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Arabian Centres’ net profit falls 20% to SAR 642.6 mln for FY19/20
22/06/2020
Argaam Exclusive
Arabian Centres Co. reported a net profit after Zakat and tax of SAR 642.6 million for fiscal year ending March 31, 2020, a decrease of 20% year-on-year (YoY), compared to SAR 804.1 million in the same period last year.
Financials (M)
| Item | 2018 | 2019 | Change |
|---|---|---|---|
| Revenues | 2,176.40 | 2,197.32 | 1.0 % |
| Gross Income | 1,393.91 | 1,438.44 | 3.2 % |
| Operating Income | 1,216.44 | 1,242.82 | 2.2 % |
| Net Income | 789.60 | 633.93 | (19.7 %) |
| Average Shares | 475.00 | 475.00 | - |
| EPS (Riyals) | 1.66 | 1.33 | (19.7 %) |
Current Quarter Comparison (M)
| Item | Q4 2018 | Q4 2019 | Change |
|---|---|---|---|
| Revenues | 556.41 | 508.15 | (8.7 %) |
| Gross Income | 370.64 | 317.61 | (14.3 %) |
| Operating Income | 323.18 | 262.87 | (18.7 %) |
| Net Income | 251.20 | 97.99 | (61.0 %) |
| Average Shares | 475.00 | 475.00 | - |
| EPS (Riyals) | 0.53 | 0.21 | (61.0 %) |
The profit decline was attributed to higher depreciation charges and interest expenses on lease liabilities, in addition to implementation of IFRS 16.
Furthermore, the company reported a 174% YoY surge in impairment losses on accounts receivable, higher general and administrative expenses, as well as advertisement and promotion costs.
The company’s Q4 2019/2020 net profit fell 62.1% to SAR 96.8 million, from SAR 255.4 million in the year-earlier period.
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Share Price
Arabian Centres Co. (CENOMI CENTERS)
| Current | |
| Market Cap (M Riyal) | 9,870.50 |
| Enterprise Value (EV) (M) | 19,839.74 |
| Shares Outstanding ((M)) | 475.00 |
| EPS ( Riyal) (TTM) | 2.89 |
| Book Value (BV) ( Riyal) | 30.75 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 14.08 |
| P/E (TTM) | 7.20 |
| Price/book | 0.68 |
| Return on Average Assets (%) (TTM) | 4.9 |
| Return on Average Equity (%) (TTM) | 9.7 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2019 | 572.50 | 2.5 % | 392.78 | 10.4 % | 343.31 | 8.4 % |
| Q2 2019 | 559.12 | 5.2 % | 366.32 | 12.1 % | 322.03 | 14.2 % |
| Q3 2019 | 557.54 | 5.2 % | 361.73 | 6.2 % | 314.60 | 6.8 % |
| Q4 2019 | 508.15 | (8.7 %) | 317.61 | (14.3 %) | 262.87 | (18.7 %) |
| 2019 | 2,197.32 | 1.0 % | 1,438.44 | 3.2 % | 1,242.82 | 2.2 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2019 | 223.01 | 188.1 % | 0.47 | - | 223.01 | 0.47 |
| Q2 2019 | 205.04 | 8.5 % | 0.43 | - | 205.04 | 0.43 |
| Q3 2019 | 107.89 | (60.3 %) | 0.23 | - | 107.89 | 0.23 |
| Q4 2019 | 97.99 | (61.0 %) | 0.21 | - | 97.99 | 0.21 |
| 2019 | 633.93 | (19.7 %) | 1.33 | - | 633.93 | 1.33 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2019 | 65.32 % | 72.09 % | 42.69 % |
| Q2 2019 | 66.28 % | 71.30 % | 42.89 % |
| Q3 2019 | 66.42 % | 71.59 % | 35.05 % |
| Q4 2019 | 65.46 % | 78.26 % | 28.85 % |
| 2019 | 65.46 % | 78.26 % | 28.85 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2019 | 475.00 | 1.97 | 1.97 | 12.63 |
| Q2 2019 | 475.00 | 2.00 | 2.00 | 13.05 |
| Q3 2019 | 475.00 | 1.66 | 1.66 | 12.38 |
| Q4 2019 | 475.00 | 1.33 | 1.33 | 12.60 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2019 | - | - | - |
| Q2 2019 | 12.91 | 12.91 | 1.98 |
| Q3 2019 | 18.31 | 18.31 | 2.45 |
| Q4 2019 | 21.84 | 21.84 | 2.31 |
Business Segments (Million)
Q3 2019
| Period | Rental income | Service and management fee income | Turnover rent | Commission income on provisions for utilities, net |
|---|---|---|---|---|
| Q1 2019 | 537.81 | 24.49 | 9.43 | 0.77 |
| Q3 2019 | 534.25 | 22.40 | - | 0.89 |
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