AlphaMena Corporate Services - ABDULLAH A.M. AL-KHODARI SON (ALKHODAR) Going toward a worst year

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AlphaMena Corporate Services

EUR 236.14 For Business Accounts Only

Going toward a worst year

Contracting backlog dipped 10.2% to SAR3,510m compared to Q4 2015. (-19.7% compared to Q1 2015) due to non contribution of new awards since Q2 2015. New awards amounted to SAR16.2m, down from SAR5.027bn. Contracting revenues shrunk by 16.2% to SAR370.7m compared to Q1 2015 due to sharp decline in revenue from Building sector which represented 10% of Q1 2016 revenues (vs. 44% in the same quarter last year). Trading revenues also decreased by 41% to SAR1.1m.

26/04/2016 2 EN

Underlying

ABDULLAH A.M. AL-KHODARI SON

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Saudi Arabia

Provider

AlphaMena Corporate Services

AlphaMena is the MENA stocks leader in independent equity research, covering 142. MENA securities spanning across 19 sectors and 8 countries relaying on a team of 11 analysts. The breadth of coverage allows AlphaMena to formulate a coherent view on markets, sectors and to highlight the best investments in Mena zone using a robust homogeneous and transparent methodology, enabling pure and pertinent comparisons based on financial and extra-financial criteria.

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AlphaMena Corporate Services

A tough year despite the improvement in Q4 figures

Al Khodari posted a 14.5% improvement in Q4 2015 revenues, amounting to SAR385.41M (up from SAR336.57M during Q3 2015). The net income also witnessed a significant increase of almost 93% to SAR-1.04M. However, FY 2015 figures are still disappointing. In fact, FY consolidated sales declined by 9.6% to SAR1569.95M, the EBIT is almost cut by half to SAR34.71M and the net income has sharply fallen by almost 70% to SAR33.51M.

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A net profit surge, boosted by exceptional revenues

For Q1 2015, sales surged by 18.8% to SAR1,977.8M boosted by local revenues worth SAR1,624.3M, i.e. a 82.1% contribution and a 30.8% rise. International sales decreased from SAR422.3M, in Q1 2014, to SAR377.6M in Q1 2015. The net profit increased by 10.2% to SAR210.8M.

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Resilient despite the turmoil

Resilient despite the turmoil SIGNIFICANT NEWS Jordan Ahli Bank’s 9M 2020 net profit declined by 44.80%, yoy, to JOD8.885m due to the rise of the cost of risk which more than tripled reaching JOD12.430m. Loans and deposits rose by 1.81% and 0.25%, ytd, respectively, reflecting the harsh operating context. However, we expect the bank to maintain a strong equity generation capacity and we expect JAB’s Tier 1 to stand at 14.75% by the end of 2020 (vs. 14.54% in 2019). FACT Jordan Ahli Bank announced a high double-digit decline rate in its 9M 2020 net profit, reaching JOD8.885bn. The rise in...

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Tough year but better long term perspectives (Jordan Ahli Bank)

Tough year but better long term perspectives EPS CHANGE CHANGE IN EPS2020 : JOD 0.06 vs 0.05 +19.7% 2021 : JOD 0.09 vs 0.11 -15.6% We have revised upward our 2020 EPS (JOD0.06 vs. JOD0.05 previously forecasted) as we expect JAB to generate significant revenues, offsetting thus, the cost of risk’s rise (revenues would reach JOD108m vs. JOD97.2m previously expected). CHANGE IN NAVJOD 0.87 vs 0.97 -10.0% We have revised upward our NAV (JOD0.87 vs. JOD0.97 previously expected) due to JAB’s minor issues to enhance its capital generation capacity. CHANGE IN INTRINSIC VALUE JOD 0.86 vs 1.03 -16.6...

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A boost is needed

A boost is needed INITIATION COV. Founded in 1955, Jordan Ahli Bank (JAB), accumulates a banking experience that exceeds the 60 years. JAB, has been listed on Amman Stock Exchange since April 2007 and is, today, one of the 6 largest Jordanian banks in terms of assets. In 2019, Jordan Ahli Bank operated through four business segments. The most important segments are Retail and Corporate banking divisions. Meanwhile, the bank has Treasury and Financial Brokerage segments. In addition to its widespread network on the local market, the Jordanian bank also operates through four subsidiaries. Off...

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Going toward a worst year

A tough year despite the improvement in Q4 figures

A net profit surge, boosted by exceptional revenues

Resilient despite the turmoil

Tough year but better long term perspectives (Jordan Ahli Bank)

A boost is needed

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