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Alandalus Property Co. announces its interim Financial results for the period ending on 2019-03-31 ( Three Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 4040.8-1.9642.11-5.01
Total Profit (Loss) 23.5824.79-4.88122.226.12
Profit (Loss) Operational 29.0928.850.83117.4866.418
Net Profit (Loss) after Zakat and Tax 20.2820.52-1.1692.7651.111
Total Comprehensive Income 20.2820.52-1.1692.7651.111
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (after deducting minority equity) 1,135.061,248.86-9.112
Profit (Loss) per Share 0.290.29
All figures are in (Millions) Saudi Arabia, Riyals
Accumulated LossesCapital
0700
Element ListExplanation
Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year The net profit attributable to company’s shareholders slightly decreased mainly due to the impact of the initial application of IFRS 16 “leases” represented in interest expenses on lease liabilities.

This decrease occurred despite the increase of operating profit during the current quarter.

Gross profit has decreased mainly due to the increase in cost of revenues by 3% In retail sector costs represented in Al-Andalus Mall because of the increase in operating fees and utilities expenses.

Reason for increase (decrease) in net profit for current quarter compared to the previous quarter the net profit attributable to company’s shareholders during the current quarter increased compared to the previous quarter mainly due to :

An increase in operating profit caused by an increase in the income from investment in associate companies, an increase in other revenues in addition to a decrease in general & administration and marketing expenses.

A decrease in finance cost and Zakat in addition that during the current quarter there were no any impairment losses on assets compared to what was recognized in the previous quarter.

Type of the external auditor's opinion Unmodified opinion
Reclassifications in quarter financial result Certain prior period figures have been reclassified to conform with the presentation in the current period

the same quarter of the previous year earnings per share has been modified to conform with the calculation equation of the earning per share during the current quarter as clarified in footnote 10.

Additional Information The company applied IFRS 16 with a date of initial application of 1 January 2019. The initial application resulted in recognition of SR 99.87 million of right-of-use assets, SR 138.4 million of lease liabilities, SR 1.82 million of interest expense on lease liabilities and SR 25.9 million of debit adjustments to retained earnings including SR 21.5 million attributable to company’s shareholders.

For more information, please refer to footnote 4 of the condensed interim financial statements.

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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