Financial Results : Al Ahsa Development turns to profit in 9M 2017

Al Ahsa Development turns to profit in 9M 2017

31/10/2017 Argaam Exclusive

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Al Ahsa Development Co. swung to a net profit of SAR 3.4 million for the first nine months of 2017, against a net loss of SAR 16.4 million in the same period last year, mainly attributed to lower zakat expenses, higher revenue and dividend along with a decline in losses from discontinued operations.



Financials (M)

Item 9m 2016 9m 2017 Change‬
Revenues 144.44 155.88 7.9 %
Gross Income 38.78 40.35 4.1 %
Operating Income (3.15) (2.43) 22.7 %
Net Income (19.22) 0.48 102.5 %
Average Shares 53.69 53.69 -
EPS (Riyals) (0.36) 0.01 102.5 %

In Q3, the company narrowed net losses by 57 percent year-on-year to SAR 1.1 million, thanks to higher revenue and other income, lower general and administrative expenses. A decline in losses from fair-value investments also bolstered the quarterly results.

 

Al Ahsa, however, swung to net losses in Q3, compared to net profit of SAR 2.7 million in the previous quarter, on the back of lower revenue and a rise in the cost of sales. 



Current Quarter Comparison (M)

Compared With The
Item Q3 2016 Q3 2017 Change‬
Revenues 45.23 49.78 10.1 %
Gross Income 13.43 12.73 (5.2 %)
Operating Income (0.80) (1.10) (38.4 %)
Net Income (2.88) (2.11) 26.6 %
Average Shares 53.69 53.69 -
EPS (Riyals) (0.05) (0.04) 26.6 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q1 2016 49.61 421.6 % 12.71 378.4 % (1.20) (41.8 %)
Q2 2016 49.61 4.4 % 12.68 (3.4 %) (1.11) (243.3 %)
Q3 2016 45.23 4.5 % 13.43 24.1 % (0.80) 53.8 %
Q4 2016 47.48 (5.5 %) 9.52 (24.9 %) (4.28) (733.7 %)
Q1 2017 50.64 2.1 % 12.56 (1.2 %) (1.94) (61.3 %)
Q2 2017 55.45 11.8 % 15.06 18.8 % 0.61 154.7 %
Q3 2017 49.78 10.1 % 12.73 (5.2 %) (1.10) (38.4 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
Q1 2016 (2.79) (158.8 %) (0.05) (1.47) (1.32) (0.02)
Q2 2016 (12.83) (143.8 %) (0.24) (1.75) (11.08) (0.21)
Q3 2016 (2.88) (138.1 %) (0.05) - (2.88) (0.05)
Q4 2016 (14.17) (3,382.6 %) (0.26) (13.12) (1.05) (0.02)
Q1 2017 1.00 135.9 % 0.02 - 1.00 0.02
Q2 2017 1.59 112.4 % 0.03 - 1.59 0.03
Q3 2017 (2.11) 26.6 % (0.04) (2.50) 0.39 0.01

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2016 25.88 % 5.37 % 4.76 %
Q2 2016 25.36 % 6.95 % (14.75 %)
Q3 2016 26.45 % 8.29 % (8.05 %)
Q4 2016 25.18 % 4.00 % (8.51 %)
Q1 2017 24.97 % 4.40 % (7.26 %)
Q2 2017 25.44 % 4.43 % (0.68 %)
Q3 2017 24.52 % 4.39 % 0.95 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2016 53.69 0.63 0.17 9.59
Q2 2016 53.69 (0.16) (0.53) 9.34
Q3 2016 53.69 (0.35) (0.29) 9.24
Q4 2016 53.69 (0.61) (0.30) 9.09
Q1 2017 53.69 (0.54) (0.26) 9.08
Q2 2017 53.69 (0.27) (0.03) 9.07
Q3 2017 53.69 (0.26) 0.04 9.09

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2016 35.24 More than 100 2.30
Q2 2016 NEG NEG 2.17
Q3 2016 NEG NEG 1.86
Q4 2016 NEG NEG 2.19
Q1 2017 NEG NEG 2.84
Q2 2017 NEG NEG 2.26
Q3 2017 NEG More than 100 2.33

Business Segments (Million)

Compared With The
Period Manufacturing sector medical service 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 2.59 6.92 - -
Q2 2015 3.43 44.09 - -
Q3 2015 1.75 41.55 - -
Q4 2015 3.15 47.09 - -
Q1 2016 3.10 46.51 - -
Q2 2016 4.04 45.56 - -
Q3 2016 1.51 43.72 - -
Q4 2016 2.81 44.67 - -
Q1 2017 2.67 47.97 - -
Q2 2017 4.98 50.48 - -
Q3 2017 2.91 46.87 - -


Financial Ratios
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 )
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Share Price

AYYAN Investment Co.
15.08
0.16 1.07 %

AYYAN Investment Co. (AYYAN)

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