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Alandalus Property Co. announces its consolidated Interim Financial Results for the Period Ending on 2019-09-30 ( Nine Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 42.7240.515.45542.310.969
Gross Profit (Loss) 24.0822.586.64323.611.99
Operational Profit (Loss) 26.0523.759.68425.422.478
Net Profit (Loss) after Zakat and Tax 14.5912.6215.6115.13-3.569
Total Comprehensive Income 14.5912.6215.6115.13-3.569
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 125.03122.572.007
Gross Profit (Loss) 71.2771.46-0.265
Operational Profit (Loss) 80.5675.087.298
Net Profit (Loss) after Zakat and Tax 49.9945.3110.328
Total Comprehensive Income 49.9945.3110.328
Total Share Holders Equity (after Deducting Minority Equity) 1,094.781,133.65-3.428
Profit (Loss) per Share 0.710.65
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 net profit attributable to company’s shareholders increased due to:

• an increase in operational profit which is mainly due to increase revenue which lead to increase gross profit, as well as the increase of share of income from associates.

• Decrease of Zakat provision.

Net profit increased despite the increase in cost of revenue for the retail segment represented in the operating cost for Al-Marwa Center, and leased offices segment. And despite of interest expense on lease liabilities as a result of the adoption of IFRS 16.

Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to the net profit attributable to company’s shareholders during the current quarter compared to the previous quarter has slightly decreased mainly due to the recognition of finance cost related to new leased offices tower in Jeddah which was acquired on 4 August 2019.

This is despite the increase in operating profit caused by a decrease in general & administration and marketing expenses.

Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to The net profit attributable to company’s shareholders increased due to:

• an increase in operational profit which is mainly due to the increase of share of income from associates, and the decrease in general & administration, and increase of other revenue.

• Decrease of Zakat provision.

Net profit increased despite the increase in cost of revenues for the retail segment represented in the operating cost for Al-Marwa Center, and leased offices segment. And 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 period
Additional Information The Revenue increased in this period as a result of the increase in:

• Retail segment revenues due to the recognition of Al- Marwa Centre revenues, which started operation at the end of March 2019, despite the discounts given to some tenants in other malls.

• Offices segment revenues due to recognition of the new leased offices tower in Jeddah which was acquired on 4 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 1133.65 to SAR 1,094.78 million during the current period compared to the same period 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 Group (Alahli REIT 1 fund) has acquired a new Offices Tower in Jeddah on 4 August 2019 for cash consideration of SR 255 million by Islamic Finance Facilities as per footnote 10 of the condensed consolidated interim financial statements.

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 condensed consolidated interim financial statements.

The Condensed Consolidated Interim Financial statements for the nine months period ended 30th September 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.

http://www.alandalus.com.sa

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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