Jabal Omar swings to SAR 7 mln loss in 5M 2017

09/11/2017 Argaam Exclusive

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Jabal Omar Development Co. (Jabal Omar) incurred net losses of SAR 7 million for the period ending Sept. 30, 2017 (five months and 18 days), against net profit of SAR 144.7 million in the same period last year, attributed to a SAR 274 million decline in revenue from selling housing units, as well as higher financing costs from operating the Hilton Makkah hotel. 



Financials (M)

Item 9m 2016 9m 2017 Change‬
Revenues 583.31 568.83 (2.5 %)
Gross Income 295.37 11.11 (96.2 %)
Operating Income 146.91 (199.09) (235.5 %)
Net Income 144.69 (600.98) (515.3 %)
Average Shares 929.40 929.40 -
EPS (Riyals) 0.16 (0.65) (515.3 %)

The developer sustained a net loss of SAR 60.8 million in the third quarter ending Sept. 30, versus net profit of SAR 63.35 million in Q3 2016, due to lower revenue from selling residential units and higher costs of financing.



Current Quarter Comparison (M)

Compared With The
Item Q3 2016 Q3 2017 Change‬
Revenues 270.58 45.52 (83.2 %)
Gross Income 139.38 (210.33) (250.9 %)
Operating Income 107.75 (315.26) (392.6 %)
Net Income 63.35 (593.97) (1037.6 %)
Average Shares 929.40 929.40 -
EPS (Riyals) 0.07 (0.64) (1037.6 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2008 - - - - (38.63) - (0.05)
Q2 2008 - - - - (3.53) - 0.00
Q3 2008 - - - - 7.89 - 0.01
Q4 2008 - - - - (18.29) - (0.02)
Q1 2009 - - - - (4.10) 89.4 % (0.01)
Q2 2009 - - - - (18.24) (417.0 %) (0.02)
Q3 2009 - - - - (9.64) (222.1 %) (0.01)
Q4 2009 - - - - (1.46) 92.0 % 0.00
Q1 2010 - - - - (8.91) (117.5 %) (0.01)
Q2 2010 - - - - (7.60) 58.4 % (0.01)
Q3 2010 - - - - (9.21) 4.5 % (0.01)
Q4 2010 - - - - (11.31) (677.5 %) (0.01)
Q1 2011 - - - - (7.36) 17.5 % (0.01)
Q2 2011 - - - - (10.36) (36.4 %) (0.01)
Q3 2011 - - - - (9.57) (3.9 %) (0.01)
Q4 2011 - - - - (9.48) 16.2 % (0.01)
Q1 2012 - - - - (13.06) (77.6 %) (0.01)
Q2 2012 - - - - (16.93) (63.4 %) (0.02)
Q3 2012 - - - - (11.78) (23.1 %) (0.01)
Q4 2012 - - - - (9.62) (1.5 %) (0.01)
Q1 2013 12.70 - 3.47 - (5.26) 59.7 % (0.01)
Q2 2013 16.18 - 5.34 - (6.12) 63.8 % (0.01)
Q3 2013 22.79 - 10.81 - (3.37) 71.4 % 0.00
Q4 2013 (6.07) - (10.14) - (57.50) (497.8 %) (0.06)
Q1 2014 23.86 88.0 % 9.79 182.0 % (2.53) 52.0 % 0.00
Q2 2014 26.57 64.3 % 12.72 138.3 % (0.47) 92.4 % 0.00
Q3 2014 26.79 17.6 % 14.73 36.2 % (1.63) 51.6 % 0.00
Q4 2014 653.94 10878.7 % 488.24 4914.0 % 431.26 850.1 % 0.46
Q1 2015 239.16 902.2 % 169.39 1630.4 % 145.16 5842.2 % 0.16
Q2 2015 234.95 784.2 % 140.58 1004.9 % 65.05 14028.3 % 0.07
Q3 2015 192.52 618.6 % 98.28 567.3 % 8.67 630.8 % 0.01
Q4 2015 112.81 (82.7 %) 26.20 (94.6 %) (126.95) (129.4 %) (0.14)
Q1 2016 104.51 (56.3 %) 8.45 (95.0 %) (75.51) (152.0 %) (0.08)
Q2 2016 166.43 (29.2 %) 5.92 (95.8 %) 9.49 (85.4 %) 0.01
Q3 2016 270.58 40.5 % 139.38 41.8 % 63.35 630.9 % 0.07
Q4 2016 - - (38.98) (248.8 %) (68.04) 46.4 % (0.07)
Q1 2017 323.12 209.2 % 157.91 1769.0 % 53.79 171.2 % 0.06
Q2 2017 200.19 20.3 % 63.53 974.0 % (60.79) (740.3 %) (0.07)
Q3 2017 45.52 (83.2 %) (210.33) (250.9 %) (593.97) (1037.6 %) (0.64)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q3 2016 27.50 % 4.39 % (32.60 %)
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2016 929.40 (0.14) (0.23) 10.08
Q4 2016 929.40 (0.08) (0.17) 10.97
Q1 2017 929.40 0.06 (0.03) 10.96
Q2 2017 929.40 (0.01) (0.01) 11.02
Q3 2017 929.40 (0.72) (0.72) 10.96

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2016 NEG NEG 6.26
Q4 2016 NEG NEG 8.47
Q1 2017 More than 100 NEG 7.71
Q2 2017 NEG NEG 8.29
Q3 2017 NEG NEG 7.62

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 -
Q4 2016 124.33 - 989.30
Q1 2017 93.63 21.84 196.00
Q2 2017 202.86 19.38 100.88
Q3 2017 168.45 31.74 -


Financial Ratios
Current
Market Cap (M Riyal) 26,369.47
Enterprise Value (EV) (M) 37,874.79
Shares Outstanding ((M)) 1,154.53
EPS ( Riyal) (TTM) 0.04
Book Value (BV) ( Riyal) 11.04
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) More than 100
Price/book 2.07
Return on Average Assets (%) (TTM) 0.2
Return on Average Equity (%) (TTM) 0.4
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Share Price

Jabal Omar Development Co.
22.84
(0.32) (1.38 %)

Jabal Omar Development Co. (JABAL OMAR)

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