Alandalus Property Co. announces its consolidated Annual Financial Results for the Period Ending on 2019-12-31

Element ListCurrent YearPrevious Year%Change
Sales/Revenue 176.06164.686.91
Gross Profit (Loss) 102.493.689.308
Operational Profit (Loss) 104.1992.5612.564
Net Profit (Loss) after Zakat and Tax 64.8247.9735.126
Total Comprehensive Income 64.5747.9934.548
Total Share Holders Equity (after Deducting Minority Equity) 1,109.081,136.34-2.398
Profit (Loss) per Share 0.930.69
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
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.

Attached Documents     

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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