Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Summary Mohammad Al-Mojil Group - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Mohammad Al-Mojil Group (MMG) is a construction company. It provides general contracting services for onshore and offshore oil and gas, and petrochemical projects. It offers constructi...
The independent financial analyst theScreener just requalified the general evaluation of ARABTEC HOLDING SUSP - SUSP.24/09/20 (AE), active in the Heavy Construction industry. As regards its fundamental valuation, the title still shows 1 out of 4 stars and its market behaviour is seen as risky. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Negative. As of the analysis date September 25, 20...
Saudi construction market to outperform, replenishing the region’s backlog. 2019 marks a strong comeback for the Kingdom, with 2019 y-t-d award intake recording an 82% hike to USD29bn, boosted by aggressive investments in the oil, gas, and water segments. This represents 38% of MENA 2019 y-t-d new awards of USD75bn (-13% y-o-y), compensating, to a large extent, for the 40% and 70% drop in the UAE and Egypt’s awarded projects. The Kingdom’s 2019-20e pipeline includes USD70bn worth of projects (ou...
Egypt offers the highest sustainable growth. Egypt has been outperforming its GCC peers over the past half-decade in terms of growth, with a steady 20% CAGR in cash spending on construction activity (USD24bn in 2018e). Egypt’s 1H18 award intake came in at USD18bn, burgeoning by 125% y-o-y, with 2018 total awards seen at USD36bn. The country’s 2018-19e pipeline stands at USD20bn, USD11bn out of which is power projects, while the balance mainly pertains to infrastructure projects. The interest on ...
Full P&L recovery around the corner, receivables the next leg. Arabtec was profitable for the fourth consecutive quarter in 4Q17, and with AED17.2bn in backlog, 2x billings. As zero-margin legacy projects (estimated at c25% of backlog) are progressively phased out by 3Q19, we foresee a 2017-19 EBITDA CAGR of 26%. A major shortcoming of 2017, though, was that working capital left operating cash flow negative. For us, Arabtec will be cleared once claims and aged receivables are settled, which is a...
Arabtec has released its Q3 2017 figures showing a slight increase of 5.66%, yoy, in its revenue to AED2,099m. On the other hand, the direct costs decreased by 7.7%, yoy, which resulted in an increase of the company’s gross margin to 5.47% (vs. -8.22% in Q3 2017). The company continued to carefully manage its general and administrative expenses which decreased by 27.3%, yoy, to AED80m (3.8% of its revenue) in Q3 2017 vs.
Arabtec has released its Q2 2017 figures, showing a 6% decrease, yoy, in its revenue to AED2.06bn. Similarly, the direct costs went down by 10.5%, resulting in a gross profit of AED104m, 20x higher than the previous year. The company was able to shrink its general and administrative expenses by 52.5% to AED73m, comparing to AED155m in Q2 2016. Arabtec reported a Q2 2017 net profit of AED40.8m, marking a jump from the previously recorded losses of AED194.8m during Q2 2016.
Arabtec has released its Q2 2017 figures, showing a 6% decrease, yoy, in its revenue to AED2.06bn. Similarly, the direct costs went down by 10.5%, resulting in a gross profit of AED104m, 20x higher than the previous year. The company was able to shrink its general and administrative expenses by 52.5% to AED73m, comparing to AED155m in Q2 2016. Arabtec reported a Q2 2017 net profit of AED40.8m, marking a jump from the previously recorded losses of AED194.8m during Q2 2016.
ï‚· Arabtec completes recapitalization program, including the AED 1.5bn rights offering with the subsequent capital reduction of AED 4.6bn which swipe cleaned c.100% of accumulated losses. Ex-date (post share number and price restatement) is set for June 28, 2017 ï‚· Share cancellation acts as a reverse stock split- we expect ARTC to open trading at AED 2.97/share ï‚· We adjust our TP to AED 0.47/share (AED 1.90/share when adjusted for share cancellation), reiterate Sell
Arabtec has released its Q1 2017 figures showing a 12% increase, yoy, in its revenue to AED2171m. On the other hand, the company’s direct costs increased by 10%, which resulted in doubling the gross profit, compared to a year earlier, to AED91m (4% gross margin vs. 2% in Q1 2016). The company continued to carefully manage its General and administrative expenses, which decreased by 11% to AED92m (4.3% of its revenue) in Q1 2017 in comparison to AED103m (5.3% of its revenue) in Q1 2016. On the b...
Arabtec announced AED7.7bn in revenues for FY 2016, 5.6% increase YoY, missing our forecast of AED8.2bn. The company’s losses in Q4 2016 soared to AED2.99bn (from AED438m in Q4 2015) reaching an annual net loss of AED3.5bn in 2016 (vs. AED2.778bn in 2015), of which AED2.8bn are impairments. The company also announced a backlog of AED18bn equivalent to two years of annual revenue and a restructuring plan consisting of a Capital Reduction and Rights Offering.
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
Arabtec reported a decrease in its revenue by 7% qoq to AED2bn, but it is still performing better than 2015 with a 9M revenue of AED6bn, 17% higher than the same period last year. After gaining some ground in the past 2 quarters with low, but positive gross profit in Q1 and Q2, Arabtec back in red territory in Q3 to AED-101m as of 30/09/2016 (-2% margin in 9M 2016). EBITDA, as computed by AlphaMena, was also negative at AED-168m in Q3 and AED-242m in 9M, but still better than before (AED-913m a...
Arabtec recorded a 83% rise in Q1 2016 net result, amounting to AED-46.4m, up from AED279.82m in Q1 2015. The drop in net losses is due to higher revenues which increased by 8.4% to AED1.94bn against AED1.79bn in the same period last year. Direct costs decreased to AED1.89bn (-2% yoy) and General and administrative expenses declined to AED103m (-26% yoy) thanks to the group’s ongoing reorganization and cost reduction programme.The project awards have reached AED8.35bn and the backlog totaled t...
Arabtec recorded a 12% decline in FY 2015 consolidated sales (compared to 2014) which amounted to AED7.3bn. The annual net profit has decreased sharply to AED-2.258bn (compared to AED215M in 2014). This was mainly due to the tough environment that the regional construction sector has been facing. Nevertheless, Arabtec continues the implementation of its restructuring and cost reduction programme, and aims to reduce its costs even further in 2016. The group is currently working on the full recove...
Q3 sales dropped 23.7%, from AED2.1Bn in 2014 to AED1.6Bn in 2015. For the three last months, losses amounted to AED944.8M. Year to date, sales are worth AED5.2B, i.e. an 11.2% decline, and the losses rose to AED1.9Bn. The company reversed AED379M of previously recognized claims in Q3. The short term debts increased 53.2%. The backlog is of AED18.7Bn till September, 2015.
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