| ELEMENT LIST | CURRENT YEAR | PREVIOUS YEAR | %CHANGE | ||
|---|---|---|---|---|---|
| Sales/Revenue | 167.82 | 176.06 | -4.68 | ||
| Gross Profit (Loss) | 95.65 | 102.4 | -6.591 | ||
| Operational Profit (Loss) | 48.33 | 104.19 | -53.613 | ||
| Net Profit (Loss) after Zakat and Tax | 14.34 | 64.82 | -77.877 | ||
| Total Comprehensive Income | 14.1 | 64.57 | -78.163 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 1,053.18 | 1,109.08 | -5.04 | ||
| Profit (Loss) per Share | 0.2 | 0.93 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| ELEMENT LIST | EXPLANATION |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Main reasons for the decrease in net profit attributable to the shareholders of the company are attributed to:
• Decrease in Retail and Hospitality segment revenue due to making a provision for discounts for malls tenants because of repercussions of (COVID 19 pandemic), which led to a decrease in gross profit. • Decrease in the company's share of income from associates also affected by discounts provision for their malls and commercial centers tenants. • Impairment loss on investment property and PPE amounting 31.8 million. • Higher Finance cost due to funding the acquisition of a new office complex in Riyadh at end of June 2020. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Reclassification of Comparison Items | Certain prior period figures have been reclassified to conform with the presentation in the current Year. |
| Additional Information | Revenue has decreased during the current period compared to the same period as a result of the decrease in the retail segment revenue by about 14% due to making a provision for discounts for tenants because of repercussions of COVID19 Pandemic, and the hospitality segment revenue also decreased by approximately 49% because of very low occupancy rates compared to previous year. Foregoing reasons have led to decreased in overall revenues for the group despite increase in office segment revenue by 200% represented by the office tower in Jeddah which was acquired at August 2019 and new office complex in Riyadh which was acquired at the end of June 2020.
IMPACT OF CORONAVIRUS (COVID-19) PANDEMIC: The Group’s operations have been affected by the ongoing outbreak of the coronavirus disease (COVID-19) which was declared a pandemic by the World Health Organization in March 2020 and causing disruption to business and economic activities in kingdom and global. As a result, the group recorded impairment loss by 25 million as a decrease in the value of PPE represented by Al-Andalus Mall Hotel, as well as 6.8 million as a decrease in the value of investment properties. In addition, the Group also assessed the tenants ’ability to pay rents related to the period affected by the COVID-19 pandemic and as a result, granted discounts to tenants in the amount of SR 31.8 million because of the closure of shopping malls during the closing period. 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 Consolidated Financial statements for the fiscal year ended 31st December 2020 will be available on Al-Andalus Property Website. As well as the Investor Presentation for the same period will be available on Al-Andalus Property website and application within the Investors relations section under investors presentations.
http://www.alandalus.com.sa |
| Attached Documents |  |
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