Arabian Centres profit slips to SAR 545.8 mln in 9M 2019/20

05/02/2020 Argaam Exclusive

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Arabian Centres Co. reported a net profit after zakat and tax of SAR 545.8 million for the 9 months ended Dec. 31, 2019, down by 0.52% year-on-year (YoY), as compared to SAR 548.7 million in the same period in 2018.

Financials (M)

Item	9m 2018	9m 2019	Change‬
Revenues	1,619.99	1,689.17	4.3 %
Gross Income	1,023.27	1,120.83	9.5 %
Operating Income	893.26	979.94	9.7 %
Net Income	538.40	535.95	(0.5 %)
Average Shares	475.00	475.00	-
EPS (Riyals)	1.13	1.13	(0.5 %)

The company said in a bourse statement that the decrease is due to a change in the group’s accounting policy for leases in line with IFRS 16 requirements and a decrease in finance costs.

In Q3 2019/2020, net profit after Zakat and tax decreased by 59.9% YoY to SAR 110.6 million on increased interest expense on lease liabilities. Higher finance costs and depreciation of right-of-use assets also weighed on the third quarter results.

On a sequential basis, net profit decreased by 46.9%.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2018	Q3 2019	Change‬
Revenues	530.11	557.54	5.2 %
Gross Income	340.51	361.73	6.2 %
Operating Income	294.62	314.60	6.8 %
Net Income	272.10	107.89	(60.3 %)
Average Shares	475.00	475.00	-
EPS (Riyals)	0.57	0.23	(60.3 %)

Item	Q2 2019	Q3 2019	Change‬
Revenues	559.12	557.54	(0.3 %)
Gross Income	366.32	361.73	(1.3 %)
Operating Income	322.03	314.60	(2.3 %)
Net Income	205.04	107.89	(47.4 %)
Average Shares	475.00	475.00	-
EPS (Riyals)	0.43	0.23	(47.4 %)

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