Financial Results : Arabian Centres’ net profit falls 20% to SAR 642.6 mln for FY19/20

Arabian Centres’ net profit falls 20% to SAR 642.6 mln for FY19/20

22/06/2020 Argaam Exclusive

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Arabian Centres Co. reported a net profit after Zakat and tax of SAR 642.6 million for fiscal year ending March 31, 2020, a decrease of 20% year-on-year (YoY), compared to SAR 804.1 million in the same period last year.



Financials (M)

Item 2018 2019 Change‬
Revenues 2,176.40 2,197.32 1.0 %
Gross Income 1,393.91 1,438.44 3.2 %
Operating Income 1,216.44 1,242.82 2.2 %
Net Income 789.60 633.93 (19.7 %)
Average Shares 475.00 475.00 -
EPS (Riyals) 1.66 1.33 (19.7 %)


Current Quarter Comparison (M)

Compared With The
Item Q4 2018 Q4 2019 Change‬
Revenues 556.41 508.15 (8.7 %)
Gross Income 370.64 317.61 (14.3 %)
Operating Income 323.18 262.87 (18.7 %)
Net Income 251.20 97.99 (61.0 %)
Average Shares 475.00 475.00 -
EPS (Riyals) 0.53 0.21 (61.0 %)

The profit decline was attributed to higher depreciation charges and interest expenses on lease liabilities, in addition to implementation of IFRS 16.

 

Furthermore, the company reported a 174% YoY surge in impairment losses on accounts receivable, higher general and administrative expenses, as well as advertisement and promotion costs.

 

The company’s Q4 2019/2020 net profit fell 62.1% to SAR 96.8 million, from SAR 255.4 million in the year-earlier period.

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