Arabian Centres net profit falls 39% to SAR 264.2 mln in H1 2020/21

03/11/2020 Argaam Exclusive

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Arabian Centres Co. reported a net profit after Zakat and tax of SAR 264.2 million for the six-month period ended Sept. 30, 2020 (H1 2020/21), a 39% decline, compared to SAR 435.1 million in the year-earlier period, as revenues fell year-on-year (YoY) due to restricted activity at shopping centers amid COVID-19 and the government’s efforts to contain the spread of the virus.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	1,131.62	940.70	(16.9 %)
Gross Income	759.10	553.42	(27.1 %)
Operating Income	665.34	393.20	(40.9 %)
Net Income	428.05	261.78	(38.8 %)
Average Shares	475.00	475.00	-
EPS (Riyals)	0.90	0.55	(38.8 %)

The company also noted higher advertisement and promotion costs and higher impairment loss on accounts receivable.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	559.12	464.84	(16.9 %)
Gross Income	366.32	254.77	(30.5 %)
Operating Income	322.03	162.43	(49.6 %)
Net Income	205.04	109.03	(46.8 %)
Average Shares	475.00	475.00	-
EPS (Riyals)	0.43	0.23	(46.8 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	475.85	464.84	(2.3 %)
Gross Income	298.65	254.77	(14.7 %)
Operating Income	230.77	162.43	(29.6 %)
Net Income	152.76	109.03	(28.6 %)
Average Shares	475.00	475.00	-
EPS (Riyals)	0.32	0.23	(28.6 %)

The Q2 2020/21 net profit after Zakat and tax stood at SAR 111.1 million, down 47% YoY.

On a sequential basis, Q2 profit fell 27.4%.

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