Financial Results : Al-Ahsa Development reports 2014 net loss of SAR 39.3 mln

Al-Ahsa Development reports 2014 net loss of SAR 39.3 mln

20/01/2015 Argaam Exclusive

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Al-Ahsa Development Company reported 2014 net loss of SAR 39.3 million, compared to a net profit of SAR 16 million for the same period last year.

A net loss of SAR 22.5 million was reported for Q4-2014 compared to a net profit of SAR 12.8 million for Q3.



Financials (M)

Item 2013 2014 Change‬
Revenues 6.48 6.79 4.8 %
Gross Income 0.65 0.74 13.8 %
Operating Income (10.22) (11.89) (16.4 %)
Net Income 16.02 (36.08) (325.2 %)
Average Shares 53.69 53.69 -
EPS (Riyals) 0.30 (0.67) (325.2 %)

 

The company attributed reporting a net loss for 2014 compared to a net profit for the same period last year to:

-         Investment impairment loss of SAR 3.8 million for the companies affiliates.

-         Held for sale assets loss by SAR 31.8 million

-         Decline in good will market value by SAR 6 million

-         Realizing a loss of SAR 13.6 million from the revaluation of securities held for trading.

-         Investment loss of SAR 8.2 million from affiliates’ income and securities.

-         Increase of provisions and expenses.

 

Reporting a net loss for Q4-2014 compared to a net profit for the same period last year was attributed to:

-         Realizing a loss of SAR 13.6 million from the revaluation of securities held for trading.

-         The decline of company’s share in affiliates’ income by SAR 5.9 million.

-         Decline in good will market value by SAR 6 million.

-         Increase of provisions and expenses.

 

The company attributed Q4-2014’s net loss compared to the previous quarter (Q3-2014) to:

-         Decline in good will market value by SAR 6 million

-         Decline of gains realized on sale of available for trade investments by SAR 19.2 million.

-         Increase of provisions and expenses.



Current Quarter Comparison (M)

Compared With The
Item Q4 2013 Q4 2014 Change‬
Revenues 1.65 2.57 55.5 %
Gross Income (0.28) 0.25 189.2 %
Operating Income (4.24) (6.61) (56.0 %)
Net Income 10.71 (22.37) (308.8 %)
Average Shares 53.69 53.69 -
EPS (Riyals) 0.20 (0.42) (308.8 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q3 2013 1.13 - (0.06) - (2.40) (48.1 %)
Q4 2013 1.65 - (0.28) - (4.24) (98.5 %)
Q1 2014 0.73 (49.1 %) 0.00 (100.4 %) (1.75) 8.8 %
Q2 2014 2.47 9.4 % 0.58 6.9 % (0.96) 42.1 %
Q3 2014 1.02 (10.1 %) (0.08) (36.1 %) (2.57) (7.0 %)
Q4 2014 2.57 55.5 % 0.25 189.2 % (6.61) (56.0 %)
2014 6.79 4.8 % 0.74 13.8 % (11.89) (16.4 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2013 1.17 180.6 % 0.02 - 1.17 0.02
Q4 2013 10.71 395.8 % 0.20 (4.39) 15.11 0.28
Q1 2014 4.70 674.8 % 0.09 - 4.70 0.09
Q2 2014 (4.11) (216.6 %) (0.08) - (4.11) (0.08)
Q3 2014 (12.83) (1198.1 %) (0.24) (33.59) 20.76 0.39
Q4 2014 (22.37) (308.8 %) (0.42) (15.76) (6.61) (0.12)
2014 (36.08) (325.2 %) (0.67) (50.25) 14.18 0.26

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q3 2013 19.25 % (89.06 %) 34.82 %
Q4 2013 10.04 % (95.52 %) 315.10 %
Q1 2014 3.43 % (103.24 %) 424.48 %
Q2 2014 3.93 % (88.57 %) 281.77 %
Q3 2014 3.63 % (128.17 %) 620.97 %
Q4 2014 10.92 % (157.30 %) 217.25 %
2014 10.90 % (157.32 %) 208.89 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2013 53.69 0.03 0.03 9.43
Q4 2013 53.69 0.30 0.38 9.77
Q1 2014 53.69 0.37 0.46 9.75
Q2 2014 53.69 0.23 0.31 9.78
Q3 2014 53.69 (0.03) 0.68 9.60
Q4 2014 53.69 (0.64) 0.27 9.04

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2013 More than 100 More than 100 2.73
Q4 2013 84.59 66.38 2.58
Q1 2014 77.87 63.91 2.99
Q2 2014 More than 100 95.59 3.07
Q3 2014 NEG 48.25 3.41
Q4 2014 NEG 90.58 2.75

Business Segments (Million)

Compared With The
Period Manufacturing sector Investments Food
Q1 2013 - 3.29 1.43
Q2 2013 - 5.37 2.26
Q3 2013 - 3.62 1.13
Q4 2013 - 2.52 1.65
Q1 2014 0.73 - -
Q2 2014 2.47 - -
Q3 2014 1.02 - -
Q4 2014 2.57 - -

Current
Market Cap (M Riyal) 1,517.65
Enterprise Value (EV) (M) 2,261.46
Shares Outstanding ((M)) 100.64
EPS ( Riyal) (TTM) (2.35)
Book Value (BV) ( Riyal) 6.17
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 2.74
Return on Average Assets (%) (TTM) (12.78 )
Return on Average Equity (%) (TTM) (36.76 )

Share Price

15.08
0.16 1.07 %

AYYAN Investment Co. (AYYAN)


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