PE (annualised) 30.3 78.5 35.3
Price to Book Value (PBV) 3.4 4.7 8.4 140% 79% 3.4 8.4 140%
Profit Margin (ROS) 63% 30% -430% -790% -1.6% 59% -42% -170%
Return on Assets (ROA) 11% 4.4% -70% -740% -1.7% 9.4% -11% -220%
Return on Equity (ROE) 11% 6% -110% -1.1% -2k% 9.7% -18% -290%
PE, ROA, and ROE are annualised figures. ARKAN 4th quarter data not supplied so Q4 figures calculated from FY and M9 data but are not confirmed. Arkan Director's Report included with financial statements says their stock portfolio got wasted, especially in the fourth quarter. Also the value of their inventory of steel rebar decreased, and building material prices fell. If you're looking for good news in amongst all the bad, Revenues and Gross Profit were up. So if Arkan had stuck to building materials and left the stock market alone, they might have done ok. Just to put that horrendous fourth quarter AED 451m loss into a bit of perspective, that was more than the total earnings for Arkan in the previous 7 quarters combined (of AED 362m). Nevertheless, some investors thought it was worthwhile to delve into a bit of Arkan share manipulation.
Arkan Balance Sheet is looking a little off with cash of AED 200m but AED 324m of Short Term Loans. Receivables is only AED 129m but Payables is AED 508m. And otherwise there are Investments at Fair Value worth AED 47m, and Inventories of AED 377m. It looks like Arkan could have a problem paying their loans unless they shift a decent amount of inventory, and/or give up on the stockmarket and sell their investments.
Arkan BOD meeting was on 25 February 2009 but results were not released by the market until 01 March 2009. Still, at least their was a Director's Report that was actually reasonably clear and direct.
ADX 01 March 2009 (am):
(ARKAN) Arkan Building Materials discloses board report and financial results for the year ended 2008
ADX 26 February 2009 (during trading):
(ARKAN) Resulto of Arkan Building Materials board meeting
ADX 22 February 2009 (pm):
(ARKAN) board meeting to be held on February 25, 2009
Arkan dividends (yields are as of result date, not current date)
No dividend information supplied but it seems unlikely that Arkan will be paying a dividend.
AGM date is Wednesday 25 March 2009 at 16:30 at the Shangri La Hotel Abu Dhabi.
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