Financial Results : Real Estate posts lower net profit at SAR 61.4m in I2 of 2013

Real Estate posts lower net profit at SAR 61.4m in I2 of 2013

30/06/2013 Argaam Exclusive

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Saudi Real Estate Co., manages number of commercial malls in the city of Riyadh, reported SAR 61.4m net profit at the end of the first half of 2013, compared to SAR 75.4m net profit in the same period last year, as shown in the following table:



Financials (M)

Item 6m 2012 6m 2013 Change‬
Revenues 121.08 125.95 4.0 %
Gross Income 82.14 87.15 6.1 %
Operating Income 72.66 77.90 7.2 %
Net Income 75.51 61.42 (18.7 %)
Average Shares 276.53 276.53 -
EPS (Riyals) 0.27 0.22 (18.7 %)


Current Quarter Comparison (M)

Compared With The
Item Q2 2012 Q2 2013 Change‬
Revenues 60.49 62.73 3.7 %
Gross Income 40.11 41.47 3.4 %
Operating Income 35.19 35.97 2.2 %
Net Income 37.16 19.27 (48.2 %)
Average Shares 276.53 276.53 -
EPS (Riyals) 0.13 0.07 (48.2 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2004 110.65 246.5 % 92.46 510.7 % 90.49 570.9 %
Q2 2004 37.52 19.3 % 17.64 34.1 % 10.32 (9.6 %)
Q3 2004 33.14 (34.1 %) 14.28 (55.1 %) 12.96 (56.6 %)
Q4 2004 32.41 (58.7 %) 14.63 (76.2 %) 10.63 (81.7 %)
Q1 2005 39.57 (64.2 %) 21.96 (76.2 %) 20.07 (77.8 %)
Q2 2005 47.16 25.7 % 28.51 61.6 % 26.95 161.1 %
Q3 2005 38.27 15.5 % 18.15 27.1 % 16.72 29.0 %
Q4 2005 53.53 65.2 % 55.92 282.2 % 51.68 386.2 %
Q1 2006 45.69 15.5 % 30.77 40.1 % 29.03 44.6 %
Q2 2006 47.31 0.3 % 25.89 (9.2 %) 21.78 (19.2 %)
Q3 2006 35.14 (8.2 %) 18.10 (0.3 %) 15.65 (6.4 %)
Q4 2006 33.37 (37.7 %) 31.19 (44.2 %) 29.11 (43.7 %)
Q1 2007 35.68 (21.9 %) 22.20 (27.9 %) 19.63 (32.4 %)
Q2 2007 55.21 16.7 % 32.73 26.4 % 27.46 26.1 %
Q3 2007 63.89 81.8 % 46.99 159.6 % 44.29 183.0 %
Q4 2007 87.91 163.4 % 44.96 44.1 % 39.92 37.1 %
Q1 2008 47.66 33.6 % 29.26 31.8 % 24.44 24.5 %
Q2 2008 91.37 65.5 % 46.16 41.0 % 42.88 56.2 %
Q3 2008 42.47 (33.5 %) 25.69 (45.3 %) 22.57 (49.0 %)
Q4 2008 43.53 (50.5 %) 25.98 (42.2 %) 20.59 (48.4 %)
Q1 2009 43.92 (7.8 %) 30.13 3.0 % 27.42 12.2 %
Q2 2009 42.00 (54.0 %) 25.27 (45.3 %) 21.43 (50.0 %)
Q3 2009 41.87 (1.4 %) 24.89 (3.1 %) 21.94 (2.8 %)
Q4 2009 43.43 (0.2 %) 28.11 8.2 % 20.67 0.4 %
Q1 2010 50.04 13.9 % 33.22 10.3 % 30.57 11.5 %
Q2 2010 45.11 7.4 % 24.80 (1.8 %) 20.92 (2.4 %)
Q3 2010 58.86 40.6 % 38.27 53.8 % 33.61 53.2 %
Q4 2010 278.15 540.4 % 167.46 495.7 % 151.08 631.0 %
Q1 2011 69.62 39.1 % 45.22 36.1 % 38.72 26.7 %
Q2 2011 59.10 31.0 % 39.59 59.6 % 34.15 63.2 %
Q3 2011 59.12 0.5 % 38.06 (0.6 %) 34.03 1.3 %
Q4 2011 76.82 (72.4 %) 56.95 (66.0 %) 53.48 (64.6 %)
Q1 2012 60.60 (13.0 %) 42.03 (7.1 %) 37.47 (3.2 %)
Q2 2012 60.49 2.3 % 40.11 1.3 % 35.19 3.0 %
Q3 2012 141.32 139.0 % 52.31 37.4 % 48.64 42.9 %
Q4 2012 62.87 (18.2 %) 43.88 (22.9 %) 40.17 (24.9 %)
Q1 2013 63.21 4.3 % 45.69 8.7 % 41.93 11.9 %
Q2 2013 62.73 3.7 % 41.47 3.4 % 35.97 2.2 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2004 88.13 557.2 % 0.36 - 88.13 0.36
Q2 2004 10.96 (20.8 %) 0.04 - 10.96 0.04
Q3 2004 14.39 (49.6 %) 0.06 - 14.39 0.06
Q4 2004 29.97 (54.5 %) 0.12 - 29.97 0.12
Q1 2005 19.87 (77.5 %) 0.08 - 19.87 0.08
Q2 2005 47.51 333.4 % 0.19 - 47.51 0.19
Q3 2005 17.13 19.1 % 0.07 - 17.13 0.07
Q4 2005 53.80 79.5 % 0.22 (29.84) 83.64 0.34
Q1 2006 30.14 51.7 % 0.12 - 30.14 0.12
Q2 2006 22.23 (53.2 %) 0.09 - 22.23 0.09
Q3 2006 15.79 (7.9 %) 0.06 - 15.79 0.06
Q4 2006 45.95 (14.6 %) 0.17 - 45.95 0.17
Q1 2007 31.36 4.1 % 0.11 - 31.36 0.11
Q2 2007 31.44 41.4 % 0.11 - 31.44 0.11
Q3 2007 45.15 185.9 % 0.16 - 45.15 0.16
Q4 2007 64.77 41.0 % 0.23 - 64.77 0.23
Q1 2008 28.39 (9.5 %) 0.10 - 28.39 0.10
Q2 2008 44.92 42.9 % 0.16 - 44.92 0.16
Q3 2008 31.42 (30.4 %) 0.11 - 31.42 0.11
Q4 2008 12.31 (81.0 %) 0.04 - 12.31 0.04
Q1 2009 31.02 9.3 % 0.11 - 31.02 0.11
Q2 2009 21.22 (52.8 %) 0.08 - 21.22 0.08
Q3 2009 19.80 (37.0 %) 0.07 - 19.80 0.07
Q4 2009 20.58 67.2 % 0.07 - 20.58 0.07
Q1 2010 30.68 (1.1 %) 0.11 - 30.68 0.11
Q2 2010 2.60 (87.8 %) 0.01 (22.93) 25.53 0.09
Q3 2010 33.05 66.9 % 0.12 - 33.05 0.12
Q4 2010 116.81 467.6 % 0.42 (14.59) 131.40 0.48
Q1 2011 30.16 (1.7 %) 0.11 (7.91) 38.06 0.14
Q2 2011 25.14 868.0 % 0.09 (9.00) 34.14 0.12
Q3 2011 33.80 2.3 % 0.12 - 33.80 0.12
Q4 2011 60.62 (48.1 %) 0.22 - 60.62 0.22
Q1 2012 38.18 26.6 % 0.14 - 38.18 0.14
Q2 2012 37.16 47.8 % 0.13 - 37.16 0.13
Q3 2012 47.24 39.8 % 0.17 - 47.24 0.17
Q4 2012 56.76 (6.4 %) 0.21 - 56.76 0.21
Q1 2013 42.15 10.4 % 0.15 - 42.15 0.15
Q2 2013 19.27 (48.2 %) 0.07 (17.67) 36.94 0.13

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2004 73.41 % 84.62 % 72.53 %
Q2 2004 73.42 % 82.49 % 69.90 %
Q3 2004 71.53 % 81.54 % 69.06 %
Q4 2004 65.04 % 76.22 % 67.12 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2004 244.38 0.80 0.80 5.48
Q2 2004 244.38 0.79 0.79 5.52
Q3 2004 244.38 0.73 0.73 5.58
Q4 2004 244.38 0.59 0.59 5.30
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2004 25.07 25.07 3.68
Q2 2004 25.59 25.59 3.67
Q3 2004 30.07 30.07 3.96
Q4 2004 36.39 36.39 4.03
Q1 2005 68.87 68.87 3.94
Q2 2005 77.04 77.04 6.32
Q3 2005 73.18 73.18 6.07
Q4 2005 More than 100 86.79 10.45
Q1 2006 70.68 58.86 7.13
Q2 2006 96.39 77.61 8.29
Q3 2006 More than 100 86.30 9.08
Q4 2006 48.15 48.15 1.88
Q1 2007 53.28 53.28 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 52.28 52.28 1.45
Q4 2009 45.33 45.33 1.37
Q1 2010 45.67 45.67 1.36
Q2 2010 52.49 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

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 - -


Financial Ratios
Current
Market Cap (M Riyal) 9,412.50
Enterprise Value (EV) (M) 11,747.04
Shares Outstanding ((M)) 375.00
EPS ( Riyal) (TTM) 0.49
Book Value (BV) ( Riyal) 12.79
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 1.96
Return on Average Assets (%) (TTM) 2.0
Return on Average Equity (%) (TTM) 3.9
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Share Price

Saudi Real Estate Co.
25.10
(0.40) (1.57 %)

Saudi Real Estate Co. (ALAKARIA)

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