Arriyadh Development’s H1 2022 net profit falls 23% to SAR 196.3 mln, Q2 down 60% to SAR 57.4 mln

02/08/2022 Argaam Exclusive

Arriyadh Development Co. (ARDCO) reported a net profit after Zakat and tax of SAR 196.3 million for the first half of 2022, a decline of 23%, from SAR 254.4 million in the same period last year. 



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 126.15 125.00 (0.9 %)
Gross Income 91.35 83.37 (8.7 %)
Operating Income 80.12 56.22 (29.8 %)
Net Income 254.44 196.30 (22.8 %)
Average Shares 177.78 177.78 0.0 %
EPS (Riyals) 1.43 1.10 (22.8 %)

The profit decline was attributed by the developer to a reduced income from associate, Tanal, due to lower land sales volume. In addition, the general and administrative expenses increased by 142%, and the cost of revenue was up 20%. However, profit of Islamic Murabaha deposits soared 520% on higher interest rates and increased Murabaha deposits.

 

The firm reported a net profit after Zakat and tax of SAR 57.40 million for Q2 2022, down 60% year-on-year (YoY), on low income from associate, Tanal, as well as high general and administrative expenses.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 63.01 63.90 1.4 %
Gross Income 45.07 43.28 (4.0 %)
Operating Income 38.30 24.01 (37.3 %)
Net Income 143.41 57.40 (60.0 %)
Average Shares 177.78 177.78 0.0 %
EPS (Riyals) 0.81 0.32 (60.0 %)

On a quarter-on-quarter basis, Q2 2022 net profit dropped 58.7% from SAR 138.91 million.

 

Total shareholders’ equity, after minority interest, reached SAR 2.137 billion at the end of June 30, 2022, compared to SAR 2.132 billion a year before.

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Share Price

Arriyadh Development Co.
27.55
(0.40) (1.43 %)

Arriyadh Development Co. (ARDCO)

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Financial Ratios
Current
Market Cap (M Riyal) 4,897.84
Enterprise Value (EV) (M) 3,870.64
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) 14.27
P/E (TTM) 13.75
Price/book 2.00
Return on Average Assets (%) (TTM) 13.0
Return on Average Equity (%) (TTM) 15.2
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 167.04 18.8 % 121.28 24.9 % 115.76 27.3 %
Q2 2013 67.62 26.3 % 51.52 28.6 % 49.18 32.7 %
Q3 2013 59.06 30.1 % 43.56 30.6 % 41.24 37.6 %
Q4 2013 62.13 (42.4 %) 46.45 (41.7 %) 44.21 (42.1 %)
Q1 2014 75.29 (54.9 %) 54.43 (55.1 %) 51.23 (55.7 %)
Q2 2014 66.70 (1.4 %) 50.01 (2.9 %) 47.00 (4.4 %)
Q3 2014 53.06 (10.2 %) 40.53 (7.0 %) 37.46 (9.2 %)
Q4 2014 56.25 (9.5 %) 43.55 (6.2 %) 40.44 (8.5 %)
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 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2013 114.98 23.2 % 0.65 - 114.98 0.65
Q2 2013 48.73 36.3 % 0.27 - 48.73 0.27
Q3 2013 40.67 41.7 % 0.23 - 40.67 0.23
Q4 2013 45.32 (36.4 %) 0.25 - 45.32 0.25
Q1 2014 51.43 (55.3 %) 0.29 - 51.43 0.29
Q2 2014 47.03 (3.5 %) 0.26 - 47.03 0.26
Q3 2014 37.47 (7.8 %) 0.21 - 37.47 0.21
Q4 2014 53.43 17.9 % 0.30 - 53.43 0.30
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

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 73.42 % 74.06 % 67.04 %
Q2 2013 73.71 % 74.48 % 67.96 %
Q3 2013 73.74 % 74.86 % 68.63 %
Q4 2013 73.86 % 75.57 % 70.17 %
Q1 2014 74.20 % 77.60 % 70.48 %
Q2 2014 73.89 % 77.25 % 70.09 %
Q3 2014 74.43 % 77.61 % 70.48 %
Q4 2014 75.02 % 77.94 % 75.36 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 177.78 1.41 1.41 9.28
Q2 2013 177.78 1.48 1.48 8.98
Q3 2013 177.78 1.55 1.55 9.21
Q4 2013 177.78 1.40 1.40 9.46
Q1 2014 177.78 1.05 1.05 9.75
Q2 2014 177.78 1.04 1.04 9.16
Q3 2014 177.78 1.02 1.02 9.37
Q4 2014 177.78 1.07 1.07 9.61
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 8.74 8.74 1.33
Q2 2013 8.75 8.75 1.44
Q3 2013 8.86 8.86 1.49
Q4 2013 11.30 11.30 1.68
Q1 2014 18.86 18.86 2.02
Q2 2014 16.22 16.22 1.84
Q3 2014 18.16 18.16 1.98
Q4 2014 14.36 14.36 1.59
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

Business Segments (Million)

Compared With The
Period Commercial Centers Sector Public utility sector Sale of Land and Contributions Sector Joint Assets and liabilities
Q1 2013 30.86 18.39 117.79 -
Q2 2013 32.20 19.27 16.15 -
Q3 2013 29.69 19.66 9.71 -
Q4 2013 33.08 19.48 9.58 -
Q1 2014 26.63 24.81 23.84 -
Q2 2014 39.22 15.19 12.28 -
Q3 2014 32.44 20.62 - -
Q4 2014 30.94 20.51 4.80 -
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 - -

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