Financial Results : Alandalus Property’s net profit drops 58% in H1

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 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 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 -
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 %)
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 %
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 %)
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 %)


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 - - - - - -
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 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
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
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
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
Q1 2018 20.52 (58.5 %) 0.22 - 20.52 0.22
Q2 2018 12.16 (55.9 %) 0.13 - 12.16 0.13

Profitability

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 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 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 %
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 %
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 %
Q1 2018 54.54 % 52.25 % 57.75 %
Q2 2018 53.70 % 48.57 % 46.38 %


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

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

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 -


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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Share Price

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

Alandalus Property Co. (ALANDALUS)

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