Jabal Omar trims H1 2023 loss to SAR 67.9 mln; Q2 at SAR 79.8 mln

13/08/2023 Argaam Exclusive

Jabal Omar Development Co. cut H1 2023 net loss to SAR 67.9 million from SAR 311.1 million in the prior-year period.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 391.29 771.54 97.2 %
Gross Income 71.51 358.93 401.9 %
Operating Income (30.96) 315.34 1118.6 %
Net Income (311.09) (67.91) 78.2 %
Average Shares 1,041.97 1,154.53 10.8 %
EPS (Riyals) (0.30) (0.06) 80.3 %

This was triggered by a 97% year-on-year (YoY) increase in revenues as a result of better hotel occupancy and average room rates, in addition to growth in the commercial centers revenue.

 

The company also cited the reversal of the expected credit loss allowance of SAR 44 million due to an improvement in the collection of receivables.

 

Financial burden expenses dropped by 35% YoY due to the capitalization of finance costs in the current period.

 

This came despite recording an additional Zakat provision of SAR 190 million, which pushed the company to remain in the red instead of achieving a net profit of SAR 122 million in H1 2023 should the Zakat provision not be logged.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 281.65 454.46 61.4 %
Gross Income 97.25 236.68 143.4 %
Operating Income 42.06 216.27 414.1 %
Net Income (128.62) (79.84) 37.9 %
Average Shares 1,041.97 1,154.53 10.8 %
EPS (Riyals) (0.12) (0.07) 44.0 %

The company also narrowed Q2 2023 loss by 37.9% to SAR 79.84 million, compared to SAR 128.62 million a year earlier.

 

On a sequential basis, the company's Q2 2023 loss declined significantly from SAR 11.93 million.

 

Total shareholders’ equity, no minority interest, stood at SAR 12.61 billion by the end of H1 2023, compared to SAR 7.61 billion in the year-earlier period.

 

Accumulated losses stood at 0.59%, or SAR 68 billion, of capital by the end of H1 2023.

View More Financial Results

 

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Share Price

Jabal Omar Development Co.
21.44
(0.06) (0.28 %)

Jabal Omar Development Co. (JABAL OMAR)

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Financial Ratios
Current
Market Cap (M Riyal) 25,299.67
Enterprise Value (EV) (M) 37,146.04
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 2.01
Return on Average Assets (%) (TTM) (1.27 )
Return on Average Equity (%) (TTM) (2.76 )
more


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 %
Q2 2023 454.46 61.4 % 236.68 143.4 % 216.27 414.1 %


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
Q2 2023 (79.84) 37.9 % (0.07) - (79.84) (0.07)

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 %)
Q2 2023 25.77 % 34.32 % (30.00 %)


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
Q2 2023 1,154.53 (0.09) (0.32) 10.93

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
Q2 2023 NEG NEG 2.41

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 -
Q2 2023 393.07 29.01 32.37

Analysts Estimates (Million)

Item Q2 2023 (e) Q2 2023 (a) Change‬
Average 92.60 (79.84) (186.2 %)

Estimates vs Actual (Million)

Item Q2 2023 (e) Q2 2023 (a) Change
Value Capital 92.60 (79.84) (186.2) %

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