Alandalus Property’s net profit slumps 59% in FY 2018

20/03/2019 Argaam Exclusive

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Alandalus Property Co.’s net profit plunged 59.5 percent year-on-year (YoY) in fiscal year 2018 to SAR 47.9 million due to a change of ownership interests in Al-Andalus mall and Staybridge hotel, which are owned by Alahli REIT 1 fund.

Financials (M)

Item	2017	2018	Change‬
Revenues	146.83	164.68	12.2 %
Gross Income	80.15	93.69	16.9 %
Operating Income	66.48	60.11	(9.6 %)
Net Income	118.39	47.97	(59.5 %)
Average Shares	93.33	93.33	-
EPS (Riyals)	1.27	0.51	(59.5 %)

The developer recorded an extraordinary gain on a land plot excluded from investment properties and used as in-kind share to a new associate company, West Jeddah Hospital Co. last year.

The company also attributed declined profit to lower operating profit on higher general and administrative expenses, higher provisions for impairment losses and lower income from associates.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2017	Q4 2018	Change‬
Revenues	38.77	42.11	8.6 %
Gross Income	15.60	22.22	42.4 %
Operating Income	11.36	13.31	17.1 %
Net Income	14.96	2.67	(82.2 %)
Average Shares	93.33	93.33	-
EPS (Riyals)	0.16	0.03	(82.2 %)

Item	Q3 2018	Q4 2018	Change‬
Revenues	40.51	42.11	4.0 %
Gross Income	22.58	22.22	(1.6 %)
Operating Income	14.61	13.31	(8.9 %)
Net Income	12.62	2.67	(78.9 %)
Average Shares	93.33	93.33	-
EPS (Riyals)	0.14	0.03	(78.9 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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	-	55.83	-
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	92.54	8.7 %	65.68	9.2 %	57.08	2.2 %
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	97.08	4.9 %	71.06	8.2 %	63.23	10.8 %
Q1 2014	23.73	-	16.02	-	14.48	-
Q2 2014	25.53	-	18.57	-	16.03	-
Q3 2014	27.33	-	18.47	-	15.76	-
Q4 2014	26.03	-	17.60	-	16.09	-
2014	102.61	5.7 %	70.67	(0.6 %)	62.36	(1.4 %)
Q1 2015	29.58	24.7 %	18.23	13.8 %	16.28	12.5 %
Q2 2015	31.72	24.3 %	20.42	10.0 %	18.53	15.6 %
Q3 2015	33.06	21.0 %	19.76	7.0 %	17.09	8.4 %
Q4 2015	32.37	24.4 %	16.66	(5.4 %)	13.64	(15.2 %)
2015	126.73	23.5 %	75.08	6.2 %	65.60	5.2 %
Q1 2016	31.69	7.1 %	19.84	8.8 %	16.93	4.0 %
Q2 2016	32.06	1.1 %	20.17	(1.2 %)	17.15	(7.5 %)
Q3 2016	34.30	3.8 %	20.97	6.1 %	17.64	3.2 %
Q4 2016	33.62	3.9 %	20.98	25.9 %	17.58	28.9 %
2016	131.67	3.9 %	81.96	9.2 %	69.29	5.6 %
Q1 2017	32.70	3.2 %	20.45	3.1 %	17.69	4.5 %
Q2 2017	36.51	13.9 %	22.84	13.2 %	20.09	17.2 %
Q3 2017	38.86	13.3 %	21.26	1.4 %	17.55	(0.5 %)
Q4 2017	38.77	15.3 %	15.60	(25.7 %)	11.36	(35.4 %)
2017	146.83	11.5 %	80.15	(2.2 %)	66.48	(4.1 %)
Q1 2018	40.79	24.7 %	24.79	21.2 %	16.63	(6.0 %)
Q2 2018	41.28	13.1 %	24.10	5.5 %	15.57	(22.5 %)
Q3 2018	40.51	4.3 %	22.58	6.2 %	14.61	(16.8 %)
Q4 2018	42.11	8.6 %	22.22	42.4 %	13.31	17.1 %
2018	164.68	12.2 %	93.69	16.9 %	60.11	(9.6 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2009	-	-	-	-	-	-
2010	-	-	-	-	-	-
2011	85.14	-	60.14	-	55.83	-
2012	92.54	8.7 %	65.68	9.2 %	57.08	2.2 %
2013	97.08	4.9 %	71.06	8.2 %	63.23	10.8 %
2014	102.61	5.7 %	70.67	(0.6 %)	62.36	(1.4 %)
2015	126.73	23.5 %	75.08	6.2 %	65.60	5.2 %
2016	131.67	3.9 %	81.96	9.2 %	69.29	5.6 %
2017	146.83	11.5 %	80.15	(2.2 %)	66.48	(4.1 %)
2018	164.68	12.2 %	93.69	16.9 %	60.11	(9.6 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO 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	89.13	-	0.95	-	89.13	0.95
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	73.76	(17.2 %)	0.79	-	73.76	0.79
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	85.56	16.0 %	0.92	-	85.56	0.92
Q1 2014	21.42	-	0.23	-	21.42	0.23
Q2 2014	21.90	-	0.23	-	21.90	0.23
Q3 2014	21.88	-	0.23	-	21.88	0.23
Q4 2014	21.61	-	0.23	-	21.61	0.23
2014	86.81	1.5 %	0.93	-	86.81	0.93
Q1 2015	23.55	10.0 %	0.25	-	23.55	0.25
Q2 2015	24.67	12.6 %	0.26	-	24.67	0.26
Q3 2015	24.18	10.5 %	0.26	-	24.18	0.26
Q4 2015	21.68	0.3 %	0.23	-	21.68	0.23
2015	94.07	8.4 %	1.01	-	94.07	1.01
Q1 2016	24.80	5.3 %	0.27	-	24.80	0.27
Q2 2016	24.85	0.8 %	0.27	-	24.85	0.27
Q3 2016	26.37	9.1 %	0.28	-	26.37	0.28
Q4 2016	15.81	(27.1 %)	0.17	-	15.81	0.17
2016	91.82	(2.4 %)	0.98	-	91.82	0.98
Q1 2017	49.45	99.4 %	0.53	22.94	26.50	0.28
Q2 2017	27.57	10.9 %	0.30	-	27.57	0.30
Q3 2017	26.42	0.2 %	0.28	-	26.42	0.28
Q4 2017	14.96	(5.3 %)	0.16	-	14.96	0.16
2017	118.39	28.9 %	1.27	22.94	95.45	1.02
Q1 2018	20.52	(58.5 %)	0.22	-	20.52	0.22
Q2 2018	12.16	(55.9 %)	0.13	-	12.16	0.13
Q3 2018	12.62	(52.2 %)	0.14	-	12.62	0.14
Q4 2018	2.67	(82.2 %)	0.03	(6.01)	8.68	0.09
2018	47.97	(59.5 %)	0.51	(6.01)	53.99	0.58

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2009	-	-	-	-	-	-
2010	-	-	-	-	-	-
2011	89.13	-	0.95	-	89.13	0.95
2012	73.76	(17.2 %)	0.79	-	73.76	0.79
2013	85.56	16.0 %	0.92	-	85.56	0.92
2014	86.81	1.5 %	0.93	-	86.81	0.93
2015	94.07	8.4 %	1.01	-	94.07	1.01
2016	91.82	(2.4 %)	0.98	-	91.82	0.98
2017	118.39	28.9 %	1.27	22.94	95.45	1.02
2018	47.97	(59.5 %)	0.51	(6.01)	53.99	0.58

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 %
Q3 2018	53.96 %	46.94 %	37.36 %
Q4 2018	56.89 %	47.64 %	32.78 %
2018	56.89 %	47.64 %	32.78 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2018	56.89 %	47.64 %	32.78 %

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 %
Q3 2018	55.74 %	47.00 %	31.16 %
Q4 2018	52.77 %	43.61 %	20.61 %

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
Q3 2018	93.33	0.65	0.65	12.15
Q4 2018	93.33	0.51	0.58	12.18

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2018	93.33	0.51	0.58	12.18

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
Q3 2018	17.42	17.42	0.93
Q4 2018	20.87	18.54	0.88

Period	P/E	Adjusted P/E	Price/book
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	14.97	14.97	1.54
2017	12.22	15.15	1.18
2018	20.87	18.54	0.88

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	-
Q3 2018	33.86	6.39	0.26	-
Q4 2018	36.29	6.57	(0.75)	-

Period	Retail sector	Hospitality sector	Office sector	Other activities
2016	130.64	-	1.03	-
2017	138.57	7.23	-	1.03
2018	140.30	24.38	-	-

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 )

Alandalus Property Co. (ALANDALUS)

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Alandalus Property’s net profit slumps 59% in FY 2018

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (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 Q4

Financial Ratios

Share Price

Alandalus Property Co. (ALANDALUS)

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Alandalus Property’s net profit slumps 59% in FY 2018

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2018

Revenue by Business Segment (Latest) 2018 Q4

Financial Ratios

Share Price

Alandalus Property Co. (ALANDALUS)

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Business Segments (Million)