Financial Results : Alhokair Group’s net profit slumps 93% in FY17

Alhokair Group’s net profit slumps 93% in FY17

22/02/2018 Argaam Exclusive

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Abdulmohsen Alhokair Group for Tourism and Development reported a net profit of SAR 8.7 million for the fiscal year 2017, a plunge of 93 percent year-on-year (YoY) due to lower demand in the hotel segment, along with a decline in the government and private sector spending on conferences and exhibitions.

 

In addition, fierce completion also weighed on the group, leading to a drop in the average daily room rate. The annual results were also hurt by lower profit from associates and cancelation of first-term school holidays.



Financials (M)

Item 2016 2017 Change‬
Revenues 1,173.53 1,124.09 (4.2 %)
Gross Income 374.16 268.52 (28.2 %)
Operating Income 120.37 6.63 (94.5 %)
Net Income 126.31 8.69 (93.1 %)
Average Shares 226.54 226.54 -
EPS (Riyals) 0.56 0.04 (93.1 %)

In Q4 2017, Alhokair swung to a net loss of SAR 23 million, compared to a net profit of SAR 4.8 million in the same period of 2016.



Current Quarter Comparison (M)

Compared With The
Item Q4 2016 Q4 2017 Change‬
Revenues 258.96 260.30 0.5 %
Gross Income 61.95 46.90 (24.3 %)
Operating Income 5.49 (17.23) (413.8 %)
Net Income 4.85 (23.14) (577.2 %)
Average Shares 226.54 226.54 -
EPS (Riyals) 0.02 (0.10) (577.2 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2008 - - - - - -
Q2 2008 - - - - - -
Q3 2008 - - - - - -
Q4 2008 - - - - - -
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 184.33 - 75.34 - 43.30 -
Q2 2012 199.62 - 82.19 - 45.96 -
Q3 2012 193.78 - 73.93 - 39.43 -
Q4 2012 192.62 - 64.59 - 25.11 -
Q1 2013 218.12 18.3 % 83.27 10.5 % 42.47 (1.9 %)
Q2 2013 231.99 16.2 % 89.12 8.4 % 49.14 6.9 %
Q3 2013 217.19 12.1 % 69.53 (6.0 %) 29.12 (26.1 %)
Q4 2013 212.90 10.5 % 84.28 30.5 % 48.95 95.0 %
Q1 2014 232.60 6.6 % 90.43 8.6 % 47.23 11.2 %
Q2 2014 241.06 3.9 % 88.93 (0.2 %) 47.43 (3.5 %)
Q3 2014 245.49 13.0 % 90.59 30.3 % 40.00 37.4 %
Q4 2014 232.47 9.2 % 86.37 2.5 % 47.55 (2.9 %)
Q1 2015 278.05 19.5 % 113.50 25.5 % 55.24 17.0 %
Q2 2015 275.62 14.3 % 97.93 10.1 % 35.22 (25.7 %)
Q3 2015 316.63 29.0 % 118.98 31.3 % 52.91 32.3 %
Q4 2015 275.59 18.5 % 91.39 5.8 % 27.55 (42.1 %)
Q1 2016 297.81 7.1 % 106.25 (6.4 %) 45.54 (17.6 %)
Q2 2016 279.87 1.5 % 82.22 (16.0 %) 12.15 (65.5 %)
Q3 2016 336.89 6.4 % 123.75 4.0 % 57.19 8.1 %
Q4 2016 258.96 (6.0 %) 61.95 (32.2 %) 5.49 (80.1 %)
Q1 2017 258.31 (13.3 %) 64.45 (39.3 %) 5.90 (87.0 %)
Q2 2017 289.40 3.4 % 77.59 (5.6 %) 10.72 (11.8 %)
Q3 2017 316.08 (6.2 %) 79.58 (35.7 %) 7.25 (87.3 %)
Q4 2017 260.30 0.5 % 46.90 (24.3 %) (17.23) (413.8 %)
2017 1,124.09 (4.2 %) 268.52 (28.2 %) 6.63 (94.5 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2008 - - - - - -
Q2 2008 - - - - - -
Q3 2008 - - - - - -
Q4 2008 - - - - - -
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 49.82 - 0.22 - 49.82 0.22
Q2 2012 53.21 - 0.23 - 53.21 0.23
Q3 2012 47.01 - 0.21 - 47.01 0.21
Q4 2012 29.92 - 0.13 - 29.92 0.13
Q1 2013 47.79 (4.1 %) 0.21 - 47.79 0.21
Q2 2013 54.24 1.9 % 0.24 - 54.24 0.24
Q3 2013 32.55 (30.8 %) 0.14 - 32.55 0.14
Q4 2013 60.91 103.6 % 0.27 4.72 56.18 0.25
Q1 2014 52.06 8.9 % 0.23 - 52.06 0.23
Q2 2014 51.61 (4.8 %) 0.23 - 51.61 0.23
Q3 2014 42.58 30.8 % 0.19 - 42.58 0.19
Q4 2014 50.24 (17.5 %) 0.22 - 50.24 0.22
Q1 2015 57.60 10.6 % 0.25 - 57.60 0.25
Q2 2015 43.08 (16.5 %) 0.19 - 43.08 0.19
Q3 2015 57.20 34.3 % 0.25 - 57.20 0.25
Q4 2015 31.90 (36.5 %) 0.14 - 31.90 0.14
Q1 2016 49.16 (14.7 %) 0.22 - 49.16 0.22
Q2 2016 16.50 (61.7 %) 0.07 - 16.50 0.07
Q3 2016 55.80 (2.5 %) 0.25 - 55.80 0.25
Q4 2016 4.85 (84.8 %) 0.02 - 4.85 0.02
Q1 2017 7.99 (83.7 %) 0.04 - 7.99 0.04
Q2 2017 14.83 (10.1 %) 0.07 - 14.83 0.07
Q3 2017 9.00 (83.9 %) 0.04 - 9.00 0.04
Q4 2017 (23.14) (577.2 %) (0.10) - (23.14) (0.10)
2017 8.69 (93.1 %) 0.04 - 8.69 0.04

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
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 38.43 % 32.12 % 23.36 %
Q1 2013 37.80 % 30.93 % 22.13 %
Q2 2013 37.17 % 30.50 % 21.39 %
Q3 2013 35.64 % 28.73 % 19.13 %
Q4 2013 37.06 % 30.45 % 21.67 %
Q1 2014 37.26 % 30.38 % 21.80 %
Q2 2014 36.86 % 29.92 % 21.29 %
Q3 2014 38.00 % 30.38 % 21.72 %
Q4 2014 37.44 % 30.06 % 20.65 %
Q1 2015 38.05 % 29.92 % 20.26 %
Q2 2015 37.65 % 28.14 % 18.76 %
Q3 2015 37.79 % 28.23 % 18.87 %
Q4 2015 36.81 % 25.81 % 16.56 %
Q1 2016 35.56 % 25.04 % 15.56 %
Q2 2016 34.09 % 23.40 % 13.23 %
Q3 2016 33.91 % 23.53 % 12.89 %
Q4 2016 31.88 % 22.41 % 10.76 %
Q1 2017 29.31 % 20.02 % 7.51 %
Q2 2017 28.66 % 19.98 % 7.30 %
Q3 2017 25.26 % 16.11 % 3.27 %
Q4 2017 23.89 % 14.34 % 0.77 %
2017 23.89 % 14.34 % 0.77 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2008 - - - -
Q2 2008 - - - -
Q3 2008 - - - -
Q4 2008 - - - -
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 226.54 - - 3.83
Q2 2012 226.54 - - 2.54
Q3 2012 226.54 - - 2.74
Q4 2012 226.54 0.79 0.79 2.48
Q1 2013 226.54 0.79 0.79 2.70
Q2 2013 226.54 0.79 0.79 2.94
Q3 2013 226.54 0.73 0.73 3.08
Q4 2013 226.54 0.86 0.84 3.35
Q1 2014 226.54 0.88 0.86 3.27
Q2 2014 226.54 0.87 0.85 3.20
Q3 2014 226.54 0.91 0.89 3.08
Q4 2014 226.54 0.87 0.87 3.13
Q1 2015 226.54 0.89 0.89 3.39
Q2 2015 226.54 0.85 0.85 3.27
Q3 2015 226.54 0.92 0.92 3.53
Q4 2015 226.54 0.84 0.84 3.36
Q1 2016 226.54 0.80 0.80 2.95
Q2 2016 226.54 0.68 0.68 3.02
Q3 2016 226.54 0.68 0.68 3.11
Q4 2016 226.54 0.56 0.56 3.08
Q1 2017 226.54 0.38 0.38 3.07
Q2 2017 226.54 0.37 0.37 3.13
Q3 2017 226.54 0.16 0.16 3.17
Q4 2017 226.54 0.04 0.04 2.96

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
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 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 23.07 23.63 6.27
Q3 2014 28.78 29.46 8.54
Q4 2014 20.68 20.68 5.73
Q1 2015 24.39 24.39 6.42
Q2 2015 29.97 29.97 7.82
Q3 2015 22.79 22.79 5.94
Q4 2015 23.77 23.77 5.92
Q1 2016 16.51 16.51 4.47
Q2 2016 17.99 17.99 4.07
Q3 2016 10.59 10.59 2.30
Q4 2016 20.76 20.76 3.75
Q1 2017 25.78 25.78 3.15
Q2 2017 24.63 24.63 2.90
Q3 2017 59.10 59.10 3.02
Q4 2017 More than 100 More than 100 2.52

Business Segments (Million)

Compared With The
Period Hotels sector Recreational centers sector Other sectors Disposals
Q1 2012 115.48 65.86 3.69 (0.69)
Q2 2012 130.73 65.52 4.20 (0.83)
Q3 2012 110.73 78.08 5.71 (0.74)
Q4 2012 126.00 62.92 3.46 0.24
Q1 2013 137.98 76.11 4.77 (0.74)
Q2 2013 151.69 76.30 4.76 (0.75)
Q3 2013 127.96 84.80 5.05 (0.76)
Q4 2013 135.45 73.43 4.97 (0.94)
Q1 2014 147.82 80.21 5.37 (0.80)
Q2 2014 158.09 78.81 4.94 (0.79)
Q3 2014 142.08 98.68 5.57 (0.84)
Q4 2014 144.34 83.69 5.28 (0.83)
Q1 2015 169.23 104.03 5.50 (0.70)
Q2 2015 177.58 93.11 5.58 (0.64)
Q3 2015 178.24 133.24 5.82 (0.67)
Q4 2015 177.93 89.39 9.14 (0.86)
Q1 2016 179.29 108.87 9.65 -
Q2 2016 174.97 96.54 8.35 -
Q3 2016 170.76 157.25 8.88 -
Q4 2016 153.81 96.23 8.92 -
Q1 2017 145.66 103.18 9.48 -
Q2 2017 165.94 114.04 9.42 -
Q3 2017 160.63 144.94 10.51 -
Q4 2017 141.06 106.92 12.32 -

Analysts Estimates (Million)

Item Q4 2017 (e) Q4 2017 (a) Change‬
Average 11.20 (23.14) (306.6 %)

Estimates vs Actual (Million)

Item Q4 2017 (e) Q4 2017 (a) Change
Arbah Capital 12.20 (23.14) (289.7) %
AlJazira Capital 10.20 (23.14) (326.9) %


Financial Ratios
Current
Market Cap (M Riyal) 778.05
Enterprise Value (EV) (M) 1,189.78
Shares Outstanding ((M)) 315.00
EPS ( Riyal) (TTM) (0.16)
Book Value (BV) ( Riyal) 0.70
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 3.51
Return on Average Assets (%) (TTM) (2.46 )
Return on Average Equity (%) (TTM) (20.25 )
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Share Price

BAAN Holding Group Co.
2.47
(0.02) (0.80 %)

BAAN Holding Group Co. (BAAN)

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