Financial Results : Jabal Omar widens H1 2022 net loss to SAR 311.1 mln; Q2 at SAR 128.6 mln

Jabal Omar widens H1 2022 net loss to SAR 311.1 mln; Q2 at SAR 128.6 mln

21/08/2022 Argaam Exclusive

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Jabal Omar Development Co. widened H1 2022 net loss after Zakat and tax by more than four-fold to SAR 311.1 million, compared to SAR 74.7 million in the prior-year period, as the company recorded no land sale in this period.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 98.86 391.29 295.8 %
Gross Income (135.20) 71.51 152.9 %
Operating Income (246.45) (30.96) 87.4 %
Net Income (74.73) (311.09) (316.3 %)
Average Shares 929.40 1,041.97 12.1 %
EPS (Riyals) (0.08) (0.30) (271.3 %)

Jabal Omar reported a net loss after Zakat and tax of SAR 128.62 million in Q2 2022, versus a net profit of SAR 270.57 million in a year-earlier period, driven by recording no land sale in this quarter.

 

On a sequential basis, the company narrowed net losses by 29.5% from SAR 182.46 million. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 77.29 281.65 264.4 %
Gross Income (46.75) 97.25 308.0 %
Operating Income (117.27) 42.06 135.9 %
Net Income 270.57 (128.62) (147.5 %)
Average Shares 929.40 1,041.97 12.1 %
EPS (Riyals) 0.29 (0.12) (142.4 %)

Total shareholders’ equity, excluding minority interest, stood at SAR 8.315 billion by the end of H1 2022, compared to SAR 6.913 billion in the year-earlier period.

 

Accumulated losses stood at 16%, or SAR 1.491 billion, of capital by the end of H1 2022.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q3 2016 270.58 40.5 % 139.38 41.8 % 107.75 49.2 %
Q4 2016 - - (38.98) (248.8 %) (43.34) 54.3 %
Q1 2017 323.12 209.2 % 157.91 1769.0 % 113.49 629.9 %
Q2 2017 200.19 20.3 % 63.53 974.0 % 11.57 132.8 %
Q3 2017 45.52 (83.2 %) (210.33) (250.9 %) (315.26) (392.6 %)
Q4 2017 - - - - - -
Q1 2018 142.13 (56.0 %) 29.30 (81.4 %) (30.19) (126.6 %)
Q2 2018 250.25 25.0 % 49.49 (22.1 %) (15.70) (235.7 %)
Q3 2018 1,322.66 2805.7 % 673.04 420.0 % 593.96 288.4 %
Q4 2018 247.61 - 46.01 - (12.71) -
Q1 2019 177.62 25.0 % (11.55) (139.4 %) (68.73) (127.6 %)
Q2 2019 297.03 18.7 % 84.17 70.1 % 11.24 171.6 %
Q3 2019 244.33 (81.5 %) 94.29 (86.0 %) 44.55 (92.5 %)
Q4 2019 158.16 (36.1 %) (43.88) (195.4 %) (158.10) (1,144.4 %)
Q1 2020 158.60 (10.7 %) (1.68) 85.5 % (67.53) 1.8 %
Q2 2020 1.39 (99.5 %) (138.07) (264.1 %) (214.93) (2012.0 %)
Q3 2020 1.93 (99.2 %) (67.16) (171.2 %) (143.06) (421.1 %)
Q4 2020 31.72 (79.9 %) (176.57) (302.4 %) (316.41) (100.1 %)
Q1 2021 21.57 (86.4 %) (88.45) (5,180.4 %) (129.18) (91.3 %)
Q2 2021 77.29 5464.1 % (46.75) 66.1 % (117.27) 45.4 %
Q3 2021 43.12 2131.9 % (64.86) 3.4 % (57.83) 59.6 %
Q4 2021 168.38 430.8 % (24.58) 86.1 % (128.07) 59.5 %
Q1 2022 109.65 408.3 % (25.74) 70.9 % (73.02) 43.5 %
Q2 2022 281.65 264.4 % 97.25 308.0 % 42.06 135.9 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
Q3 2016 63.35 630.9 % 0.07 - 63.35 0.07
Q4 2016 (68.04) 46.4 % (0.07) - (68.04) (0.07)
Q1 2017 53.79 171.2 % 0.06 - 53.79 0.06
Q2 2017 (60.79) (740.3 %) (0.07) - (60.79) (0.07)
Q3 2017 (593.97) (1037.6 %) (0.64) - (593.97) (0.64)
Q4 2017 - - - - - -
Q1 2018 (129.30) (340.4 %) (0.14) - (129.30) (0.14)
Q2 2018 (148.02) (143.5 %) (0.16) - (148.02) (0.16)
Q3 2018 469.62 179.1 % 0.51 - 469.62 0.51
Q4 2018 1.48 - 0.00 - 1.48 0.00
Q1 2019 1.62 101.3 % 0.00 197.44 (195.82) (0.21)
Q2 2019 29.75 120.1 % 0.03 115.00 (85.25) (0.09)
Q3 2019 (132.87) (128.3 %) (0.14) (205.06) 72.20 0.08
Q4 2019 (429.11) (29172.6 %) (0.46) (42.81) (386.30) (0.42)
Q1 2020 (237.86) (14800.9 %) (0.26) - (237.86) (0.26)
Q2 2020 (453.50) (1624.3 %) (0.49) (90.89) (362.61) (0.39)
Q3 2020 (236.95) (78.3 %) (0.25) 59.64 (296.59) (0.32)
Q4 2020 (421.23) 1.8 % (0.45) - (421.23) (0.45)
Q1 2021 (345.30) (45.2 %) (0.37) - (345.30) (0.37)
Q2 2021 270.57 159.7 % 0.29 662.18 (391.61) (0.42)
Q3 2021 (270.04) (14.0 %) (0.29) - (270.04) (0.29)
Q4 2021 1,290.98 406.5 % 1.39 1,682.21 (391.23) (0.42)
Q1 2022 (182.46) 47.2 % (0.18) - (182.46) (0.18)
Q2 2022 (128.62) (147.5 %) (0.12) - (128.62) (0.12)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2019 22.03 % 25.08 % (21.46 %)
Q4 2019 14.03 % 10.61 % (67.85 %)
Q1 2020 15.49 % 9.72 % (74.26 %)
Q2 2020 (15.88 %) (27.55 %) (162.60 %)
Q3 2020 (78.35 %) (90.00 %) (400.95 %)
Q4 2020 (198.04 %) (222.68 %) (680.80 %)
Q1 2021 (830.62 %) (865.28 %) (2518.34 %)
Q2 2021 (285.96 %) (293.04 %) (1097.83 %)
Q3 2021 (216.83 %) (197.54 %) (822.21 %)
Q4 2021 (72.38 %) (51.40 %) (450.51 %)
Q1 2022 (40.64 %) (26.72 %) (310.05 %)
Q2 2022 (2.97 %) 8.33 % (161.31 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2019 929.40 (0.11) (0.22) 10.29
Q4 2019 929.40 (0.57) (0.64) 8.94
Q1 2020 929.40 (0.83) (0.69) 8.69
Q2 2020 929.40 (1.35) (0.98) 8.20
Q3 2020 929.40 (1.46) (1.38) 8.08
Q4 2020 929.40 (1.45) (1.42) 7.52
Q1 2021 929.40 (1.57) (1.53) 7.15
Q2 2021 929.40 (0.79) (1.57) 7.44
Q3 2021 929.40 (0.82) (1.54) 7.15
Q4 2021 929.40 1.02 (1.50) 9.28
Q1 2022 1,041.97 1.06 (1.19) 8.33
Q2 2022 1,041.97 0.68 (0.93) 8.19

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 NEG NEG 3.35
Q2 2013 NEG NEG 3.77
Q3 2013 NEG NEG 4.03
Q4 2013 NEG NEG 3.86
Q1 2014 NEG NEG 5.43
Q2 2014 NEG NEG 6.06
Q3 2014 NEG NEG 6.98
Q4 2014 More than 100 More than 100 6.66
Q1 2015 More than 100 More than 100 9.54
Q2 2015 More than 100 More than 100 9.26
Q3 2015 More than 100 More than 100 7.96
Q4 2015 More than 100 More than 100 6.98
Q1 2016 NEG NEG 7.02
Q2 2016 NEG NEG 7.98
Q3 2016 NEG NEG 6.40
Q4 2016 NEG NEG 8.65
Q1 2017 More than 100 NEG 7.88
Q2 2017 NEG NEG 8.48
Q3 2017 NEG NEG 7.79
Q4 2017 - - -
Q1 2018 - - 6.30
Q2 2018 - - 5.19
Q3 2018 - - 4.72
Q4 2018 More than 100 More than 100 4.15
Q1 2019 More than 100 More than 100 3.94
Q2 2019 66.23 More than 100 3.45
Q3 2019 NEG NEG 3.26
Q4 2019 NEG NEG 3.85
Q1 2020 NEG NEG 3.51
Q2 2020 NEG NEG 3.49
Q3 2020 NEG NEG 5.74
Q4 2020 NEG NEG 4.91
Q1 2021 NEG NEG 5.16
Q2 2021 NEG NEG 5.78
Q3 2021 NEG NEG 5.45
Q4 2021 31.68 NEG 3.47
Q1 2022 30.00 NEG 4.30
Q2 2022 38.87 NEG 3.62

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 -
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
Q3 2019 196.66 38.77 16.99
Q1 2020 123.50 30.08 36.21
Q1 2021 20.52 1.05 -
Q2 2021 68.61 8.67 -
Q3 2021 27.48 9.92 5.72
Q4 2021 68.22 14.69 85.47
Q1 2022 96.86 12.79 -
Q2 2022 248.26 28.66 4.72


Financial Ratios
Current
Market Cap (M Riyal) 24,568.06
Enterprise Value (EV) (M) 36,414.43
Shares Outstanding ((M)) 1,180.02
EPS ( Riyal) (TTM) (0.30)
Book Value (BV) ( Riyal) 10.89
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.95
Return on Average Assets (%) (TTM) (1.27 )
Return on Average Equity (%) (TTM) (2.76 )
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Share Price

Jabal Omar Development Co.
20.76
(0.10) (0.48 %)

Jabal Omar Development Co. (JABAL OMAR)

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