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

20/08/2020 Argaam Exclusive

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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 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	41.94	31.45	(25.0 %)
Gross Income	23.33	18.23	(21.9 %)
Operating Income	14.03	10.99	(21.7 %)
Net Income	12.24	(6.48)	(152.9 %)
Average Shares	93.33	93.33	-
EPS (Riyals)	0.13	(0.07)	(152.9 %)

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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