Alandalus Property Co. announces its consolidated Annual Financial Results for the Period Ending on 2019-12-31
|Element List||Current Year||Previous Year||%Change|
|Sales/Revenue ||176.06||164.68||6.91 |
|Gross Profit (Loss) ||102.4||93.68||9.308 |
|Operational Profit (Loss) ||104.19||92.56||12.564 |
|Net Profit (Loss) after Zakat and Tax ||64.82||47.97||35.126 |
|Total Comprehensive Income ||64.57||47.99||34.548 |
|Total Share Holders Equity (after Deducting Minority Equity) ||1,109.08||1,136.34||-2.398 |
|Profit (Loss) per Share ||0.93||0.69 |
|All figures are in (Millions) Saudi Arabia, Riyals|
|Increase (Decrease) in Net Profit for Current Year Compared to Last Year is Attributed to ||The net profit attributable to company’s shareholders increased by 35% due to: |
• Higher gross profit which is mainly due to increase revenue by 6.9%. The increase in revenue was driven by the company’s retail and offices segments.
• Higher operational profit which is mainly due to an increase by 11% of the share of income from associates, and increase in other revenue by 37%.
• Lower Zakat provision and as well as there is no impairment losses of investment in associate as it was in 2018.
Net profit increased despite of interest expense on lease liabilities as a result of the adoption of IFRS 16.
|Basis of the External Auditor's Opinion ||Unmodified opinion |
|Reclassification of Comparison Items ||Certain prior period figures have been reclassified to conform with the presentation in the current Year. |
|Additional Information ||Revenue increased in 2019 as a result of the increase in: |
• Retail segment revenues by 6.7% due to the recognition of Al- Marwah Centre revenues, which started operation at the end of March 2019.
• Offices segment revenues due to the acquisition of the new leased offices tower in Jeddah on August 2019.
Revenues also continued to grow despite the drop in hospitality segment revenues represented by the Staybridge Hotel Alandalus Mall as result of the drop of occupancy rate.
Equity attributable to shareholders (after excluding non-controlling interest) decreased from SAR 1136.34 to SAR 1109.08 million during the current year compared to the previous year as a result of adjustments to retained earnings amounting to SR 25.9 million, of which 21.5 million were attributable to the shareholders of the Company as a result of the adoption of IFRS (16) for lease contracts. As well as the cash dividends of the shareholders of the company amounting to SR 70 million.
The company applied IFRS 16 with a date of initial application of 1
January 2019. For more information, please refer to footnote 4 of the consolidated financial statements.
The Consolidated Financial statements for the fiscal year ended 31st December 2019 will be available on Al-Andalus Website.
As well as the Investor Presentation for the same period will be available on Al-Andalus website within the Investors relations section under investors presentations.
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