Financial Results : Jabal Omar posts SAR 120 mln loss in 6 months

Jabal Omar posts SAR 120 mln loss in 6 months

28/04/2016 Argaam Exclusive

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Jabal Omar Development Co., which is developing Jabal Omar area in Makkah, reported a net loss of SAR 119.5 million for the six-month period ending April 7, 2016, compared to a net profit of SAR 210.2 million in the same period last on lower sales of residential units and higher financial charges.



Financials (M)

Item 6m 2015 6m 2016 Change‬
Revenues 474.10 371.74 (21.6 %)
Gross Income 309.97 31.71 (89.8 %)
Operating Income 233.29 (61.87) (126.5 %)
Net Income 210.21 (110.01) (152.3 %)
Average Shares 929.40 929.40 -
EPS (Riyals) 0.23 (0.12) (152.3 %)

 

The company reported a net loss of SAR 44 million in the current quarter compared to a profit of SAR 65.1 million in the same period last year also on lower sales of residential units and higher financial charges.

 

The developer narrowed its losses during this quarter by 41.7 percent compared to the previous quarter on lower zakat charges and offsetting allowances for doubtful debt of SAR 8 million, an amount that is no longer required.



Current Quarter Comparison (M)

Compared With The
Item Q2 2015 Q2 2016 Change‬
Revenues 234.95 166.43 (29.2 %)
Gross Income 140.58 5.92 (95.8 %)
Operating Income 80.66 (35.27) (143.7 %)
Net Income 65.05 9.49 (85.4 %)
Average Shares 929.40 929.40 -
EPS (Riyals) 0.07 0.01 (85.4 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 - - - - (81.85) -
Q2 2008 - - - - (6.10) -
Q3 2008 - - - - (2.53) -
Q4 2008 - - - - (6.95) -
Q1 2009 - - - - (6.64) 91.9 %
Q2 2009 - - - - (5.80) 4.9 %
Q3 2009 - - - - (9.86) (290.1 %)
Q4 2009 - - - - (5.66) 18.6 %
Q1 2010 - - - - (8.91) (34.2 %)
Q2 2010 - - - - (7.60) (31.0 %)
Q3 2010 - - - - (9.40) 4.6 %
Q4 2010 - - - - (11.37) (101.1 %)
Q1 2011 - - - - (7.36) 17.4 %
Q2 2011 - - - - (10.38) (36.6 %)
Q3 2011 - - - - (9.80) (4.3 %)
Q4 2011 - - - - (9.91) 12.9 %
Q1 2012 - - - - (14.30) (94.3 %)
Q2 2012 - - - - (18.73) (80.5 %)
Q3 2012 - - - - (13.32) (35.9 %)
Q4 2012 - - - - (13.23) (33.6 %)
Q1 2013 12.70 - 3.47 - (10.70) 25.2 %
Q2 2013 16.18 - 5.34 - (9.66) 48.4 %
Q3 2013 22.79 - 10.81 - (7.39) 44.5 %
Q4 2013 (6.07) - (10.14) - (61.24) (362.9 %)
Q1 2014 23.86 88.0 % 9.79 182.0 % (5.08) 52.5 %
Q2 2014 26.57 64.3 % 12.72 138.3 % (2.67) 72.4 %
Q3 2014 26.79 17.6 % 14.73 36.2 % (4.41) 40.4 %
Q4 2014 653.94 10878.7 % 488.24 4914.0 % 449.33 833.7 %
Q1 2015 239.16 902.2 % 169.39 1630.4 % 152.63 3102.7 %
Q2 2015 234.95 784.2 % 140.58 1004.9 % 80.66 3122.1 %
Q3 2015 192.52 618.6 % 98.28 567.3 % 72.20 1738.0 %
Q4 2015 112.81 (82.7 %) 26.20 (94.6 %) (94.87) (121.1 %)
Q1 2016 104.51 (56.3 %) 8.45 (95.0 %) (21.42) (114.0 %)
Q2 2016 166.43 (29.2 %) 5.92 (95.8 %) (35.27) (143.7 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 (38.63) - (0.05) - (38.63) (0.05)
Q2 2008 (3.53) - 0.00 - (3.53) 0.00
Q3 2008 7.89 - 0.01 - 7.89 0.01
Q4 2008 (18.29) - (0.02) - (18.29) (0.02)
Q1 2009 (4.10) 89.4 % (0.01) - (4.10) (0.01)
Q2 2009 (18.24) (417.0 %) (0.02) - (18.24) (0.02)
Q3 2009 (9.64) (222.1 %) (0.01) - (9.64) (0.01)
Q4 2009 (1.46) 92.0 % 0.00 - (1.46) 0.00
Q1 2010 (8.91) (117.5 %) (0.01) - (8.91) (0.01)
Q2 2010 (7.60) 58.4 % (0.01) - (7.60) (0.01)
Q3 2010 (9.21) 4.5 % (0.01) - (9.21) (0.01)
Q4 2010 (11.31) (677.5 %) (0.01) - (11.31) (0.01)
Q1 2011 (7.36) 17.5 % (0.01) - (7.36) (0.01)
Q2 2011 (10.36) (36.4 %) (0.01) - (10.36) (0.01)
Q3 2011 (9.57) (3.9 %) (0.01) - (9.57) (0.01)
Q4 2011 (9.48) 16.2 % (0.01) - (9.48) (0.01)
Q1 2012 (13.06) (77.6 %) (0.01) - (13.06) (0.01)
Q2 2012 (16.93) (63.4 %) (0.02) - (16.93) (0.02)
Q3 2012 (11.78) (23.1 %) (0.01) - (11.78) (0.01)
Q4 2012 (9.62) (1.5 %) (0.01) - (9.62) (0.01)
Q1 2013 (5.26) 59.7 % (0.01) - (5.26) (0.01)
Q2 2013 (6.12) 63.8 % (0.01) - (6.12) (0.01)
Q3 2013 (3.37) 71.4 % 0.00 - (3.37) 0.00
Q4 2013 (57.50) (497.8 %) (0.06) - (57.50) (0.06)
Q1 2014 (2.53) 52.0 % 0.00 - (2.53) 0.00
Q2 2014 (0.47) 92.4 % 0.00 - (0.47) 0.00
Q3 2014 (1.63) 51.6 % 0.00 - (1.63) 0.00
Q4 2014 431.26 850.1 % 0.46 - 431.26 0.46
Q1 2015 145.16 5842.2 % 0.16 - 145.16 0.16
Q2 2015 65.05 14028.3 % 0.07 - 65.05 0.07
Q3 2015 8.67 630.8 % 0.01 - 8.67 0.01
Q4 2015 (126.95) (129.4 %) (0.14) - (126.95) (0.14)
Q1 2016 (75.51) (152.0 %) (0.08) - (75.51) (0.08)
Q2 2016 9.49 (85.4 %) 0.01 83.67 (74.18) (0.08)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
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 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 27.34 % (382.17 %) (343.38 %)
Q2 2013 30.52 % (117.18 %) (113.56 %)
Q3 2013 37.98 % (43.14 %) (47.18 %)
Q4 2013 20.79 % (141.50 %) (158.46 %)
Q1 2014 27.83 % (103.72 %) (122.47 %)
Q2 2014 34.52 % (77.14 %) (95.09 %)
Q3 2014 38.08 % (68.48 %) (87.30 %)
Q4 2014 71.87 % 64.33 % 58.35 %
Q1 2015 72.38 % 67.76 % 60.68 %
Q2 2015 70.39 % 64.34 % 55.40 %
Q3 2015 67.89 % 63.49 % 49.23 %
Q4 2015 55.74 % 37.45 % 11.79 %
Q1 2016 42.42 % 22.00 % (19.97 %)
Q2 2016 24.09 % 15.12 % (46.50 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2007 - - - -
Q2 2007 - - - -
Q3 2007 - - - -
Q4 2007 - - - -
Q1 2008 756.39 - - 8.83
Q2 2008 756.39 - - 8.82
Q3 2008 756.39 - - 8.83
Q4 2008 756.39 (0.07) (0.07) 8.81
Q1 2009 756.39 (0.02) (0.02) 8.80
Q2 2009 756.39 (0.04) (0.04) 8.78
Q3 2009 756.39 (0.07) (0.07) 8.78
Q4 2009 756.39 (0.04) (0.04) 8.78
Q1 2010 756.39 (0.05) (0.05) 8.76
Q2 2010 756.39 (0.04) (0.04) 8.75
Q3 2010 756.39 (0.04) (0.04) 8.74
Q4 2010 756.39 (0.05) (0.05) 8.73
Q1 2011 756.39 (0.05) (0.05) 8.72
Q2 2011 756.39 (0.05) (0.05) 8.70
Q3 2011 929.40 (0.04) (0.04) 9.77
Q4 2011 929.40 (0.04) (0.04) 9.76
Q1 2012 929.40 (0.05) (0.05) 9.74
Q2 2012 929.40 (0.05) (0.05) 9.73
Q3 2012 929.40 (0.06) (0.06) 9.71
Q4 2012 929.40 (0.06) (0.06) 9.70
Q1 2013 929.40 (0.05) (0.05) 9.70
Q2 2013 929.40 (0.04) (0.04) 9.61
Q3 2013 929.40 (0.03) (0.03) 9.65
Q4 2013 929.40 (0.08) (0.08) 9.62
Q1 2014 929.40 (0.07) (0.07) 9.60
Q2 2014 929.40 (0.07) (0.07) 9.60
Q3 2014 929.40 (0.07) (0.07) 9.57
Q4 2014 929.40 0.46 0.46 10.01
Q1 2015 929.40 0.62 0.62 10.11
Q2 2015 929.40 0.69 0.69 10.19
Q3 2015 929.40 0.70 0.70 10.24
Q4 2015 929.40 0.10 0.10 10.10
Q1 2016 929.40 (0.14) (0.14) 10.14
Q2 2016 929.40 (0.20) (0.29) 10.03

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - 3.64
Q2 2008 - - 3.95
Q3 2008 - - 3.07
Q4 2008 NEG NEG 3.12
Q1 2009 NEG NEG 2.86
Q2 2009 NEG NEG 2.91
Q3 2009 NEG NEG 3.15
Q4 2009 NEG NEG 2.91
Q1 2010 NEG NEG 3.10
Q2 2010 NEG NEG 2.83
Q3 2010 NEG NEG 2.81
Q4 2010 NEG NEG 2.70
Q1 2011 NEG NEG 2.37
Q2 2011 NEG NEG 2.36
Q3 2011 NEG NEG 1.51
Q4 2011 NEG NEG 1.55
Q1 2012 NEG NEG 2.46
Q2 2012 NEG NEG 2.20
Q3 2012 NEG NEG 2.34
Q4 2012 NEG NEG 2.43
Q1 2013 NEG NEG 3.28
Q2 2013 NEG NEG 3.68
Q3 2013 NEG NEG 3.94
Q4 2013 NEG NEG 3.77
Q1 2014 NEG NEG 5.32
Q2 2014 NEG NEG 5.93
Q3 2014 NEG NEG 6.83
Q4 2014 More than 100 More than 100 6.51
Q1 2015 More than 100 More than 100 9.33
Q2 2015 More than 100 More than 100 9.06
Q3 2015 More than 100 More than 100 7.78
Q4 2015 More than 100 More than 100 6.83
Q1 2016 NEG NEG 6.87
Q2 2016 NEG NEG 7.81

Business Segments (Million)

Compared With The
Period Operating Hotels Commercial center Properties for development and sale
Q1 2014 - 23.86 -
Q2 2014 - 26.57 -
Q3 2014 - 26.79 -
Q4 2014 61.63 27.92 564.40
Q1 2015 27.91 31.75 179.50
Q2 2015 27.16 32.39 175.40
Q3 2015 46.50 30.42 115.60
Q4 2015 76.09 36.71 -
Q1 2016 57.38 35.83 11.30
Q2 2016 163.57 2.87 -

Analysts Estimates (Million)

Item Q2 2016 (e) Q2 2016 (a) Change‬
Average 7.50 9.49 26.59 %

Estimates vs Actual (Million)

Item Q2 2016 (e) Q2 2016 (a) Change
Alistithmar Capital 7.50 9.49 26.6 %


Financial Ratios
Current
Market Cap (M Riyal) 24,799.30
Enterprise Value (EV) (M) 36,411.20
Shares Outstanding ((M)) 1,154.53
EPS ( Riyal) (TTM) (0.30)
Book Value (BV) ( Riyal) 11.04
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.95
Return on Average Assets (%) (TTM) (1.26 )
Return on Average Equity (%) (TTM) (2.74 )
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Share Price

Jabal Omar Development Co.
21.48
(0.94) (4.19 %)

Jabal Omar Development Co. (JABAL OMAR)

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