AnnouncementDetails

Actions

Alandalus Property Co. announces its condensed consolidated Interim Financial Results for the Period Ending on 2020-03-31 ( Three Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 41.94404.84951.03-17.813
Gross Profit (Loss) 23.3323.58-1.0631.13-25.056
Operational Profit (Loss) 22.6129.09-22.27523.63-4.316
Net Profit (Loss) after Zakat and Tax 12.2420.28-39.64414.82-17.408
Total Comprehensive Income 12.2420.28-39.64414.57-15.991
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (after Deducting Minority Equity) 1,121.321,135.06-1.21
Profit (Loss) per Share 0.170.29
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 decreased due to:

1. The slight decrease in the gross profit because of the high cost of revenues due to recognition of the operating costs of Al Marwa center and Salama tower. This - despite the increase in total revenues.

2. The decrease of operating profit during the current quarter due to the decrease in the company's share of income of associates, the increase in selling and marketing expenses, in addition to the decrease in other income.

3. The high interest expense on lease liabilities and the high costs of financing and Zakat.

Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to The decrease in the net profit attributable to the shareholders of the company compared to the previous quarter is mainly due to the decrease in the gross profit as a result of the decrease in revenue of retail segment during this quarter due to the temporary closure of malls and commercial centers as a result of the precautionary measures for preventing the spread of the coronavirus (COVID 19) pandemic
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 Revenues increased during this quarter due to the increase in the revenues of the offices segment represented in Salama tower, which was acquired in August 2019. While revenue decreased for both the retail and hospitality segments. The reason for the decrease in the retail segment by 4% during this current quarter due to the temporary closure of the malls and commercial centers starting from March 16 as a result of the precautionary measures for preventing the spread of the coronavirus (COVID 19) pandemic, despite the recognition of the revenues of Al Marwa center that was operated at quarter two 2019.

The reason for the decrease in the hospitality segment represented by the Staybridge Hotel Al-Andalus Mall is due to the decrease in the current occupancy rates compared to the similar rates from the previous year.

IMPACT OF CORONAVIRUS (COVID-19) PANDEMIC

The Group’s operations may be affected by the recent and ongoing outbreak of the coronavirus disease (COVID-19) which was declared a pandemic by the World Health Organization in March 2020. The COVID-19 pandemic has spread across various geographies globally, causing disruption to business and economic activities. The Group is closely monitoring the situation and has activated its business continuity planning and other risk management practices to manage the potential business disruption COVID-19 outbreak may have on its operations and financial performance.

As the Covid-19 outbreak continues to evolve, it is difficult to

forecast its full extent and duration of the economic impact as of now.

Management believes, based on their assessment, that the Group has sufficient liquidity available to continue to meet its financial commitments for the foreseeable future as and when they become due.

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.

Company Profile

Actions

Company Profile

Summary

Last Price Net Change
15.8 -0.18 (-1.13%)
Value Traded (SAR) Volume Traded
4,841,024.94 305,028

RelatedAnnouncementPortlet

Actions

Related Announcements