Alandalus Property Co. reported an 83.7% plunge in net profit after Zakat and tax to SAR 5.8 million for H1 2020, from SAR 35.4 million a year earlier.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 82.31 | 73.39 | (10.8 %) |
| Gross Income | 47.19 | 41.55 | (11.9 %) |
| Operating Income | 31.20 | 25.02 | (19.8 %) |
| Net Income | 35.41 | 5.76 | (83.7 %) |
| Average Shares | 93.33 | 93.33 | - |
| EPS (Riyals) | 0.38 | 0.06 | (83.7 %) |
The company attributed the lower profit to a decline in revenues amid the temporary closure of malls and commercial centers, a decrease in the company's income share from associates, impairment losses on property, plant, and equipment (PP&E), and investment property amounting to SAR 20 million.
An increase in finance costs, due to the acquisition of an office tower in Jeddah in August 2019 also weighed on the company’s results.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 42.31 | 31.45 | (25.7 %) |
| Gross Income | 23.61 | 18.23 | (22.8 %) |
| Operating Income | 14.40 | 10.99 | (23.7 %) |
| Net Income | 15.13 | (6.48) | (142.8 %) |
| Average Shares | 93.33 | 93.33 | - |
| EPS (Riyals) | 0.16 | (0.07) | (142.8 %) |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 41.94 | 31.45 | (25.0 %) |
| Gross Income | 23.33 | 18.23 | (21.9 %) |
| Operating Income | 14.03 | 10.99 | (21.7 %) |
| Net Income | 12.24 | (6.48) | (152.9 %) |
| Average Shares | 93.33 | 93.33 | - |
| EPS (Riyals) | 0.13 | (0.07) | (152.9 %) |
In Q2 2020, the company swung to a net loss after Zakat and tax of SAR 6.5 million against a net profit of SAR 15 million in Q2 2019, hit by lower revenues amid the temporary closure of malls and commercial centers, a decrease in the company's income share from associates, impairment losses on PP&E.
The company turned to losses from a net profit of SAR 12.2 million in Q1 2020.
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