Al Arabia Q1 2023 profit surges 40% to SAR 90.8 mln

22/05/2023 Argaam Exclusive

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Arabian Contracting Services Co. (Al Arabia) posted a net profit of SAR 90.8 million for the first quarter of 2023, leaping 40% from SAR 64.9 million a year earlier.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2022	Q1 2023	Change‬
Revenues	287.40	312.37	8.7 %
Gross Income	129.11	143.56	11.2 %
Operating Income	106.01	114.72	8.2 %
Net Income	64.89	90.82	40.0 %
Average Shares	50.00	50.00	-
EPS (Riyals)	1.30	1.82	40.0 %

Item	Q4 2022	Q1 2023	Change‬
Revenues	317.43	312.37	(1.6 %)
Gross Income	145.57	143.56	(1.4 %)
Operating Income	112.78	114.72	1.7 %
Net Income	81.13	90.82	12.0 %
Average Shares	50.00	50.00	-
EPS (Riyals)	1.62	1.82	12.0 %

This was due to the start of Ramadan, in addition to the unique advertising campaigns of the Saudi Foundation Day, and completion of Riyadh calendar activities during the current quarter.

The company also cited the continued process of digital transformation and adopting smart solutions in outdoor advertising media. By the end of Q1 2023, Al Arabia succeeded in converting 70% of advertising faces into smart digital ones based on the latest technological solutions in collecting and analyzing data, compared to 59% for the same quarter of the previous year, an increase of 11%. This resulted in increasing the advertising spaces and capacity for a larger number of advertising campaigns.

When compared to the previous quarter, net profit rose 12% from SAR 81.13 million, due to recording other non-operating expenses during the previous quarter, including losses from disposal of property, plant, and equipment of SAR 7.8 million. The firm also cited expected credit losses expenses of SAR 1 million.

Shareholders’ equity, after minority interest, reached SAR 906.36 million by the end of Q1 2023, from SAR 796.16 million in the same quarter a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	612.30	-	176.29	-	130.71	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	639.16	4.4 %	190.13	7.9 %	146.90	12.4 %
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	787.50	23.2 %	336.42	76.9 %	264.45	80.0 %
Q1 2020	181.46	-	87.17	-	76.12	-
Q2 2020	32.93	-	(70.04)	-	(77.89)	-
Q3 2020	107.37	-	12.32	-	1.17	-
Q4 2020	175.83	-	69.60	-	52.03	-
2020	497.59	(36.8 %)	99.05	(70.6 %)	51.43	(80.6 %)
Q1 2021	148.58	(18.1 %)	50.12	(42.5 %)	36.65	(51.9 %)
Q2 2021	157.53	378.4 %	86.08	222.9 %	65.95	184.7 %
Q3 2021	188.39	75.5 %	86.76	604.5 %	68.84	5783.6 %
Q4 2021	226.13	28.6 %	107.32	54.2 %	89.90	72.8 %
2021	720.63	44.8 %	330.28	233.5 %	261.33	408.2 %
Q1 2022	287.40	93.4 %	129.11	157.6 %	106.01	189.2 %
Q2 2022	263.64	67.4 %	106.26	23.4 %	79.69	20.8 %
Q3 2022	257.72	36.8 %	106.05	22.2 %	85.49	24.2 %
Q4 2022	317.43	40.4 %	145.57	35.6 %	112.78	25.5 %
2022	1,126.18	56.3 %	486.99	47.4 %	383.96	46.9 %
Q1 2023	312.37	8.7 %	143.56	11.2 %	114.72	8.2 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	612.30	-	176.29	-	130.71	-
2018	639.16	4.4 %	190.13	7.9 %	146.90	12.4 %
2019	787.50	23.2 %	336.42	76.9 %	264.45	80.0 %
2020	497.59	(36.8 %)	99.05	(70.6 %)	51.43	(80.6 %)
2021	720.63	44.8 %	330.28	233.5 %	261.33	408.2 %
2022	1,126.18	56.3 %	486.99	47.4 %	383.96	46.9 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	111.22	-	2.22	-	111.22	2.22
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	133.69	20.2 %	2.67	-	133.69	2.67
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	225.35	68.6 %	4.51	-	225.35	4.51
Q1 2020	68.56	-	1.37	-	68.56	1.37
Q2 2020	(83.91)	-	(1.68)	-	(83.91)	(1.68)
Q3 2020	(6.08)	-	(0.12)	-	(6.08)	(0.12)
Q4 2020	46.63	-	0.93	-	46.63	0.93
2020	25.20	(88.8 %)	0.50	-	25.20	0.50
Q1 2021	29.63	(56.8 %)	0.59	-	29.63	0.59
Q2 2021	48.94	158.3 %	0.98	-	48.94	0.98
Q3 2021	57.09	1039.4 %	1.14	-	57.09	1.14
Q4 2021	70.60	51.4 %	1.41	-	70.60	1.41
2021	206.25	718.4 %	4.12	-	206.25	4.12
Q1 2022	64.89	119.0 %	1.30	(24.36)	89.25	1.78
Q2 2022	62.79	28.3 %	1.26	-	62.79	1.26
Q3 2022	65.89	15.4 %	1.32	-	65.89	1.32
Q4 2022	81.13	14.9 %	1.62	-	81.13	1.62
2022	274.70	33.2 %	5.49	(24.36)	299.06	5.98
Q1 2023	90.82	40.0 %	1.82	-	90.82	1.82

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	111.22	-	2.22	-	111.22	2.22
2018	133.69	20.2 %	2.67	-	133.69	2.67
2019	225.35	68.6 %	4.51	-	225.35	4.51
2020	25.20	(88.8 %)	0.50	-	25.20	0.50
2021	206.25	718.4 %	4.12	-	206.25	4.12
2022	274.70	33.2 %	5.49	(24.36)	299.06	5.98

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	28.79 %	25.42 %	18.16 %
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	29.75 %	26.62 %	20.92 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	42.72 %	84.22 %	28.62 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	19.91 %	-	5.06 %
2020	19.91 %	84.03 %	5.06 %
Q1 2021	13.34 %	22.04 %	(2.96 %)
Q2 2021	37.01 %	52.64 %	20.21 %
Q3 2021	43.64 %	69.92 %	27.19 %
Q4 2021	45.83 %	80.01 %	28.62 %
2021	45.83 %	80.01 %	28.62 %
Q1 2022	47.62 %	79.04 %	30.93 %
Q2 2022	44.48 %	75.95 %	28.97 %
Q3 2022	43.36 %	75.39 %	27.88 %
Q4 2022	43.24 %	74.27 %	26.55 %
2022	43.24 %	74.27 %	26.55 %
Q1 2023	43.56 %	73.34 %	26.12 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	28.79 %	25.42 %	18.16 %
2018	29.75 %	26.62 %	20.92 %
2019	42.72 %	84.22 %	28.62 %
2020	19.91 %	84.03 %	5.06 %
2021	45.83 %	80.01 %	28.62 %
2022	43.24 %	74.27 %	26.55 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	48.04 %	-	37.78 %
Q2 2020	(212.69 %)	-	(254.83 %)
Q3 2020	11.47 %	-	(5.66 %)
Q4 2020	39.58 %	-	26.52 %
Q1 2021	33.73 %	85.54 %	19.94 %
Q2 2021	54.64 %	82.47 %	31.07 %
Q3 2021	46.05 %	84.73 %	30.30 %
Q4 2021	47.46 %	70.71 %	31.22 %
Q1 2022	44.92 %	79.99 %	31.05 %
Q2 2022	40.31 %	69.76 %	23.82 %
Q3 2022	41.15 %	80.12 %	25.57 %
Q4 2022	45.86 %	68.08 %	25.56 %
Q1 2023	45.96 %	76.12 %	29.08 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	-	-	-	-
Q4 2019	-	-	-	-
Q1 2020	50.00	-	-	11.38
Q2 2020	50.00	-	-	9.70
Q3 2020	50.00	-	-	9.58
Q4 2020	50.00	0.50	0.50	10.53
Q1 2021	50.00	(0.27)	(0.27)	11.12
Q2 2021	50.00	2.38	2.38	12.10
Q3 2021	50.00	3.65	3.65	13.24
Q4 2021	50.00	4.12	4.12	14.63
Q1 2022	50.00	4.83	5.32	15.92
Q2 2022	50.00	5.11	5.59	15.32
Q3 2022	50.00	5.28	5.77	16.62
Q4 2022	50.00	5.49	5.98	16.40
Q1 2023	50.00	6.01	6.01	18.13

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	-	-	-	-
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	50.00	2.22	2.22	12.94
2018	50.00	2.67	2.67	8.79
2019	50.00	4.51	4.51	10.49
2020	50.00	0.50	0.50	10.53
2021	50.00	4.12	4.12	14.63
2022	50.00	5.49	5.98	16.40

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	24.53	24.53	6.92
Q1 2022	22.57	20.50	6.85
Q2 2022	19.21	17.54	6.40
Q3 2022	21.24	19.44	6.75
Q4 2022	19.48	17.89	6.53
Q1 2023	20.29	20.29	6.73

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	24.53	24.53	6.92
2022	19.48	17.89	6.53

Business Segments (Million)

Compared With The

Period	Advertisement Sector	Printing	Reconciliation & elimination
Q1 2021	145.90	2.68	-
Q2 2021	154.48	3.05	-
Q3 2021	185.82	11.50	(8.93)
Q4 2021	220.75	7.99	(2.61)
Q1 2022	283.51	6.82	(2.92)
Q2 2022	259.73	0.98	-
Q3 2022	253.79	12.72	(8.79)
Q4 2022	309.18	12.52	(4.27)
Q1 2023	305.41	11.00	(4.04)

Period	Advertisement Sector	Printing	Reconciliation & elimination
2020	483.74	13.85	-
2021	706.94	25.22	(11.53)
2022	1,106.21	33.03	(13.06)

Analysts Estimates (Million)

Item	Q1 2023 (e)	Q1 2023 (a)	Change‬
Average	79.95	90.82	13.60 %

Estimates vs Actual (Million)

Item	Q1 2023 (e)	Q1 2023 (a)	Change
Al Rajhi Capital	85.00	90.82	6.8 %
AlJazira Capital	74.90	90.82	21.3 %

Financial Ratios

	Current
Market Cap (M Riyal)	8,030.00
Enterprise Value (EV) (M)	9,329.29
Shares Outstanding ((M))	50.00
EPS ( Riyal) (TTM)	5.44
Book Value (BV) ( Riyal)	25.89
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	29.53
P/E (TTM)	29.53
Price/book	6.20
Return on Average Assets (%) (TTM)	7.2
Return on Average Equity (%) (TTM)	23.4

Arabian Contracting Services Co. (ALARABIA)

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Al Arabia Q1 2023 profit surges 40% to SAR 90.8 mln

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2023 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Arabian Contracting Services Co. (ALARABIA)

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Al Arabia Q1 2023 profit surges 40% to SAR 90.8 mln

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2023

Revenue by Business Segment (Latest) 2023 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Arabian Contracting Services Co. (ALARABIA)

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Business Segments (Million)