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Alandalus Property Co. announces its Consolidated Interim Financial Results for the Period Ending on 2020-06-30 ( Six Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 31.4542.31-25.66741.94-25.011
Gross Profit (Loss) 18.2323.61-22.78623.33-21.86
Operational Profit (Loss) -3.2625.42-22.61-
Net Profit (Loss) after Zakat and Tax -6.4815.13-12.24-
Total Comprehensive Income -6.4815.13-12.24-
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 73.3982.31-10.837
Gross Profit (Loss) 41.5547.19-11.951
Operational Profit (Loss) 19.3454.51-64.52
Net Profit (Loss) after Zakat and Tax 5.7635.41-83.733
Total Comprehensive Income 5.7635.41-83.733
Total Share Holders Equity (after Deducting Minority Equity) 1,044.841,080.19-3.272
Profit (Loss) per Share 0.080.51
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to The reason for net losses for the 2nd Quarter 2020 compared to the net profit achieved for same quarter 2019 mainly attributed to:

• The decrease in revenue as a result of the temporary closure of malls and commercial centers during the current quarter as a result of precautionary measures for preventing the spread of the coronavirus (COVID 19) pandemic, which led to a decrease in gross profit despite the lower cost of revenue.

• the decrease in the company's share of income of associates affected by the temporary closure of its malls and commercial centers.

• Impairment loss on PP&E and investment property amounting to 20 million.

• The high of finance cost compared to the same quarter as a result of the financing of the acquisition of an office tower in Jeddah in August 2019

Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to The reason for net losses for the 2nd Quarter 2020 compared to the net profit achieved for previous quarter mainly attributed to:

• The decrease in revenue as a result of the temporary closure of malls and commercial centers during the current quarter as a result of precautionary measures for preventing the spread of the coronavirus (COVID 19) pandemic, which led to a decrease in gross profit despite the lower cost of revenue.

• the decrease in the company's share of income of associates affected by the temporary closure of its malls and commercial centers.

• Impairment loss on PP&E and investment property amounting to 20 million.

Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to The reason for the decrease in net profit attributable to the shareholders of the company mainly attributed to:

• The decrease in revenue as a result of the temporary closure of malls and commercial centers during the current quarter as a result of precautionary measures for preventing the spread of the coronavirus (COVID 19) pandemic, which led to a decrease in gross profit despite the lower cost of revenue.

• the decrease in the company's share of income of associates affected by the temporary closure of its malls and commercial centers.

• Impairment loss on PP&E and investment property amounting to 20 million.

• The high in finance cost compared to the same quarter as a result of financing the acquisition of an office tower in Jeddah in August 2019

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 period
Additional Information Revenue have decreased during the current period compared to the same period as a result of the decrease in the retail sector’s revenue by about 24% due to making a provision for discounts for tenants as a result of the temporary closure of the malls and commercial centers due to the precautionary measures for preventing the spread of the coronavirus (COVID 19) pandemic, and the hospitality sector’s revenue decreased. By approximately 37%, which is due to the decrease in the current occupancy rates compared to the similar rates from the previous year, this has decreased revenues for the group despite the increase in office sector revenue represented by the office tower in Jeddah, which was acquired in August 2019.
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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