Alandalus net profit slumps 84% to SAR 5.8 mln in H1 2020

20/08/2020 Argaam Exclusive

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.



Financials (M)

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.



Current Quarter Comparison (M)

Compared With The
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 %)

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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Share Price

Alandalus Property Co.
24.26
(0.36) (1.46 %)

Alandalus Property Co. (ALANDALUS)

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Financial Ratios
Current
Market Cap (M Riyal) 2,264.19
Enterprise Value (EV) (M) 3,156.27
Shares Outstanding ((M)) 93.33
EPS ( Riyal) (TTM) (0.13)
Book Value (BV) ( Riyal) 11.07
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 2.19
Return on Average Assets (%) (TTM) (0.55 )
Return on Average Equity (%) (TTM) (1.18 )
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