Al-Ahsa Development turns to profit at SAR 44.6 mln in FY15

21/01/2016 Argaam Exclusive

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Al-Ahsa Development Co. turned to a net profit of SAR 44.6 million for the 2015 fiscal year, against net losses of SAR 34.6 million last year, mainly attributed to higher revenue from available-for-sale investments.



Financials (M)

Item 2014 2015 Change‬
Revenues 6.79 150.56 2118.7 %
Gross Income 0.74 38.41 5090.9 %
Operating Income (11.89) (4.28) 64.0 %
Net Income (36.08) 52.09 244.4 %
Average Shares 53.69 53.69 -
EPS (Riyals) (0.67) 0.97 244.4 %

 

The company’s Q415 net profit amounted to SAR 1.94 million, versus a net loss of SAR 22.3 million in the same quarter in 2014, due to higher revenue and higher gains from held-for-sale investments. 



Current Quarter Comparison (M)

Compared With The
Item Q4 2014 Q4 2015 Change‬
Revenues 2.57 50.24 1858.1 %
Gross Income 0.25 12.67 4989.2 %
Operating Income (6.61) (0.51) 92.2 %
Net Income (22.37) (0.41) 98.2 %
Average Shares 53.69 53.69 -
EPS (Riyals) (0.42) (0.01) 98.2 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q1 2015 9.51 1202.9 % 2.66 132900.0 % (0.85) 51.7 %
Q2 2015 47.51 1820.4 % 13.14 2176.6 % (0.32) 66.4 %
Q3 2015 43.30 4157.4 % 10.82 13141.0 % (1.72) 32.9 %
Q4 2015 50.24 1858.1 % 12.67 4989.2 % (0.51) 92.2 %
2015 150.56 2118.7 % 38.41 5090.9 % (4.28) 64.0 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
Q1 2015 4.74 0.9 % 0.09 2.97 1.77 0.03
Q2 2015 29.26 811.3 % 0.54 2.84 26.42 0.49
Q3 2015 7.56 159.0 % 0.14 23.19 (15.62) (0.29)
Q4 2015 (0.41) 98.2 % (0.01) - (0.41) (0.01)
2015 52.09 244.4 % 0.97 53.21 (1.13) (0.02)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2015 21.83 % (65.06 %) 75.87 %
Q2 2015 26.33 % (17.50 %) 69.87 %
Q3 2015 26.11 % (6.83 %) 5.79 %
Q4 2015 26.09 % 4.77 % 8.07 %
2015 25.51 % 4.19 % (0.75 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2015 53.69 (0.64) 0.22 9.28
Q2 2015 53.69 (0.02) 0.79 9.91
Q3 2015 53.69 0.36 0.11 9.67
Q4 2015 53.69 0.77 0.23 9.85

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2015 NEG More than 100 2.69
Q2 2015 NEG 35.77 2.85
Q3 2015 51.44 More than 100 1.90
Q4 2015 27.54 93.24 2.14

Business Segments (Million)

Compared With The
Period medical service 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 - -
Q1 2015 6.92 2.59 - -
Q2 2015 44.09 3.43 - -
Q3 2015 41.55 1.75 - -
Q4 2015 47.09 3.15 - -


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.
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(0.44) (2.56 %)

AYYAN Investment Co. (AYYAN)

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