Jabal Omar turns to profit in H1 2019

25/07/2019 Argaam Exclusive

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Jabal Omar Development Co. reported net profit after zakat and tax of SAR 31.61 million for the first half of 2019, versus net losses of 275.57 million in year-earlier period, due to higher revenue from selling residential as well as hotel units in addition to recording commercial revenue.



Financials (M)

Item 6m 2018 6m 2019 Change‬
Revenues 392.38 474.64 21.0 %
Gross Income 78.78 72.62 (7.8 %)
Operating Income (45.90) (57.49) (25.3 %)
Net Income (277.32) 31.37 111.3 %
Average Shares 929.40 929.40 -
EPS (Riyals) (0.30) 0.03 111.3 %

Jabal Omar reported net profit after zakat and tax of SAR 30.05 million in Q2 2019, versus net losses of SAR 147.37 million in Q2 2018, driven by higher revenue from selling residential and hotel units.

 

When compared to the previous quarter, Jabal Omar posted a net profit of SAR 1.56 million in Q1 2019, backed by higher revenue from selling residential and hotel units.



Current Quarter Comparison (M)

Compared With The
Item Q2 2018 Q2 2019 Change‬
Revenues 250.25 297.03 18.7 %
Gross Income 49.49 84.17 70.1 %
Operating Income (15.70) 11.24 171.6 %
Net Income (148.02) 29.75 120.1 %
Average Shares 929.40 929.40 -
EPS (Riyals) (0.16) 0.03 120.1 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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)
Q4 2017 - - - - - - -
Q1 2018 142.13 (56.0 %) 29.30 (81.4 %) (129.30) (340.4 %) (0.14)
Q2 2018 250.25 25.0 % 49.49 (22.1 %) (148.02) (143.5 %) (0.16)
Q3 2018 1,322.66 2805.7 % 673.04 420.0 % 469.62 179.1 % 0.51
Q4 2018 247.61 - 46.01 - 1.48 - 0.00
Q1 2019 177.62 25.0 % (11.55) (139.4 %) 1.62 101.3 % 0.00
Q2 2019 297.03 18.7 % 84.17 70.1 % 29.75 120.1 % 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 - - -
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 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 40.65 % 42.48 % 9.87 %
Q1 2019 37.89 % 40.02 % 6.37 %
Q2 2019 38.71 % 40.30 % 9.29 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2017 - - - -
Q1 2018 929.40 - - 10.18
Q2 2018 929.40 - - 10.02
Q3 2018 929.40 - - 10.52
Q4 2018 929.40 0.21 0.21 10.52
Q1 2019 929.40 0.35 0.14 10.34
Q2 2019 929.40 0.54 0.20 10.38

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2017 - - -
Q1 2018 - - 6.16
Q2 2018 - - 5.08
Q3 2018 - - 4.62
Q4 2018 More than 100 More than 100 4.06
Q1 2019 More than 100 More than 100 3.85
Q2 2019 64.80 More than 100 3.38

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 -
Q4 2017 116.23 30.17 -
Q1 2018 114.54 27.59 -
Q2 2018 215.15 35.10 -
Q3 2018 182.41 34.68 1,105.57
Q4 2018 111.34 32.44 103.83
Q1 2019 106.69 34.20 36.73
Q2 2019 238.76 32.21 26.06


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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