Financial Results : Al Ahsa Development turns to profit in Q1 2019

Al Ahsa Development turns to profit in Q1 2019

09/05/2019 Argaam Exclusive

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Al Ahsa Development Co. reported a net profit of SAR 2.4 million for the first quarter of 2019 compared to a net loss of SAR 2.4 million in the same period last year on higher sales, lower cost of sales, lower selling and administrative expense, higher other revenue, higher dividend received and lower Zakat expense.

When compared to previous quarter’s profit of SAR 102.6 million, the company’s net profit this quarter fell by 75 percent on lower sales, lower dividend received and lower other revenue.



Current Quarter Comparison (M)

Compared With The
Item Q1 2018 Q1 2019 Change‬
Revenues 53.02 57.62 8.7 %
Gross Income 12.41 14.62 17.9 %
Operating Income (2.51) 0.40 115.8 %
Net Income (2.79) 1.42 151.0 %
Average Shares 53.69 53.69 -
EPS (Riyals) (0.05) 0.03 151.0 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q4 2017 53.20 12.0 % 12.54 31.8 % (4.73) (10.7 %)
Q1 2018 53.02 4.7 % 12.41 (1.2 %) (2.51) (29.8 %)
Q2 2018 53.67 (3.2 %) 12.13 (19.5 %) (0.77) (227.0 %)
Q3 2018 57.55 15.6 % 14.21 11.6 % (0.42) 61.9 %
Q4 2018 61.42 15.5 % 13.99 11.5 % (2.18) 54.0 %
Q1 2019 57.62 8.7 % 14.62 17.9 % 0.40 115.8 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q4 2017 (9.93) 30.0 % (0.18) - (9.93) (0.18)
Q1 2018 (2.79) (378.1 %) (0.05) - (2.79) (0.05)
Q2 2018 0.32 (79.6 %) 0.01 - 0.32 0.01
Q3 2018 1.17 155.4 % 0.02 - 1.17 0.02
Q4 2018 8.51 185.8 % 0.16 - 8.51 0.16
Q1 2019 1.42 151.0 % 0.03 - 1.42 0.03

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q4 2017 25.30 % 3.92 % (3.32 %)
Q1 2018 24.94 % 2.88 % (5.08 %)
Q2 2018 23.76 % 2.89 % (5.72 %)
Q3 2018 23.59 % 3.08 % (5.16 %)
Q4 2018 23.37 % 3.99 % 3.20 %
Q1 2019 23.86 % 5.12 % 4.96 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2017 53.69 (0.18) (0.13) 8.89
Q1 2018 53.69 (0.25) (0.20) 9.66
Q2 2018 53.69 (0.27) (0.22) 9.72
Q3 2018 53.69 (0.21) (0.21) 9.73
Q4 2018 53.69 0.13 0.13 9.79
Q1 2019 53.69 0.21 0.21 9.76

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2017 NEG NEG 2.32
Q1 2018 NEG NEG 1.99
Q2 2018 NEG NEG 2.02
Q3 2018 NEG NEG 1.77
Q4 2018 More than 100 More than 100 1.74
Q1 2019 83.75 83.75 1.83

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 - -
Q4 2017 2.59 50.60 - -
Q1 2018 2.78 50.24 - -
Q2 2018 5.45 48.22 - -
Q3 2018 2.73 54.82 - -
Q4 2018 3.75 57.67 - -
Q1 2019 3.91 53.71 - -


Financial Ratios
Current
Market Cap (M Riyal) 1,415.00
Enterprise Value (EV) (M) 2,158.81
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 2.55
Return on Average Assets (%) (TTM) (12.78 )
Return on Average Equity (%) (TTM) (36.76 )
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Share Price

AYYAN Investment Co.
14.06
(0.22) (1.54 %)

AYYAN Investment Co. (AYYAN)

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