Financial Results : Arriyadh Development posts higher net profit at SAR 115m in I1 of 2013

Arriyadh Development posts higher net profit at SAR 115m in I1 of 2013

31/03/2013 Argaam Exclusive

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Arriyadh Development Co., manages the development trade center in Riyadh, reported SAR 115m net profit at the end of the first quarter of 2013, a 23% increase compared to the same period last year, as shown in the following table:



Current Quarter Comparison (M)

Compared With The
Item Q1 2012 Q1 2013 Change‬
Revenues 140.64 167.04 18.8 %
Gross Income 97.08 121.28 24.9 %
Operating Income 90.94 115.76 27.3 %
Net Income 93.30 114.98 23.2 %
Average Shares 177.78 177.78 -
EPS (Riyals) 0.52 0.65 23.2 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2004 19.32 (20.8 %) 10.83 (12.1 %) 8.28 (16.8 %)
Q2 2004 20.04 (66.1 %) 10.47 (63.2 %) 8.08 (69.0 %)
Q3 2004 21.72 (93.2 %) 12.40 (80.6 %) 10.20 (83.5 %)
Q4 2004 49.55 46.1 % 19.32 23.6 % 16.55 25.8 %
Q1 2005 23.26 20.4 % 14.62 35.1 % 12.20 47.4 %
Q2 2005 28.28 41.1 % 18.77 79.3 % 16.24 101.1 %
Q3 2005 27.69 27.5 % 15.91 28.4 % 14.07 37.9 %
Q4 2005 26.84 (45.8 %) 17.38 (10.1 %) 11.95 (27.8 %)
Q1 2006 25.73 10.6 % 15.99 9.3 % 13.44 10.2 %
Q2 2006 27.23 (3.7 %) 17.11 (8.8 %) 14.04 (13.6 %)
Q3 2006 27.85 0.6 % 16.44 3.3 % 13.81 (1.8 %)
Q4 2006 29.43 9.6 % 18.64 7.2 % 14.82 24.0 %
Q1 2007 30.22 17.5 % 18.54 16.0 % 15.88 18.1 %
Q2 2007 30.69 12.7 % 19.82 15.8 % 16.22 15.6 %
Q3 2007 30.95 11.1 % 18.30 11.3 % 15.90 15.1 %
Q4 2007 35.63 21.1 % 21.30 14.3 % 17.28 16.6 %
Q1 2008 32.79 8.5 % 20.37 9.9 % 17.51 10.3 %
Q2 2008 36.13 17.7 % 22.78 14.9 % 19.74 21.7 %
Q3 2008 36.47 17.8 % 23.94 30.8 % 21.37 34.4 %
Q4 2008 34.88 (2.1 %) 22.72 6.6 % 17.59 1.8 %
Q1 2009 37.47 14.3 % 25.22 23.8 % 21.62 23.4 %
Q2 2009 39.42 9.1 % 26.57 16.6 % 22.98 16.4 %
Q3 2009 39.41 8.0 % 26.80 12.0 % 24.19 13.2 %
Q4 2009 39.19 12.3 % 25.11 10.5 % 22.73 29.2 %
Q1 2010 38.60 3.0 % 26.78 6.2 % 23.17 7.2 %
Q2 2010 41.32 4.8 % 28.79 8.4 % 26.17 13.9 %
Q3 2010 39.57 0.4 % 25.65 (4.3 %) 23.17 (4.2 %)
Q4 2010 43.50 11.0 % 30.35 20.9 % 26.82 18.0 %
Q1 2011 53.38 38.3 % 33.60 25.4 % 29.49 27.3 %
Q2 2011 48.86 18.3 % 37.06 28.7 % 34.18 30.6 %
Q3 2011 47.25 19.4 % 35.04 36.6 % 32.69 41.1 %
Q4 2011 47.46 9.1 % 36.21 19.3 % 33.18 23.7 %
Q1 2012 140.64 163.5 % 97.08 189.0 % 90.94 208.4 %
Q2 2012 53.55 9.6 % 40.06 8.1 % 37.06 8.4 %
Q3 2012 45.39 (3.9 %) 33.36 (4.8 %) 29.98 (8.3 %)
Q4 2012 107.84 127.2 % 79.74 120.2 % 76.36 130.1 %
Q1 2013 167.04 18.8 % 121.28 24.9 % 115.76 27.3 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2004 8.28 (19.6 %) 0.05 - 8.28 0.05
Q2 2004 8.02 (67.5 %) 0.05 - 8.02 0.05
Q3 2004 10.51 (83.4 %) 0.06 - 10.51 0.06
Q4 2004 15.83 4.1 % 0.09 - 15.83 0.09
Q1 2005 12.37 49.4 % 0.07 - 12.37 0.07
Q2 2005 17.11 113.4 % 0.10 - 17.11 0.10
Q3 2005 14.82 41.1 % 0.08 - 14.82 0.08
Q4 2005 17.36 9.7 % 0.10 - 17.36 0.10
Q1 2006 18.00 45.5 % 0.10 - 18.00 0.10
Q2 2006 14.12 (17.5 %) 0.08 - 14.12 0.08
Q3 2006 12.68 (14.5 %) 0.07 - 12.68 0.07
Q4 2006 18.05 3.9 % 0.10 - 18.05 0.10
Q1 2007 16.88 (6.2 %) 0.09 - 16.88 0.09
Q2 2007 17.67 25.2 % 0.10 - 17.67 0.10
Q3 2007 16.38 29.2 % 0.09 - 16.38 0.09
Q4 2007 19.79 9.7 % 0.11 - 19.79 0.11
Q1 2008 18.58 10.1 % 0.10 - 18.58 0.10
Q2 2008 20.66 16.9 % 0.12 - 20.66 0.12
Q3 2008 21.85 33.4 % 0.12 - 21.85 0.12
Q4 2008 18.09 (8.6 %) 0.10 - 18.09 0.10
Q1 2009 22.05 18.7 % 0.12 - 22.05 0.12
Q2 2009 22.95 11.1 % 0.13 - 22.95 0.13
Q3 2009 24.04 10.0 % 0.14 - 24.04 0.14
Q4 2009 23.70 31.0 % 0.13 - 23.70 0.13
Q1 2010 22.83 3.5 % 0.13 - 22.83 0.13
Q2 2010 26.47 15.3 % 0.15 - 26.47 0.15
Q3 2010 21.01 (12.6 %) 0.12 - 21.01 0.12
Q4 2010 26.32 11.1 % 0.15 - 26.32 0.15
Q1 2011 28.60 25.3 % 0.16 - 28.60 0.16
Q2 2011 32.83 24.0 % 0.18 - 32.83 0.18
Q3 2011 32.25 53.5 % 0.18 - 32.25 0.18
Q4 2011 36.49 38.7 % 0.21 - 36.49 0.21
Q1 2012 93.30 226.2 % 0.52 - 93.30 0.52
Q2 2012 35.74 8.9 % 0.20 - 35.74 0.20
Q3 2012 28.69 (11.0 %) 0.16 - 28.69 0.16
Q4 2012 71.20 95.1 % 0.40 - 71.20 0.40
Q1 2013 114.98 23.2 % 0.65 - 114.98 0.65

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2004 27.52 % 28.31 % 25.81 %
Q2 2004 25.68 % 26.44 % 24.14 %
Q3 2004 51.92 % 54.48 % 44.23 %
Q4 2004 47.92 % 49.95 % 38.54 %
Q1 2005 49.59 % 51.81 % 40.79 %
Q2 2005 53.02 % 55.24 % 45.45 %
Q3 2005 53.29 % 56.51 % 46.70 %
Q4 2005 62.87 % 64.71 % 58.14 %
Q1 2006 62.70 % 64.81 % 62.01 %
Q2 2006 61.77 % 63.70 % 59.83 %
Q3 2006 62.16 % 62.98 % 57.74 %
Q4 2006 61.84 % 64.09 % 57.00 %
Q1 2007 61.64 % 63.70 % 53.79 %
Q2 2007 62.13 % 63.72 % 55.23 %
Q3 2007 62.08 % 63.92 % 56.87 %
Q4 2007 61.15 % 63.74 % 55.48 %
Q1 2008 61.35 % 64.29 % 55.69 %
Q2 2008 61.07 % 64.85 % 55.65 %
Q3 2008 62.67 % 66.58 % 57.35 %
Q4 2008 64.02 % 66.75 % 56.44 %
Q1 2009 65.30 % 67.45 % 57.02 %
Q2 2009 66.40 % 67.96 % 57.30 %
Q3 2009 67.01 % 68.61 % 57.63 %
Q4 2009 66.69 % 70.07 % 59.64 %
Q1 2010 67.20 % 70.52 % 59.71 %
Q2 2010 67.80 % 71.81 % 61.21 %
Q3 2010 67.01 % 71.01 % 59.25 %
Q4 2010 68.46 % 71.60 % 59.29 %
Q1 2011 66.60 % 69.21 % 57.60 %
Q2 2011 68.36 % 70.86 % 58.70 %
Q3 2011 70.50 % 73.05 % 62.18 %
Q4 2011 72.06 % 74.87 % 66.10 %
Q1 2012 72.27 % 73.55 % 68.57 %
Q2 2012 72.13 % 73.29 % 68.46 %
Q3 2012 72.02 % 72.80 % 67.67 %
Q4 2012 72.03 % 72.56 % 65.90 %
Q1 2013 73.42 % 74.06 % 67.04 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2004 177.78 0.63 0.63 7.00
Q2 2004 177.78 0.53 0.53 7.04
Q3 2004 177.78 0.24 0.24 7.10
Q4 2004 177.78 0.24 0.24 7.21
Q1 2005 177.78 0.26 0.26 7.28
Q2 2005 177.78 0.31 0.31 7.39
Q3 2005 177.78 0.34 0.34 7.48
Q4 2005 177.78 0.35 0.35 7.58
Q1 2006 177.78 0.38 0.38 7.67
Q2 2006 177.78 0.36 0.36 7.46
Q3 2006 177.78 0.35 0.35 7.53
Q4 2006 177.78 0.35 0.35 7.62
Q1 2007 177.78 0.35 0.35 7.72
Q2 2007 177.78 0.37 0.37 7.53
Q3 2007 177.78 0.39 0.39 7.63
Q4 2007 177.78 0.40 0.40 7.74
Q1 2008 177.78 0.41 0.41 7.85
Q2 2008 177.78 0.42 0.42 7.68
Q3 2008 177.78 0.45 0.45 7.80
Q4 2008 177.78 0.45 0.45 7.90
Q1 2009 177.78 0.46 0.46 7.74
Q2 2009 177.78 0.48 0.48 7.73
Q3 2009 177.78 0.49 0.49 7.86
Q4 2009 177.78 0.52 0.52 8.00
Q1 2010 177.78 0.53 0.53 8.13
Q2 2010 177.78 0.55 0.55 7.99
Q3 2010 177.78 0.53 0.53 8.11
Q4 2010 177.78 0.54 0.54 8.26
Q1 2011 177.78 0.58 0.58 8.42
Q2 2011 177.78 0.61 0.61 8.03
Q3 2011 177.78 0.67 0.67 8.21
Q4 2011 177.78 0.73 0.73 8.42
Q1 2012 177.78 1.10 1.10 8.23
Q2 2012 177.78 1.11 1.11 8.43
Q3 2012 177.78 1.09 1.09 8.23
Q4 2012 177.78 1.29 1.29 8.63
Q1 2013 177.78 1.41 1.41 9.28

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2004 22.21 22.21 1.99
Q2 2004 29.84 29.84 2.26
Q3 2004 74.76 74.76 2.49
Q4 2004 60.50 60.50 2.01
Q1 2005 50.07 50.07 1.81
Q2 2005 64.43 64.43 2.74
Q3 2005 73.85 73.85 3.34
Q4 2005 More than 100 More than 100 6.37
Q1 2006 86.52 86.52 4.27
Q2 2006 80.89 80.89 3.92
Q3 2006 80.89 80.89 3.76
Q4 2006 30.64 30.64 1.42
Q1 2007 38.51 38.51 1.73
Q2 2007 21.46 21.46 1.05
Q3 2007 22.47 22.47 1.14
Q4 2007 34.66 34.66 1.78
Q1 2008 27.62 27.62 1.43
Q2 2008 28.53 28.53 1.58
Q3 2008 16.07 16.07 0.94
Q4 2008 12.26 12.26 0.69
Q1 2009 11.85 11.85 0.71
Q2 2009 14.67 14.67 0.91
Q3 2009 15.04 15.04 0.94
Q4 2009 12.94 12.94 0.84
Q1 2010 14.30 14.30 0.93
Q2 2010 15.52 15.52 1.06
Q3 2010 16.43 16.43 1.07
Q4 2010 15.53 15.53 1.02
Q1 2011 15.54 15.54 1.06
Q2 2011 13.71 13.71 1.04
Q3 2011 13.05 13.05 1.07
Q4 2011 17.40 17.40 1.51
Q1 2012 13.19 13.19 1.76
Q2 2012 11.91 11.91 1.57
Q3 2012 12.05 12.05 1.60
Q4 2012 9.99 9.99 1.49
Q1 2013 8.74 8.74 1.33

Business Segments (Million)

Compared With The
Period Commercial Centers Sector Public utility sector Sale of Land and Contributions Sector Joint Assets and liabilities
Q1 2009 29.29 8.18 - -
Q2 2009 31.31 8.09 0.02 -
Q3 2009 30.44 8.21 0.77 -
Q4 2009 30.77 8.42 - -
Q1 2010 30.35 8.25 - -
Q2 2010 32.81 8.51 - -
Q3 2010 31.30 8.27 - -
Q4 2010 33.42 8.87 1.20 -
Q1 2011 31.97 9.86 11.55 -
Q2 2011 38.96 9.89 - -
Q3 2011 36.86 10.39 - -
Q4 2011 37.03 10.43 - -
Q1 2012 34.71 9.74 96.18 -
Q2 2012 36.81 10.20 6.54 -
Q3 2012 32.63 12.76 - -
Q4 2012 35.12 13.55 59.18 -
Q1 2013 30.86 18.39 117.79 -

Current
Market Cap (M Riyal) 4,782.28
Enterprise Value (EV) (M) 3,755.08
Shares Outstanding ((M)) 177.78
EPS ( Riyal) (TTM) 2.00
Book Value (BV) ( Riyal) 13.80
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 13.93
P/E (TTM) 13.43
Price/book 1.95
Return on Average Assets (%) (TTM) 13.0
Return on Average Equity (%) (TTM) 15.2

Share Price

26.90
(0.60) (2.18 %)

Arriyadh Development Co. (ARDCO)


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