Financial Results : Arriyadh Development net profit rises twofold to SAR 111 mln in Q1 2021

Arriyadh Development net profit rises twofold to SAR 111 mln in Q1 2021

05/05/2021 Argaam Exclusive

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Arriyadh Development Co. (ARDCO) reported a net profit after Zakat and tax of SAR 111 million for the first quarter of 2021, an increase of over twofold from SAR 35.1 million in the year-ago period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 57.04 63.14 10.7 %
Gross Income 40.29 46.27 14.9 %
Operating Income 35.40 41.83 18.1 %
Net Income 35.14 111.03 216.0 %
Average Shares 177.78 177.78 -
EPS (Riyals) 0.20 0.62 216.0 %

The positive performance was driven by an increase in the operating and leasing segment revenues and the company's higher profit share from associates.

When compared to Q4 2020, the company’s net profit after Zakat and tax jumped by 33.6% from SAR 83.1 million, backed by the company's higher profit share from associates, along with a decline in general and administrative expenses.

 

Shareholders’ equity, excluding minority interest, rose 6% to SAR 2.099 billion by the end of Q1 2021, compared to SAR 1.978 billion in the year-ago period.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q2 2013 67.62 26.3 % 51.52 28.6 % 49.18 32.7 %
Q3 2013 59.06 30.1 % 43.56 30.6 % 41.24 37.6 %
Q4 2013 62.13 (42.4 %) 46.45 (41.7 %) 44.21 (42.1 %)
Q1 2014 75.29 (54.9 %) 54.43 (55.1 %) 51.23 (55.7 %)
Q2 2014 66.70 (1.4 %) 50.01 (2.9 %) 47.00 (4.4 %)
Q3 2014 53.06 (10.2 %) 40.53 (7.0 %) 37.46 (9.2 %)
Q4 2014 56.25 (9.5 %) 43.55 (6.2 %) 40.44 (8.5 %)
Q1 2015 100.06 32.9 % 76.97 41.4 % 72.35 41.2 %
Q2 2015 99.63 49.4 % 76.78 53.5 % 72.05 53.3 %
Q3 2015 107.71 103.0 % 83.17 105.2 % 79.66 112.7 %
Q4 2015 117.91 109.6 % 96.57 121.7 % 93.30 130.7 %
Q1 2016 73.13 (26.9 %) 57.99 (24.7 %) 53.82 (25.6 %)
Q2 2016 1,038.58 942.5 % 139.95 82.3 % 135.26 87.7 %
Q3 2016 59.17 (45.1 %) 46.08 (44.6 %) 42.20 (47.0 %)
Q4 2016 64.89 (45.0 %) 53.63 (44.5 %) 47.29 (49.3 %)
Q1 2017 63.27 (13.5 %) 51.06 (12.0 %) 47.78 (11.2 %)
Q2 2017 67.11 (93.5 %) 54.32 (61.2 %) 50.81 (62.4 %)
Q3 2017 60.19 1.7 % 47.72 3.5 % 44.98 6.6 %
Q4 2017 123.52 90.4 % 94.75 76.7 % 91.57 93.6 %
Q1 2018 71.73 13.4 % 54.66 7.0 % 51.26 7.3 %
Q2 2018 74.37 10.8 % 56.79 4.5 % 53.01 4.3 %
Q3 2018 71.04 18.0 % 53.57 12.3 % 50.13 11.5 %
Q4 2018 65.85 (46.7 %) 50.34 (46.9 %) 47.98 (47.6 %)
Q1 2019 61.53 (14.2 %) 45.10 (17.5 %) 41.96 (18.2 %)
Q2 2019 64.30 (13.5 %) 47.63 (16.1 %) 44.52 (16.0 %)
Q3 2019 61.22 (13.8 %) 44.64 (16.7 %) 40.75 (18.7 %)
Q4 2019 62.66 (4.8 %) 47.46 (5.7 %) 27.61 (42.4 %)
Q1 2020 57.04 (7.3 %) 40.29 (10.7 %) 35.40 (15.6 %)
Q2 2020 57.41 (10.7 %) 41.22 (13.5 %) 37.62 (15.5 %)
Q3 2020 59.74 (2.4 %) 43.56 (2.4 %) 39.46 (3.2 %)
Q4 2020 63.54 1.4 % 43.56 (8.2 %) 34.10 23.5 %
Q1 2021 63.14 10.7 % 46.27 14.9 % 41.83 18.1 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q2 2013 48.73 36.3 % 0.27 - 48.73 0.27
Q3 2013 40.67 41.7 % 0.23 - 40.67 0.23
Q4 2013 45.32 (36.4 %) 0.25 - 45.32 0.25
Q1 2014 51.43 (55.3 %) 0.29 - 51.43 0.29
Q2 2014 47.03 (3.5 %) 0.26 - 47.03 0.26
Q3 2014 37.47 (7.8 %) 0.21 - 37.47 0.21
Q4 2014 53.43 17.9 % 0.30 - 53.43 0.30
Q1 2015 71.19 38.4 % 0.40 - 71.19 0.40
Q2 2015 70.80 50.5 % 0.40 - 70.80 0.40
Q3 2015 67.91 81.2 % 0.38 (10.37) 78.29 0.44
Q4 2015 84.52 58.2 % 0.48 (8.09) 92.61 0.52
Q1 2016 54.15 (23.9 %) 0.30 - 54.15 0.30
Q2 2016 132.80 87.6 % 0.75 - 132.80 0.75
Q3 2016 36.65 (46.0 %) 0.21 - 36.65 0.21
Q4 2016 37.64 (55.5 %) 0.21 - 37.64 0.21
Q1 2017 43.29 (20.1 %) 0.24 - 43.29 0.24
Q2 2017 45.95 (65.4 %) 0.26 - 45.95 0.26
Q3 2017 45.64 24.5 % 0.26 - 45.64 0.26
Q4 2017 88.00 133.8 % 0.49 - 88.00 0.49
Q1 2018 51.41 18.8 % 0.29 - 51.41 0.29
Q2 2018 53.12 15.6 % 0.30 - 53.12 0.30
Q3 2018 50.82 11.3 % 0.29 - 50.82 0.29
Q4 2018 48.38 (45.0 %) 0.27 - 48.38 0.27
Q1 2019 42.84 (16.7 %) 0.24 - 42.84 0.24
Q2 2019 50.04 (5.8 %) 0.28 5.63 44.41 0.25
Q3 2019 40.90 (19.5 %) 0.23 - 40.90 0.23
Q4 2019 9.16 (81.1 %) 0.05 (17.82) 26.98 0.15
Q1 2020 35.14 (18.0 %) 0.20 - 35.14 0.20
Q2 2020 54.56 9.0 % 0.31 - 54.56 0.31
Q3 2020 55.09 34.7 % 0.31 - 55.09 0.31
Q4 2020 83.14 808.0 % 0.47 - 83.14 0.47
Q1 2021 111.03 216.0 % 0.62 - 111.03 0.62

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q2 2013 73.71 % 74.48 % 67.96 %
Q3 2013 73.74 % 74.86 % 68.63 %
Q4 2013 73.86 % 75.57 % 70.17 %
Q1 2014 74.20 % 77.60 % 70.48 %
Q2 2014 73.89 % 77.25 % 70.09 %
Q3 2014 74.43 % 77.61 % 70.48 %
Q4 2014 75.02 % 77.94 % 75.36 %
Q1 2015 76.46 % 78.60 % 75.76 %
Q2 2015 76.97 % 78.34 % 75.37 %
Q3 2015 77.13 % 78.18 % 75.27 %
Q4 2015 78.41 % 79.29 % 73.57 %
Q1 2016 78.94 % 80.03 % 74.26 %
Q2 2016 28.24 % 28.58 % 26.76 %
Q3 2016 26.43 % 26.75 % 24.54 %
Q4 2016 24.09 % 24.18 % 21.14 %
Q1 2017 23.71 % 23.88 % 20.42 %
Q2 2017 80.60 % 81.97 % 64.27 %
Q3 2017 80.92 % 82.74 % 67.53 %
Q4 2017 78.91 % 83.93 % 70.96 %
Q1 2018 77.95 % 83.49 % 71.62 %
Q2 2018 76.99 % 82.92 % 72.21 %
Q3 2018 76.25 % 82.75 % 71.43 %
Q4 2018 76.10 % 81.81 % 71.99 %
Q1 2019 75.45 % 81.87 % 71.55 %
Q2 2019 74.85 % 82.18 % 70.97 %
Q3 2019 74.22 % 81.66 % 69.80 %
Q4 2019 74.02 % 74.95 % 62.13 %
Q1 2020 73.41 % 73.83 % 60.12 %
Q2 2020 72.84 % 73.33 % 66.12 %
Q3 2020 72.84 % 73.16 % 72.52 %
Q4 2020 70.93 % 77.27 % 95.87 %
Q1 2021 71.61 % 77.87 % 124.60 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q2 2013 177.78 1.48 1.48 8.98
Q3 2013 177.78 1.55 1.55 9.21
Q4 2013 177.78 1.40 1.40 9.46
Q1 2014 177.78 1.05 1.05 9.75
Q2 2014 177.78 1.04 1.04 9.16
Q3 2014 177.78 1.02 1.02 9.37
Q4 2014 177.78 1.07 1.07 9.61
Q1 2015 177.78 1.18 1.18 10.02
Q2 2015 177.78 1.31 1.31 9.67
Q3 2015 177.78 1.48 1.54 10.07
Q4 2015 177.78 1.66 1.76 10.56
Q1 2016 177.78 1.56 1.66 10.84
Q2 2016 177.78 1.91 2.01 10.61
Q3 2016 177.78 1.73 1.78 10.42
Q4 2016 177.78 1.47 1.47 10.66
Q1 2017 177.78 1.41 1.41 10.90
Q2 2017 177.78 0.92 0.92 10.47
Q3 2017 177.78 0.97 0.97 10.43
Q4 2017 177.78 1.25 1.25 11.05
Q1 2018 177.78 1.30 1.30 11.29
Q2 2018 177.78 1.34 1.34 10.93
Q3 2018 177.78 1.37 1.37 10.66
Q4 2018 177.78 1.15 1.15 11.63
Q1 2019 177.78 1.10 1.10 11.92
Q2 2019 177.78 1.08 1.05 11.57
Q3 2019 177.78 1.02 0.99 11.39
Q4 2019 177.78 0.80 0.87 10.84
Q1 2020 177.78 0.76 0.83 11.13
Q2 2020 177.78 0.79 0.89 10.93
Q3 2020 177.78 0.87 0.97 11.26
Q4 2020 177.78 1.28 1.28 11.14
Q1 2021 177.78 1.71 1.71 11.81

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q2 2013 8.75 8.75 1.44
Q3 2013 8.86 8.86 1.49
Q4 2013 11.30 11.30 1.68
Q1 2014 18.86 18.86 2.02
Q2 2014 16.22 16.22 1.84
Q3 2014 18.16 18.16 1.98
Q4 2014 14.36 14.36 1.59
Q1 2015 13.66 13.66 1.60
Q2 2015 12.21 12.21 1.65
Q3 2015 8.95 8.61 1.32
Q4 2015 8.30 7.81 1.30
Q1 2016 9.84 9.23 1.42
Q2 2016 7.98 7.57 1.44
Q3 2016 8.21 8.00 1.37
Q4 2016 11.61 11.61 1.60
Q1 2017 11.42 11.42 1.48
Q2 2017 16.09 16.09 1.41
Q3 2017 13.98 13.98 1.30
Q4 2017 11.17 11.17 1.27
Q1 2018 11.51 11.51 1.33
Q2 2018 9.98 9.98 1.22
Q3 2018 8.78 8.78 1.13
Q4 2018 11.48 11.48 1.13
Q1 2019 14.35 14.35 1.32
Q2 2019 13.79 14.21 1.29
Q3 2019 14.70 15.17 1.32
Q4 2019 18.66 17.19 1.38
Q1 2020 17.75 16.28 1.21
Q2 2020 18.78 16.65 1.35
Q3 2020 19.33 17.33 1.49
Q4 2020 13.40 13.40 1.54
Q1 2021 12.77 12.77 1.85

Business Segments (Million)

Compared With The
Period Commercial Centers Sector Public utility sector Sale of Land and Contributions Sector Joint Assets and liabilities
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 -
Q2 2013 32.20 19.27 16.15 -
Q3 2013 29.69 19.66 9.71 -
Q4 2013 33.08 19.48 9.58 -
Q1 2014 26.63 24.81 23.84 -
Q2 2014 39.22 15.19 12.28 -
Q3 2014 32.44 20.62 - -
Q4 2014 30.94 20.51 4.80 -
Q1 2015 32.11 21.23 46.72 -
Q2 2015 37.08 22.28 40.26 -
Q3 2015 32.60 22.25 52.85 -
Q4 2015 34.87 26.60 56.43 -
Q1 2016 34.59 21.99 16.55 -
Q2 2016 40.39 22.56 975.63 -
Q3 2016 36.30 22.86 - -
Q4 2016 41.57 23.32 - -
Q1 2017 41.17 22.11 - -
Q2 2017 44.61 22.51 - -
Q3 2017 37.50 22.69 - -
Q4 2017 40.05 47.36 36.11 -
Q1 2018 37.07 34.66 - -
Q2 2018 39.02 35.34 - -
Q3 2018 36.02 35.02 - -
Q4 2018 36.10 29.75 - -
Q1 2019 36.37 25.16 - -
Q2 2019 38.40 25.90 - -
Q3 2019 34.74 26.48 - -
Q4 2019 36.06 26.60 - -
Q1 2020 31.10 25.94 - -
Q2 2020 30.70 26.71 - -
Q3 2020 30.85 28.89 - -
Q4 2020 34.11 29.43 - -
Q1 2021 34.87 28.27 - -


Financial Ratios
Current
Market Cap (M Riyal) 4,844.51
Enterprise Value (EV) (M) 3,817.30
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) 14.12
P/E (TTM) 13.60
Price/book 1.97
Return on Average Assets (%) (TTM) 13.0
Return on Average Equity (%) (TTM) 15.2
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Share Price

Arriyadh Development Co.
27.25
0.05 0.18 %

Arriyadh Development Co. (ARDCO)

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