006 47.31 0.3 % 25.89 (9.2 %) 22.23 (53.2 %) 0.09
Q3 2006 35.14 (8.2 %) 18.10 (0.3 %) 15.79 (7.9 %) 0.06
Q4 2006 33.37 (37.7 %) 31.19 (44.2 %) 45.95 (14.6 %) 0.17
Q1 2007 35.68 (21.9 %) 22.20 (27.9 %) 31.36 4.1 % 0.11
Q2 2007 55.21 16.7 % 32.73 26.4 % 31.44 41.4 % 0.11
Q3 2007 63.89 81.8 % 46.99 159.6 % 45.15 185.9 % 0.16
Q4 2007 87.91 163.4 % 44.96 44.1 % 64.77 41.0 % 0.23
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
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
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
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
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
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
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

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 48.03 % 64.89 % 52.71 %
Q2 2005 52.13 % 71.76 % 73.38 %
Q3 2005 52.89 % 71.90 % 72.73 %
Q4 2005 69.76 % 75.80 % 94.19 %
Q1 2006 72.22 % 76.29 % 96.63 %
Q2 2006 70.75 % 71.63 % 82.88 %
Q3 2006 71.94 % 70.39 % 83.56 %
Q4 2006 65.60 % 59.17 % 70.65 %
Q1 2007 64.28 % 55.77 % 76.13 %
Q2 2007 65.38 % 55.50 % 78.13 %
Q3 2007 70.75 % 61.36 % 81.79 %
Q4 2007 60.52 % 62.19 % 71.17 %
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 %
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 %
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 %
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 %
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 %
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 %
Q1 2014 69.17 % 72.93 % 67.43 %
Q2 2014 70.06 % 72.62 % 71.12 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 244.38 0.31 0.31 5.38
Q2 2005 244.38 0.46 0.46 5.57
Q3 2005 244.38 0.47 0.47 5.64
Q4 2005 244.38 0.57 0.69 5.71
Q1 2006 244.38 0.61 0.73 6.03
Q2 2006 244.38 0.50 0.63 5.87
Q3 2006 244.38 0.50 0.62 5.90
Q4 2006 276.53 0.41 0.41 10.56
Q1 2007 276.53 0.42 0.42 10.97
Q2 2007 276.53 0.45 0.45 10.74
Q3 2007 276.53 0.56 0.56 11.03
Q4 2007 276.53 0.62 0.62 11.28
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 More than 50 More than 50 3.94
Q2 2005 More than 50 More than 50 6.32
Q3 2005 More than 50 More than 50 6.07
Q4 2005 More than 50 More than 50 10.45
Q1 2006 More than 50 More than 50 7.13
Q2 2006 More than 50 More than 50 8.29
Q3 2006 More than 50 More than 50 9.08
Q4 2006 48.15 48.15 1.88
Q1 2007 More than 50 More than 50 2.03
Q2 2007 42.47 42.47 1.78
Q3 2007 42.57 42.57 2.15
Q4 2007 48.30 48.30 2.67
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

Business Segments (Million)

Compared With The
Period Rents Other real estate revenues Maintenance revenues Sale of Land Amana Project
Q1 2005 30.56 0.05 0.73 7.90 0.32
Q2 2005 30.68 0.02 0.46 15.72 0.27
Q1 2006 35.03 0.05 0.25 11.38 0.23
Q2 2006 33.54 0.01 2.27 10.04 0.21
Q1 2007 34.86 0.11 0.54 - 0.17
Q2 2007 36.18 - 0.73 18.03 0.27
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 - -


Financial Ratios
Current
Market Cap (M Riyal) 7,650.00
Enterprise Value (EV) (M) 9,097.72
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 1.60
Return on Average Assets (%) (TTM) 0.7
Return on Average Equity (%) (TTM) 1.3
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