ADC posts lower net profit at SAR 4.1m in I2 of 2013

30/06/2013 Argaam Exclusive

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Al-Ahsa Development Company, reported SAR 4.1m net profit at the end of the first half of 2013, a 47% decrease compared to the same period last year, as shown in the following table:



Financials (M)

Item 6m 2012 6m 2013 Change‬
Operating Income (4.32) (3.58) 17.1 %
Net Income 7.74 4.14 (46.6 %)
Average Shares 53.69 53.69 -
EPS (Riyals) 0.14 0.08 (46.6 %)


Current Quarter Comparison (M)

Compared With The
Item Q2 2012 Q2 2013 Change‬
Gross Income (3.38) 0.54 116.0 %
Operating Income (5.57) (1.66) 70.2 %
Net Income 4.44 3.53 (20.6 %)
Average Shares 53.69 53.69 -
EPS (Riyals) 0.08 0.07 (20.6 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2004 0.26 (80.3 %) (2.03) (43.2 %) (4.81) (3.2 %)
Q2 2004 4.08 110.5 % (1.28) (6.0 %) (4.28) (27.9 %)
Q3 2004 1.69 (54.6 %) (1.67) (2627.3 %) (4.32) (43.1 %)
Q4 2004 4.13 37.5 % (1.63) 29.1 % (4.16) 33.7 %
Q1 2005 9.05 3433.6 % 1.50 173.6 % (1.59) 66.9 %
Q2 2005 10.89 167.1 % 1.94 251.1 % (0.96) 77.7 %
Q3 2005 8.05 376.0 % 0.81 148.6 % (1.94) 55.1 %
Q4 2005 3.41 (17.5 %) (1.86) (13.7 %) (5.01) (20.5 %)
Q1 2006 4.86 (46.3 %) (0.18) (111.8 %) (1.95) (22.4 %)
Q2 2006 5.24 (51.9 %) (0.26) (113.4 %) (2.19) (129.7 %)
Q3 2006 3.22 (60.0 %) (0.93) (214.2 %) (2.87) (48.2 %)
Q4 2006 4.54 33.1 % (0.15) 92.0 % (3.15) 37.1 %
Q1 2007 8.69 78.8 % 2.21 1347.5 % (0.97) 50.3 %
Q2 2007 7.57 44.6 % 1.92 840.9 % (1.47) 32.9 %
Q3 2007 1.49 (53.7 %) 0.37 140.2 % (2.54) 11.5 %
Q4 2007 - - (0.01) 91.3 % (9.08) (187.9 %)
Q1 2008 - - - - (2.16) (123.0 %)
Q2 2008 - - - - (2.08) (41.4 %)
Q3 2008 - - - - (1.89) 25.8 %
Q4 2008 - - - - (4.25) 53.2 %
Q1 2009 - - - - (2.07) 3.8 %
Q2 2009 - - - - (2.67) (28.2 %)
Q3 2009 - - - - (2.14) (13.5 %)
Q4 2009 - - - - (2.31) 45.6 %
Q1 2010 - - - - (2.54) (22.4 %)
Q2 2010 - - - - (1.85) 30.7 %
Q3 2010 - - - - (1.71) 20.3 %
Q4 2010 - - - - (2.40) (3.7 %)
Q1 2011 - - - - (1.82) 28.4 %
Q2 2011 - - - - (2.16) (16.5 %)
Q3 2011 - - - - (2.01) (17.6 %)
Q4 2011 - - - - (2.06) 14.2 %
Q1 2012 3.38 - 3.38 - 1.24 168.4 %
Q2 2012 - - (3.38) - (5.57) (158.3 %)
Q3 2012 - - - - (1.62) 19.2 %
Q4 2012 - - - - (2.14) (3.8 %)
Q1 2013 1.43 (57.6 %) 0.45 (86.7 %) (1.92) (254.8 %)
Q2 2013 2.26 - 0.54 116.0 % (1.66) 70.2 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2004 40.83 1811.9 % 0.76 - 40.83 0.76
Q2 2004 (4.20) (171.4 %) (0.08) - (4.20) (0.08)
Q3 2004 10.81 1010.2 % 0.20 - 10.81 0.20
Q4 2004 15.76 207.4 % 0.29 - 15.76 0.29
Q1 2005 27.05 (33.8 %) 0.50 - 27.05 0.50
Q2 2005 36.83 976.7 % 0.69 - 36.83 0.69
Q3 2005 21.11 95.2 % 0.39 - 21.11 0.39
Q4 2005 10.48 (33.5 %) 0.20 - 10.48 0.20
Q1 2006 30.26 11.9 % 0.56 - 30.26 0.56
Q2 2006 31.68 (14.0 %) 0.59 - 31.68 0.59
Q3 2006 32.36 53.3 % 0.60 - 32.36 0.60
Q4 2006 (23.31) (322.4 %) (0.43) - (23.31) (0.43)
Q1 2007 4.86 (83.9 %) 0.09 - 4.86 0.09
Q2 2007 4.14 (86.9 %) 0.08 - 4.14 0.08
Q3 2007 7.30 (77.4 %) 0.14 - 7.30 0.14
Q4 2007 17.44 174.8 % 0.32 - 17.44 0.32
Q1 2008 5.86 20.6 % 0.11 - 5.86 0.11
Q2 2008 8.01 93.3 % 0.15 - 8.01 0.15
Q3 2008 (44.39) (708.0 %) (0.83) - (44.39) (0.83)
Q4 2008 (25.72) (247.5 %) (0.48) (24.58) (1.15) (0.02)
Q1 2009 (6.25) (206.7 %) (0.12) - (6.25) (0.12)
Q2 2009 7.42 (7.3 %) 0.14 - 7.42 0.14
Q3 2009 4.61 110.4 % 0.09 - 4.61 0.09
Q4 2009 (2.42) 90.6 % (0.04) - (2.42) (0.04)
Q1 2010 6.32 201.0 % 0.12 - 6.32 0.12
Q2 2010 (2.83) (138.1 %) (0.05) - (2.83) (0.05)
Q3 2010 2.48 (46.2 %) 0.05 - 2.48 0.05
Q4 2010 40.31 1769.2 % 0.75 (20.00) 60.31 1.12
Q1 2011 4.79 (24.2 %) 0.09 - 4.79 0.09
Q2 2011 2.88 202.0 % 0.05 - 2.88 0.05
Q3 2011 1.43 (42.4 %) 0.03 - 1.43 0.03
Q4 2011 (8.97) (122.2 %) (0.17) (5.91) (3.06) (0.06)
Q1 2012 3.29 (31.2 %) 0.06 - 3.29 0.06
Q2 2012 4.44 54.1 % 0.08 - 4.44 0.08
Q3 2012 (1.45) (201.5 %) (0.03) - (1.45) (0.03)
Q4 2012 (3.62) 59.6 % (0.07) - (3.62) (0.07)
Q1 2013 0.61 (81.6 %) 0.01 - 0.61 0.01
Q2 2013 3.53 (20.6 %) 0.07 - 3.53 0.07

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2004 (61.46 %) (109.06 %) 262.49 %
Q2 2004 (50.23 %) (95.97 %) 187.74 %
Q3 2004 (80.74 %) (131.71 %) 362.93 %
Q4 2004 (65.16 %) (95.99 %) 622.34 %
Q1 2005 (16.28 %) (34.79 %) 260.84 %
Q2 2005 0.51 % (12.92 %) 351.18 %
Q3 2005 8.13 % (3.16 %) 313.68 %
Q4 2005 7.60 % (6.35 %) 304.12 %
Q1 2006 2.61 % (8.88 %) 362.75 %
Q2 2006 (6.88 %) (17.31 %) 433.93 %
Q3 2006 (19.26 %) (28.36 %) 626.68 %
Q4 2006 (8.47 %) (16.59 %) 397.75 %
Q1 2007 4.03 % (9.21 %) 210.33 %
Q2 2007 12.71 % (12.83 %) 75.22 %
Q3 2007 19.52 % (4.30 %) (31.41 %)
Q4 2007 25.28 % (23.75 %) 190.16 %
Q1 2008 25.14 % (67.10 %) 383.50 %
Q2 2008 24.06 % (373.12 %) 2,587.87 %
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 100.00 % (39.20 %) 134.47 %
Q2 2012 - (141.95 %) 180.58 %
Q3 2012 - (133.40 %) 95.48 %
Q4 2012 - (139.43 %) 78.81 %
Q1 2013 (204.53 %) (539.68 %) (1.46 %)
Q2 2013 26.79 % (99.59 %) (25.35 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2004 53.69 0.44 0.44 6.21
Q2 2004 53.69 0.39 0.39 6.14
Q3 2004 53.69 0.61 0.61 6.33
Q4 2004 53.69 1.18 1.18 6.63
Q1 2005 53.69 0.92 0.92 7.13
Q2 2005 53.69 1.68 1.68 7.82
Q3 2005 53.69 1.88 1.88 8.21
Q4 2005 53.69 1.78 1.78 8.40
Q1 2006 53.69 1.84 1.84 10.27
Q2 2006 53.69 1.74 1.74 9.36
Q3 2006 53.69 1.95 1.95 9.46
Q4 2006 53.69 1.32 1.32 8.50
Q1 2007 53.69 0.85 0.85 8.41
Q2 2007 53.69 0.34 0.34 8.33
Q3 2007 53.69 (0.13) (0.13) 8.80
Q4 2007 53.69 0.63 0.63 9.70
Q1 2008 53.69 0.65 0.65 9.59
Q2 2008 53.69 0.72 0.72 9.72
Q3 2008 53.69 (0.24) (0.24) 8.65
Q4 2008 53.69 (1.05) (0.59) 7.40
Q1 2009 53.69 (1.27) (0.82) 7.26
Q2 2009 53.69 (1.28) (0.83) 7.71
Q3 2009 53.69 (0.37) 0.09 7.94
Q4 2009 53.69 0.06 0.06 7.82
Q1 2010 53.69 0.30 0.30 8.09
Q2 2010 53.69 0.11 0.11 7.89
Q3 2010 53.69 0.07 0.07 7.96
Q4 2010 53.69 0.86 1.23 8.93
Q1 2011 53.69 0.83 1.21 8.98
Q2 2011 53.69 0.94 1.31 8.99
Q3 2011 53.69 0.92 1.29 8.93
Q4 2011 53.69 0.00 0.11 8.76
Q1 2012 53.69 (0.03) 0.08 9.33
Q2 2012 53.69 0.00 0.11 8.92
Q3 2012 53.69 (0.05) 0.06 8.99
Q4 2012 53.69 0.05 0.05 9.01
Q1 2013 53.69 0.00 0.00 9.05
Q2 2013 53.69 (0.02) (0.02) 9.24

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2004 50.84 50.84 3.57
Q2 2004 89.40 89.40 5.63
Q3 2004 69.81 69.81 6.73
Q4 2004 26.82 26.82 4.76
Q1 2005 43.94 43.94 5.67
Q2 2005 32.68 32.68 7.04
Q3 2005 39.72 39.72 9.08
Q4 2005 54.55 54.55 11.54
Q1 2006 36.23 36.23 6.48
Q2 2006 79.70 79.70 14.84
Q3 2006 69.81 69.81 14.41
Q4 2006 38.21 38.21 5.95
Q1 2007 56.42 56.42 5.70
Q2 2007 More than 100 More than 100 4.36
Q3 2007 NEG NEG 5.27
Q4 2007 79.78 79.78 5.17
Q1 2008 61.31 61.31 4.14
Q2 2008 49.96 49.96 3.70
Q3 2008 NEG NEG 2.35
Q4 2008 NEG NEG 1.99
Q1 2009 NEG NEG 3.05
Q2 2009 NEG NEG 2.60
Q3 2009 NEG More than 100 2.43
Q4 2009 More than 100 More than 100 2.36
Q1 2010 68.61 68.61 2.52
Q2 2010 More than 100 More than 100 2.32
Q3 2010 More than 100 More than 100 2.15
Q4 2010 21.93 15.31 2.12
Q1 2011 21.86 15.11 2.03
Q2 2011 20.02 14.34 2.09
Q3 2011 18.31 13.03 1.89
Q4 2011 More than 100 More than 100 2.55
Q1 2012 NEG More than 100 4.00
Q2 2012 More than 100 More than 100 2.47
Q3 2012 NEG More than 100 2.86
Q4 2012 More than 100 More than 100 2.48
Q1 2013 NEG NEG 2.85
Q2 2013 NEG NEG 2.47

Business Segments (Million)

Compared With The
Period Investments Food
Q1 2013 3.29 1.43
Q2 2013 5.37 2.26


Financial Ratios
Current
Market Cap (M Riyal) 1,684.71
Enterprise Value (EV) (M) 2,397.98
Shares Outstanding ((M)) 100.64
EPS ( Riyal) (TTM) (2.63)
Book Value (BV) ( Riyal) 4.46
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 4.27
Return on Average Assets (%) (TTM) (14.09 )
Return on Average Equity (%) (TTM) (44.57 )
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Share Price

AYYAN Investment Co.
16.74
(0.44) (2.56 %)

AYYAN Investment Co. (AYYAN)

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