Alandalus Property’s net profit drops 58% in H1

06/08/2018 Argaam Exclusive

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Alandalus Property Co.’s net profit dropped 57.5 percent year-on-year (YoY) to SAR 32.7 million in the first half of 2017, due to lower operating profit resulting from higher general and expenses, as well as higher provisions for impairment losses. The company also cited a change of ownership interests in both Al-Andalus mall and Staybridge hotel, which are owned by Alahli REIT 1 fund.

Financials (M)

Item	6m 2017	6m 2018	Change‬
Revenues	69.20	82.06	18.6 %
Gross Income	43.29	48.88	12.9 %
Operating Income	37.78	32.20	(14.8 %)
Net Income	77.01	32.69	(57.6 %)
Average Shares	93.33	93.33	-
EPS (Riyals)	0.83	0.35	(57.6 %)

Net profit plunged 55.9 YoY for the second quarter to SAR 12.16 million due to the change of ownership interests of the parent Company in both Al-Andalus mall and Staybridge hotel, owned by Alahli REIT 1 fund.

When compared to the previous quarter, Q2 2017 net profit declined 40.7 percent.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2017	Q2 2018	Change‬
Revenues	36.51	41.28	13.1 %
Gross Income	22.84	24.10	5.5 %
Operating Income	20.09	15.57	(22.5 %)
Net Income	27.57	12.16	(55.9 %)
Average Shares	93.33	93.33	-
EPS (Riyals)	0.30	0.13	(55.9 %)

Item	Q1 2018	Q2 2018	Change‬
Revenues	40.79	41.28	1.2 %
Gross Income	24.79	24.10	(2.8 %)
Operating Income	16.63	15.57	(6.4 %)
Net Income	20.52	12.16	(40.7 %)
Average Shares	93.33	93.33	-
EPS (Riyals)	0.22	0.13	(40.7 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2009	-	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-	-
2009	-	-	-	-	-	-	-
Q1 2010	-	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-	-
2010	-	-	-	-	-	-	-
Q1 2011	-	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-	-
2011	85.14	-	60.14	-	89.13	-	0.95
Q1 2012	-	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-	-
2012	92.54	8.7 %	65.68	9.2 %	73.76	(17.2 %)	0.79
Q1 2013	-	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-	-
2013	97.08	4.9 %	71.06	8.2 %	85.56	16.0 %	0.92
Q1 2014	23.73	-	16.02	-	21.42	-	0.23
Q2 2014	25.53	-	18.57	-	21.90	-	0.23
Q3 2014	27.33	-	18.47	-	21.88	-	0.23
Q4 2014	26.03	-	17.60	-	21.61	-	0.23
2014	102.61	5.7 %	70.67	(0.6 %)	86.81	1.5 %	0.93
Q1 2015	29.58	24.7 %	18.23	13.8 %	23.55	10.0 %	0.25
Q2 2015	31.72	24.3 %	20.42	10.0 %	24.67	12.6 %	0.26
Q3 2015	33.06	21.0 %	19.76	7.0 %	24.18	10.5 %	0.26
Q4 2015	32.37	24.4 %	16.66	(5.4 %)	21.68	0.3 %	0.23
2015	126.73	23.5 %	75.08	6.2 %	94.07	8.4 %	1.01
Q1 2016	31.69	7.1 %	19.84	8.8 %	24.80	5.3 %	0.27
Q2 2016	32.06	1.1 %	20.17	(1.2 %)	24.85	0.8 %	0.27
Q3 2016	34.30	3.8 %	20.97	6.1 %	26.37	9.1 %	0.28
Q4 2016	33.62	3.9 %	20.98	25.9 %	15.81	(27.1 %)	0.17
2016	131.67	3.9 %	81.96	9.2 %	91.82	(2.4 %)	0.98
Q1 2017	32.70	3.2 %	20.45	3.1 %	49.45	99.4 %	0.53
Q2 2017	36.51	13.9 %	22.84	13.2 %	27.57	10.9 %	0.30
Q3 2017	38.86	13.3 %	21.26	1.4 %	26.42	0.2 %	0.28
Q4 2017	38.77	15.3 %	15.60	(25.7 %)	14.96	(5.3 %)	0.16
2017	146.83	11.5 %	80.15	(2.2 %)	118.39	28.9 %	1.27
Q1 2018	40.79	24.7 %	24.79	21.2 %	20.52	(58.5 %)	0.22
Q2 2018	41.28	13.1 %	24.10	5.5 %	12.16	(55.9 %)	0.13

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2008	-	-	-	-	-	-	-
2009	-	-	-	-	-	-	-
2010	-	-	-	-	-	-	-
2011	85.14	-	60.14	-	89.13	-	0.95
2012	92.54	8.7 %	65.68	9.2 %	73.76	(17.2 %)	0.79
2013	97.08	4.9 %	71.06	8.2 %	85.56	16.0 %	0.92
2014	102.61	5.7 %	70.67	(0.6 %)	86.81	1.5 %	0.93
2015	126.73	23.5 %	75.08	6.2 %	94.07	8.4 %	1.01
2016	131.67	3.9 %	81.96	9.2 %	91.82	(2.4 %)	0.98
2017	146.83	11.5 %	80.15	(2.2 %)	118.39	28.9 %	1.27

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
2011	70.63 %	77.39 %	104.68 %
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
2012	70.97 %	72.93 %	79.71 %
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	73.20 %	75.82 %	88.13 %
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	68.87 %	70.94 %	84.60 %
2014	68.87 %	70.94 %	84.60 %
Q1 2015	67.19 %	69.22 %	82.01 %
Q2 2015	65.18 %	67.95 %	79.99 %
Q3 2015	63.15 %	66.03 %	78.09 %
Q4 2015	59.24 %	61.65 %	74.23 %
2015	59.24 %	61.70 %	74.23 %
Q1 2016	59.52 %	61.03 %	73.99 %
Q2 2016	59.17 %	59.81 %	73.93 %
Q3 2016	59.53 %	59.73 %	74.91 %
Q4 2016	62.25 %	60.32 %	69.74 %
2016	62.25 %	60.32 %	69.74 %
Q1 2017	62.23 %	60.30 %	70.49 %
Q2 2017	62.16 %	60.37 %	70.19 %
Q3 2017	60.37 %	58.44 %	67.96 %
Q4 2017	54.59 %	54.38 %	65.01 %
2017	54.59 %	54.24 %	65.01 %
Q1 2018	54.54 %	52.25 %	57.75 %
Q2 2018	53.70 %	48.57 %	46.38 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	70.63 %	77.39 %	104.68 %
2012	70.97 %	72.93 %	79.71 %
2013	73.20 %	75.82 %	88.13 %
2014	68.87 %	70.94 %	84.60 %
2015	59.24 %	61.70 %	74.23 %
2016	62.25 %	60.32 %	69.74 %
2017	54.59 %	54.24 %	65.01 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	67.52 %	72.02 %	90.25 %
Q2 2014	72.75 %	73.02 %	85.79 %
Q3 2014	67.59 %	68.17 %	80.06 %
Q4 2014	67.64 %	70.81 %	83.05 %
Q1 2015	61.62 %	65.51 %	79.62 %
Q2 2015	64.39 %	67.68 %	77.77 %
Q3 2015	59.78 %	61.14 %	73.13 %
Q4 2015	51.48 %	52.74 %	66.97 %
Q1 2016	62.61 %	62.72 %	78.25 %
Q2 2016	62.91 %	62.70 %	77.51 %
Q3 2016	61.13 %	60.79 %	76.88 %
Q4 2016	62.41 %	55.31 %	47.01 %
Q1 2017	62.54 %	62.59 %	81.06 %
Q2 2017	62.56 %	62.65 %	75.51 %
Q3 2017	54.72 %	53.69 %	67.99 %
Q4 2017	40.24 %	40.36 %	38.59 %
Q1 2018	60.77 %	52.87 %	50.32 %
Q2 2018	58.38 %	47.21 %	29.47 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2009	-	-	-	-
Q2 2009	-	-	-	-
Q3 2009	-	-	-	-
Q4 2009	-	-	-	-
Q1 2010	-	-	-	-
Q2 2010	-	-	-	-
Q3 2010	-	-	-	-
Q4 2010	-	-	-	-
Q1 2011	-	-	-	-
Q2 2011	-	-	-	-
Q3 2011	-	-	-	-
Q4 2011	-	-	-	-
Q1 2012	-	-	-	-
Q2 2012	-	-	-	-
Q3 2012	-	-	-	-
Q4 2012	-	-	-	-
Q1 2013	-	-	-	-
Q2 2013	-	-	-	-
Q3 2013	-	-	-	-
Q4 2013	-	-	-	-
Q1 2014	93.33	-	-	7.70
Q2 2014	93.33	-	-	7.94
Q3 2014	93.33	-	-	8.17
Q4 2014	93.33	0.93	0.93	8.40
Q1 2015	93.33	0.95	0.95	8.65
Q2 2015	93.33	0.98	0.98	8.92
Q3 2015	93.33	1.01	1.01	9.18
Q4 2015	93.33	1.01	1.01	9.41
Q1 2016	93.33	1.02	1.02	9.19
Q2 2016	93.33	1.02	1.02	9.08
Q3 2016	93.33	1.05	1.05	9.37
Q4 2016	93.33	0.98	0.98	9.54
Q1 2017	93.33	1.25	1.00	10.07
Q2 2017	93.33	1.28	1.03	10.36
Q3 2017	93.33	1.28	1.03	10.64
Q4 2017	93.33	1.27	1.02	13.16
Q1 2018	93.33	0.96	0.96	13.38
Q2 2018	93.33	0.79	0.79	12.01

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2008	-	-	-	-
2009	-	-	-	-
2010	-	-	-	-
2011	93.33	0.95	0.95	5.76
2012	93.33	0.79	0.79	6.55
2013	93.33	0.92	0.92	7.47
2014	93.33	0.93	0.93	8.40
2015	93.33	1.01	1.01	9.41
2016	93.33	0.98	0.98	9.54
2017	93.33	1.27	1.02	13.16

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	15.43	15.43	1.71
Q2 2016	14.79	14.79	1.67
Q3 2016	10.83	10.83	1.21
Q4 2016	14.97	14.97	1.54
Q1 2017	11.26	14.03	1.40
Q2 2017	13.39	16.58	1.65
Q3 2017	12.26	15.19	1.47
Q4 2017	12.22	15.15	1.18
Q1 2018	17.46	17.46	1.25
Q2 2018	17.54	17.54	1.16

Period	P/E	Adjusted P/E	Price/book
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	14.97	14.97	1.54
2017	12.22	15.15	1.18

Business Segments (Million)

Compared With The

Period	Retail sector	Hospitality sector	Office sector	Other activities
Q1 2016	31.54	-	0.26	-
Q2 2016	32.10	-	0.26	-
Q3 2016	33.64	-	0.26	-
Q4 2016	33.36	-	0.26	-
Q1 2017	32.44	-	0.26	0.22
Q2 2017	35.90	-	0.26	-
Q3 2017	36.10	1.99	0.26	-
Q4 2017	33.62	4.89	-	-
Q1 2018	35.29	5.49	0.24	-
Q2 2018	35.09	5.93	0.26	-

Period	Retail sector	Hospitality sector	Office sector	Other activities
2016	130.64	-	1.03	-
2017	138.57	7.23	-	1.03

Financial Ratios

	Current
Market Cap (M Riyal)	2,351.92
Enterprise Value (EV) (M)	3,180.28
Shares Outstanding ((M))	93.33
EPS ( Riyal) (TTM)	0.29
Book Value (BV) ( Riyal)	11.29
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	More than 100
P/E (TTM)	More than 100
Price/book	2.23
Return on Average Assets (%) (TTM)	1.2
Return on Average Equity (%) (TTM)	2.5

Alandalus Property Co. (ALANDALUS)

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Alandalus Property’s net profit drops 58% in H1

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2018 Q2

Financial Ratios

Share Price

Alandalus Property Co. (ALANDALUS)

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Alandalus Property’s net profit drops 58% in H1

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2018

Revenue by Business Segment (Latest) 2018 Q2

Financial Ratios

Share Price

Alandalus Property Co. (ALANDALUS)

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Business Segments (Million)