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Alandalus Property Co. announces its consolidated Interim Financial Results for the Period Ending on 2019-06-30 ( Six Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 42.3141.282.495405.775
Gross Profit (Loss) 23.6124.1-2.03323.580.127
Operational Profit (Loss) 25.4222.4813.07829.09-12.616
Net Profit (Loss) after Zakat and Tax 15.1312.1624.42420.28-25.394
Total Comprehensive Income 15.1312.1624.42420.28-25.394
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 82.3182.060.304
Gross Profit (Loss) 47.1948.88-3.457
Operational Profit (Loss) 54.5151.346.174
Net Profit (Loss) after Zakat and Tax 35.4132.698.32
Total Comprehensive Income 35.4132.698.32
Total Share Holders Equity (after Deducting Minority Equity) 1,080.191,121.02-3.642
Profit (Loss) per Share 0.510.47
All figures are in (Millions) Saudi Arabia, Riyals
Accumulated LossesCapital
00
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 the increase of operational profit which mainly due to increase the share of income from associates. In addition, the net profit increased due to decrease finance cost and Zakat provision.

Gross profit has slightly decreased mainly due to the increase in cost of revenues for the retail segment represented in the operating cost for Al-Marwa Center.

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 decreased compared to the previous quarter mainly due to the decrease in operating profit caused by an increase in general & administration and marketing expenses.

The decrease is also due to the recognition of interest expense on lease liabilities of Al- Marwa Center, which was capitalized during the previous quarter as a result of the adoption of IFRS.16

This is despite the increase in revenues compared to the previous quarter.

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 the increase of operational profit which mainly due to increase the share of income from associates, decrease the general & administration expenses, and increase other revenues.

In addition, the net profit increased due to decrease finance cost and Zakat provision.

Gross profit has slightly decreased mainly due to the increase in cost of revenues for the retail segment represented in the operating cost for Al-Marwa Center.

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 quarter as a result of the increase in retail segment revenues due to the recognition of Al- Marwa Centre revenues, which started operating at the end of March 2019, despite the discounts given to some tenants. Revenues also continued to grow despite the slight drop in hospitality segment revenues represented by the Staybridge Hotel Alandalus Mall.

Equity attributable to shareholders (after excluding non-controlling interest) decreased from SAR 1121.02 to SAR 1,080.19 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 the International Financial Reporting Standard No. (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 condensed interim financial statements.

The Condensed Consolidated Interim Financial statements for the Six Months period ended 30th June 2019 will be available through the following link on Al-Andalus Website,

http://www.alandalus.com.sa

Conference call and Capital Markets Day for analysts and investors will be on 26th AUG 2019 at 10:00 a.m. KSA time. at the headquarters of Al-Andalus property Company - Northern Ring - exit 7, following of the meeting location link (https://goo.gl/maps/UNvvMisYe682)

The presentation accompanying the conference call and Capital Markets Day 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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