Alandalus net profit tumbles 82% to SAR 8.9 mln in 9M 2020

05/11/2020 Argaam Exclusive

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Alandalus Property Co. posted an 82% plunge in net profit after Zakat and tax to SAR 8.9 million for the first nine months of 2020, from SAR 50 million a year earlier.

The company attributed the lower profit to a decline in revenues from retail and hospitality, after allocating a provision for tenant discounts amid the COVID-19 outbreak despite an increase in the office segment revenues.

Alandalus also cited lower profit share from associates, higher finance costs, and impairment loss of SAR 21.5 million on property, plant, and equipment (PP&E) and investment property.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	125.03	110.37	(11.7 %)
Gross Income	71.27	58.57	(17.8 %)
Operating Income	46.52	34.07	(26.7 %)
Net Income	50.00	8.89	(82.2 %)
Average Shares	93.33	93.33	-
EPS (Riyals)	0.54	0.10	(82.2 %)

In Q3 2020, the company’s net profit after Zakat and tax plummeted 78% to SAR 3.1 million from a net profit of SAR 14.6 million in Q3 2019, hit by lower revenues, a decrease in the company's income share from associates, and impairment losses on investment property.

The company turned profitable in the third quarter from net losses of SAR 6.48 million in Q2 2020, thanks to improved revenues from the office segment.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	42.72	36.98	(13.4 %)
Gross Income	24.08	17.02	(29.3 %)
Operating Income	15.31	9.05	(40.9 %)
Net Income	14.59	3.13	(78.5 %)
Average Shares	93.33	93.33	-
EPS (Riyals)	0.16	0.03	(78.5 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	31.45	36.98	17.6 %
Gross Income	18.23	17.02	(6.6 %)
Operating Income	10.99	9.05	(17.7 %)
Net Income	(6.48)	3.13	148.4 %
Average Shares	93.33	93.33	-
EPS (Riyals)	(0.07)	0.03	148.4 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2011	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-
2011	85.14	-	60.14	-	55.83	-
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	92.54	8.7 %	65.68	9.2 %	57.08	2.2 %
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	97.08	4.9 %	71.06	8.2 %	63.23	10.8 %
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	-
2014	102.61	5.7 %	70.67	(0.6 %)	62.36	(1.4 %)
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 %)
2015	126.73	23.5 %	75.08	6.2 %	65.60	5.2 %
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 %
2016	131.67	3.9 %	81.96	9.2 %	69.29	5.6 %
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 %)
2017	146.83	11.5 %	80.15	(2.2 %)	66.48	(4.1 %)
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 %)
Q3 2018	40.51	4.3 %	22.58	6.2 %	14.61	(16.8 %)
Q4 2018	42.11	8.6 %	22.22	42.4 %	13.31	17.1 %
2018	164.68	12.2 %	93.69	16.9 %	60.11	(9.6 %)
Q1 2019	40.00	(1.9 %)	23.58	(4.9 %)	16.80	1.0 %
Q2 2019	42.31	2.5 %	23.61	(2.0 %)	14.40	(7.5 %)
Q3 2019	42.72	5.5 %	24.08	6.6 %	15.31	4.8 %
Q4 2019	51.04	21.2 %	31.14	40.1 %	20.42	53.4 %
2019	176.06	6.9 %	102.40	9.3 %	66.93	11.3 %
Q1 2020	41.94	4.9 %	23.33	(1.1 %)	14.03	(16.5 %)
Q2 2020	31.45	(25.7 %)	18.23	(22.8 %)	10.99	(23.7 %)
Q3 2020	36.98	(13.4 %)	17.02	(29.3 %)	9.05	(40.9 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2010	-	-	-	-	-	-
2011	85.14	-	60.14	-	55.83	-
2012	92.54	8.7 %	65.68	9.2 %	57.08	2.2 %
2013	97.08	4.9 %	71.06	8.2 %	63.23	10.8 %
2014	102.61	5.7 %	70.67	(0.6 %)	62.36	(1.4 %)
2015	126.73	23.5 %	75.08	6.2 %	65.60	5.2 %
2016	131.67	3.9 %	81.96	9.2 %	69.29	5.6 %
2017	146.83	11.5 %	80.15	(2.2 %)	66.48	(4.1 %)
2018	164.68	12.2 %	93.69	16.9 %	60.11	(9.6 %)
2019	176.06	6.9 %	102.40	9.3 %	66.93	11.3 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2011	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-
2011	89.13	-	0.95	-	89.13	0.95
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	73.76	(17.2 %)	0.79	-	73.76	0.79
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	85.56	16.0 %	0.92	-	85.56	0.92
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
2014	86.81	1.5 %	0.93	-	86.81	0.93
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
2015	94.07	8.4 %	1.01	-	94.07	1.01
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
2016	91.82	(2.4 %)	0.98	-	91.82	0.98
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
2017	118.39	28.9 %	1.27	22.94	95.45	1.02
Q1 2018	20.52	(58.5 %)	0.22	-	20.52	0.22
Q2 2018	12.16	(55.9 %)	0.13	-	12.16	0.13
Q3 2018	12.62	(52.2 %)	0.14	-	12.62	0.14
Q4 2018	2.67	(82.2 %)	0.03	(6.01)	8.68	0.09
2018	47.97	(59.5 %)	0.51	(6.01)	53.99	0.58
Q1 2019	20.28	(1.2 %)	0.22	-	20.28	0.22
Q2 2019	15.13	24.4 %	0.16	-	15.13	0.16
Q3 2019	14.59	15.6 %	0.16	-	14.59	0.16
Q4 2019	14.83	456.3 %	0.16	-	14.83	0.16
2019	64.82	35.1 %	0.69	-	64.82	0.69
Q1 2020	12.24	(39.6 %)	0.13	-	12.24	0.13
Q2 2020	(6.48)	(142.8 %)	(0.07)	(20.00)	13.52	0.14
Q3 2020	3.13	(78.5 %)	0.03	(1.50)	4.63	0.05

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2010	-	-	-	-	-	-
2011	89.13	-	0.95	-	89.13	0.95
2012	73.76	(17.2 %)	0.79	-	73.76	0.79
2013	85.56	16.0 %	0.92	-	85.56	0.92
2014	86.81	1.5 %	0.93	-	86.81	0.93
2015	94.07	8.4 %	1.01	-	94.07	1.01
2016	91.82	(2.4 %)	0.98	-	91.82	0.98
2017	118.39	28.9 %	1.27	22.94	95.45	1.02
2018	47.97	(59.5 %)	0.51	(6.01)	53.99	0.58
2019	64.82	35.1 %	0.69	-	64.82	0.69

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
2011	70.63 %	77.39 %	104.68 %
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
2012	70.97 %	72.93 %	79.71 %
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	73.20 %	75.82 %	88.13 %
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	68.87 %	70.94 %	84.60 %
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 %
2015	59.24 %	61.70 %	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 %
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 %
2017	54.59 %	54.24 %	65.01 %
Q1 2018	54.54 %	52.25 %	57.75 %
Q2 2018	53.70 %	48.57 %	46.38 %
Q3 2018	53.96 %	46.94 %	37.36 %
Q4 2018	56.89 %	47.64 %	32.78 %
2018	56.89 %	47.64 %	32.78 %
Q1 2019	56.43 %	48.55 %	32.79 %
Q2 2019	55.78 %	49.45 %	34.39 %
Q3 2019	55.94 %	51.02 %	35.11 %
Q4 2019	58.16 %	54.39 %	36.82 %
2019	58.16 %	54.39 %	36.82 %
Q1 2020	57.39 %	53.54 %	31.90 %
Q2 2020	57.89 %	55.22 %	33.01 %
Q3 2020	55.58 %	54.76 %	28.01 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2010	-	-	-
2011	70.63 %	77.39 %	104.68 %
2012	70.97 %	72.93 %	79.71 %
2013	73.20 %	75.82 %	88.13 %
2014	68.87 %	70.94 %	84.60 %
2015	59.24 %	61.70 %	74.23 %
2016	62.25 %	60.32 %	69.74 %
2017	54.59 %	54.24 %	65.01 %
2018	56.89 %	47.64 %	32.78 %
2019	58.16 %	54.39 %	36.82 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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	67.52 %	72.02 %	90.25 %
Q2 2014	72.75 %	73.02 %	85.79 %
Q3 2014	67.59 %	68.17 %	80.06 %
Q4 2014	67.64 %	70.81 %	83.05 %
Q1 2015	61.62 %	65.51 %	79.62 %
Q2 2015	64.39 %	67.68 %	77.77 %
Q3 2015	59.78 %	61.14 %	73.13 %
Q4 2015	51.48 %	52.74 %	66.97 %
Q1 2016	62.61 %	62.72 %	78.25 %
Q2 2016	62.91 %	62.70 %	77.51 %
Q3 2016	61.13 %	60.79 %	76.88 %
Q4 2016	62.41 %	55.31 %	47.01 %
Q1 2017	62.54 %	62.59 %	81.06 %
Q2 2017	62.56 %	62.65 %	75.51 %
Q3 2017	54.72 %	53.69 %	67.99 %
Q4 2017	40.24 %	40.36 %	38.59 %
Q1 2018	60.77 %	52.87 %	50.32 %
Q2 2018	58.38 %	47.21 %	29.47 %
Q3 2018	55.74 %	47.00 %	31.16 %
Q4 2018	52.77 %	43.61 %	20.61 %
Q1 2019	58.95 %	56.69 %	50.70 %
Q2 2019	55.81 %	50.78 %	35.76 %
Q3 2019	56.36 %	53.27 %	34.14 %
Q4 2019	61.01 %	56.52 %	29.05 %
Q1 2020	55.62 %	52.97 %	29.18 %
Q2 2020	57.95 %	58.77 %	42.99 %
Q3 2020	46.02 %	50.97 %	12.53 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q3 2018	93.33	0.65	0.65	12.15
Q4 2018	93.33	0.51	0.58	12.18
Q1 2019	93.33	0.51	0.58	12.16
Q2 2019	93.33	0.54	0.61	11.57
Q3 2019	93.33	0.56	0.63	11.73
Q4 2019	93.33	0.69	0.69	11.88
Q1 2020	93.33	0.61	0.61	12.01
Q2 2020	93.33	0.38	0.59	11.19
Q3 2020	93.33	0.25	0.48	11.23

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2010	-	-	-	-
2011	93.33	0.95	0.95	5.76
2012	93.33	0.79	0.79	6.55
2013	93.33	0.92	0.92	7.47
2014	93.33	0.93	0.93	8.40
2015	93.33	1.01	1.01	9.41
2016	93.33	0.98	0.98	9.54
2017	93.33	1.27	1.02	13.16
2018	93.33	0.51	0.58	12.18
2019	93.33	0.69	0.69	11.88

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q3 2018	17.42	17.42	0.93
Q4 2018	20.87	18.54	0.88
Q1 2019	23.55	20.92	0.99
Q2 2019	19.83	17.72	0.93
Q3 2019	19.70	17.68	0.95
Q4 2019	16.87	16.87	0.99
Q1 2020	18.00	18.00	0.91
Q2 2020	30.25	19.29	1.02
Q3 2020	57.49	30.16	1.30

Period	P/E	Adjusted P/E	Price/book
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	14.97	14.97	1.54
2017	12.22	15.15	1.18
2018	20.87	18.54	0.88
2019	16.87	16.87	0.99

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	-
Q3 2018	33.86	6.39	0.26	-
Q4 2018	36.29	6.57	(0.75)	-
Q1 2019	34.74	5.26	-	-
Q2 2019	37.14	5.18	-	-
Q3 2019	34.88	3.46	4.38	-
Q4 2019	41.96	3.00	6.08	-
Q1 2020	33.56	2.36	6.02	-
Q2 2020	21.17	4.23	6.05	-
Q3 2020	28.06	0.82	8.10	-

Period	Retail sector	Hospitality sector	Office sector	Other activities
2016	130.64	-	1.03	-
2017	138.57	7.23	-	1.03
2018	140.30	24.38	-	-
2019	148.72	16.89	10.46	-

Financial Ratios

	Current
Market Cap (M Riyal)	2,286.59
Enterprise Value (EV) (M)	3,178.67
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	2.21
Return on Average Assets (%) (TTM)	(0.55 )
Return on Average Equity (%) (TTM)	(1.18 )

Alandalus Property Co. (ALANDALUS)

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Alandalus net profit tumbles 82% to SAR 8.9 mln in 9M 2020

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2020 Q3

Financial Ratios

Share Price

Alandalus Property Co. (ALANDALUS)

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Alandalus net profit tumbles 82% to SAR 8.9 mln in 9M 2020

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2020

Revenue by Business Segment (Latest) 2020 Q3

Financial Ratios

Share Price

Alandalus Property Co. (ALANDALUS)

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Business Segments (Million)