Financial Results : Riyadh Development 9M 2024 profit up 69% to SAR 206.6M; Q3 at SAR 44.2M

Riyadh Development 9M 2024 profit up 69% to SAR 206.6M; Q3 at SAR 44.2M

24/10/2024 Argaam Exclusive

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Riyadh Development Co. posted a net profit of SAR 206.6 million in the first nine months of 2024, a rise of 69% from SAR 122.1 million in the year-ago period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 216.87 235.09 8.4 %
Gross Income 129.09 146.33 13.4 %
Operating Income 75.77 92.96 22.7 %
Net Income 122.07 206.63 69.3 %
Average Shares 177.78 177.78 -
EPS (Riyals) 0.69 1.16 69.3 %

The profit growth was driven by an 8% year-on-year (YoY) increase in the company’s revenue from core operations to reach SAR 79.6 million. This was mainly attributed to better occupancy rates and pricing of some services and units.

 

Riyadh Development reported a rise of SAR 44 million in its profit share from Tanal Real Estate Investment and Development Co. Other income grew by SAR 27 million YoY, with Murabaha deposit income improving by SAR 16 million.

 

However, this was offset by an increase of SAR 16 million in Zakat provision expenses.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 78.00 79.62 2.1 %
Gross Income 44.71 46.34 3.7 %
Operating Income 26.74 21.08 (21.2 %)
Net Income 46.41 44.23 (4.7 %)
Average Shares 177.78 177.78 -
EPS (Riyals) 0.26 0.25 (4.7 %)

The third-quarter net earnings decreased 5% to SAR 44.2 million from SAR 46.4 million in Q3 2023, hurt by increased Zakat provision expenses and doubtful debt provisions.

 

Sequentially, the company’s net profit fell by 51.9% from SAR 91.91 million in Q2 2024. The previous quarter implied a reversal of a contingent provision of SAR 27 million. The company reported a rise of SAR 5 million in maintenance, electricity costs, as well as other operating expenses.

 

Shareholders' equity, no minority interest, came in at SAR 2.45 billion by the end of September 2024, up from SAR 2.23 billion in the year-ago period.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q2 2021 63.01 9.8 % 45.07 9.4 % 38.30 1.8 %
Q3 2021 61.91 3.6 % 41.49 (4.8 %) 33.44 (15.2 %)
Q4 2021 62.85 (1.1 %) 40.00 (8.2 %) 22.23 (34.8 %)
Q1 2022 61.11 (3.2 %) 40.09 (13.4 %) 32.21 (23.0 %)
Q2 2022 63.90 1.4 % 43.28 (4.0 %) 24.01 (37.3 %)
Q3 2022 63.71 2.9 % 40.65 (2.0 %) 21.83 (34.7 %)
Q4 2022 70.19 11.7 % 46.16 15.4 % 29.95 34.7 %
Q1 2023 69.32 13.4 % 44.29 10.5 % 29.95 (7.0 %)
Q2 2023 69.57 8.9 % 40.09 (7.4 %) 19.07 (20.6 %)
Q3 2023 78.00 22.4 % 44.71 10.0 % 26.74 22.5 %
Q4 2023 122.31 74.3 % 87.12 88.7 % 71.34 138.2 %
Q1 2024 78.43 13.2 % 51.09 15.3 % 37.24 24.3 %
Q2 2024 77.04 10.7 % 48.89 22.0 % 34.64 81.6 %
Q3 2024 79.62 2.1 % 46.34 3.7 % 21.08 (21.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q2 2021 143.41 162.9 % 0.81 - 143.41 0.81
Q3 2021 70.79 28.5 % 0.40 - 70.79 0.40
Q4 2021 (6.93) (108.3 %) (0.04) (37.27) 30.34 0.17
Q1 2022 138.91 25.1 % 0.78 - 138.91 0.78
Q2 2022 57.40 (60.0 %) 0.32 - 57.40 0.32
Q3 2022 65.42 (7.6 %) 0.37 - 65.42 0.37
Q4 2022 38.63 657.8 % 0.22 (4.51) 43.14 0.24
Q1 2023 32.39 (76.7 %) 0.18 - 32.39 0.18
Q2 2023 43.27 (24.6 %) 0.24 - 43.27 0.24
Q3 2023 46.41 (29.1 %) 0.26 - 46.41 0.26
Q4 2023 149.47 286.9 % 0.84 - 149.47 0.84
Q1 2024 70.49 117.6 % 0.40 (12.05) 82.54 0.46
Q2 2024 91.91 112.4 % 0.52 25.87 66.04 0.37
Q3 2024 44.23 (4.7 %) 0.25 (0.91) 45.14 0.25

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q2 2021 71.55 % 76.26 % 157.42 %
Q3 2021 70.11 % 73.39 % 162.31 %
Q4 2021 68.88 % 67.87 % 141.71 %
Q1 2022 66.96 % 64.84 % 154.08 %
Q2 2022 66.01 % 59.20 % 119.09 %
Q3 2022 65.20 % 54.46 % 116.11 %
Q4 2022 65.73 % 56.54 % 117.76 %
Q1 2023 65.29 % 54.45 % 74.26 %
Q2 2023 62.76 % 51.95 % 67.53 %
Q3 2023 61.05 % 51.56 % 57.55 %
Q4 2023 63.74 % 56.00 % 80.05 %
Q1 2024 64.02 % 56.73 % 92.36 %
Q2 2024 65.16 % 60.05 % 96.82 %
Q3 2024 65.32 % 58.38 % 96.02 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q2 2021 177.78 2.21 2.21 11.99
Q3 2021 177.78 2.30 2.30 11.43
Q4 2021 177.78 1.79 2.00 11.37
Q1 2022 177.78 1.95 2.16 12.20
Q2 2022 177.78 1.46 1.67 12.02
Q3 2022 177.78 1.43 1.64 12.14
Q4 2022 177.78 1.69 1.71 12.36
Q1 2023 177.78 1.09 1.12 12.54
Q2 2023 177.78 1.01 1.04 12.54
Q3 2023 177.78 0.90 0.93 12.55
Q4 2023 177.78 1.53 1.53 13.39
Q1 2024 177.78 1.74 1.81 13.79
Q2 2024 177.78 2.02 1.94 13.81
Q3 2024 177.78 2.00 1.93 13.80

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q2 2021 11.08 11.08 2.04
Q3 2021 11.97 11.97 2.41
Q4 2021 14.19 12.70 2.23
Q1 2022 14.20 12.82 2.27
Q2 2022 15.39 13.46 1.87
Q3 2022 14.30 12.48 1.69
Q4 2022 10.70 10.54 1.46
Q1 2023 16.77 16.38 1.46
Q2 2023 19.94 19.46 1.61
Q3 2023 23.45 22.81 1.69
Q4 2023 13.83 13.83 1.58
Q1 2024 13.49 12.99 1.70
Q2 2024 10.68 11.11 1.56
Q3 2024 13.98 14.50 2.03

Business Segments (Million)

Compared With The
Period Commercial Centers Sector Public utility sector Sale of Land and Contributions Sector Joint Assets and liabilities
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 - -
Q2 2021 33.64 29.37 - -
Q3 2021 31.40 30.51 - -
Q4 2021 33.31 29.54 - -
Q1 2022 31.98 29.12 - -
Q2 2022 34.99 28.90 - -
Q3 2022 38.27 25.44 - -
Q4 2022 40.13 30.06 - -
Q1 2023 38.19 31.12 - -
Q2 2023 39.20 30.37 - -
Q3 2023 42.05 35.93 - -
Q4 2023 43.07 37.89 41.36 -
Q1 2024 40.48 37.95 - -
Q2 2024 39.59 37.45 - -
Q3 2024 42.37 37.25 - -


Financial Ratios
Current
Market Cap (M Riyal) 4,835.62
Enterprise Value (EV) (M) 3,808.41
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) 14.09
P/E (TTM) 13.58
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.
27.20
(0.30) (1.09 %)

Arriyadh Development Co. (ARDCO)

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