Financial Results : Jabal Omar turns to profit of SAR 12 mln in Q1 2023

Jabal Omar turns to profit of SAR 12 mln in Q1 2023

22/05/2023 Argaam Exclusive

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Jabal Omar Development Co. turned to a net profit of SAR 12 million in the first quarter of 2023, against a loss of SAR 182.5 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 109.65 317.09 189.2 %
Gross Income (25.74) 122.25 575.0 %
Operating Income (73.02) 99.07 235.7 %
Net Income (182.46) 11.93 106.5 %
Average Shares 1,041.97 1,154.53 10.8 %
EPS (Riyals) (0.18) 0.01 105.9 %

Revenue soared by 189% year-on-year (YoY) due to the strong improvement in hotel occupancy and average room rates.

 

The company also cited a reversal of expected credit loss provision of SAR 28 million on improved collection of receivables.

 

Financial charges expenses fell by 18% YoY due to additional capitalization of finance cost in the current quarter.

 

When compared to Q4 2022, the company swung to profit from a loss of SAR 194.45 million, mainly due to higher revenue.

 

Total shareholders’ equity, after minority interest, reached SAR 12.69 billion as of March 31, 2023, compared to SAR 7.74 billion a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q3 2022 218.63 407.0 % 7.98 112.3 % (86.78) (50.1 %)
Q4 2022 239.58 42.3 % (50.02) (103.6 %) (59.03) 53.9 %
Q1 2023 317.09 189.2 % 122.25 575.0 % 99.07 235.7 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
Q3 2022 153.11 156.7 % 0.15 259.62 (106.51) (0.10)
Q4 2022 (194.45) (115.1 %) (0.19) - (194.45) (0.19)
Q1 2023 11.93 106.5 % 0.01 - 11.93 0.01

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q3 2022 7.06 % 4.36 % (103.92 %)
Q4 2022 3.47 % 10.58 % (72.05 %)
Q1 2023 16.79 % 24.35 % (39.52 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2022 1,041.97 1.09 (0.78) 11.16
Q4 2022 1,041.97 (0.34) (0.59) 10.99
Q1 2023 1,154.53 (0.14) (0.36) 11.00

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2022 21.12 NEG 1.86
Q4 2022 NEG NEG 1.54
Q1 2023 NEG NEG 1.85

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
Q3 2022 157.34 27.69 33.60
Q4 2022 195.07 20.15 24.36
Q1 2023 290.33 26.76 -


Financial Ratios
Current
Market Cap (M Riyal) 24,450.06
Enterprise Value (EV) (M) 36,296.43
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.
20.74
(0.12) (0.58 %)

Jabal Omar Development Co. (JABAL OMAR)

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