Alandalus Property 9M 2023 profit falls 38% to SAR 33.1 mln; Q3 at SAR 7.2 mln

09/11/2023 Argaam Exclusive

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Alandalus Property Co. reported a 38% fall in net profit to SAR 33.1 million in the first nine months of 2023, compared to SAR 53.3 million a year earlier.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	160.66	163.95	2.0 %
Gross Income	109.58	108.00	(1.4 %)
Operating Income	73.75	66.83	(9.4 %)
Net Income	53.30	33.10	(37.9 %)
Average Shares	93.33	93.33	-
EPS (Riyals)	0.57	0.35	(37.9 %)

The profit decline was driven by a reduction in profit share in associate companies alongside higher general, administrative and marketing expenses. In addition, the company reported higher financing costs and increased Zakat provision.

The developer’s Q3 2023 net profit slumped 60% to SAR 7.2 million from SAR 18.04 million in the same period last year.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	53.27	55.54	4.3 %
Gross Income	35.40	36.83	4.1 %
Operating Income	23.28	23.53	1.0 %
Net Income	18.04	7.19	(60.2 %)
Average Shares	93.33	93.33	-
EPS (Riyals)	0.19	0.08	(60.2 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	53.95	55.54	3.0 %
Gross Income	35.77	36.83	3.0 %
Operating Income	21.58	23.53	9.0 %
Net Income	11.65	7.19	(38.3 %)
Average Shares	93.33	93.33	-
EPS (Riyals)	0.12	0.08	(38.3 %)

Sequentially, net profit declined 38.2% from SAR 11.6 million in Q2 2023.

Total shareholders’ equity, no minority interest, stood at SAR 1.068 billion as of Sept. 30, 2023, compared to SAR 1.069 billion a year earlier.

View More Financial Results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2014	23.73	-	16.02	-	21.42	-	0.23
Q2 2014	25.53	-	18.57	-	21.90	-	0.23
Q3 2014	27.33	-	18.47	-	21.88	-	0.23
Q4 2014	26.03	-	17.60	-	21.61	-	0.23
2014	102.61	5.7 %	70.67	(0.6 %)	86.81	1.5 %	0.93
Q1 2015	29.58	24.7 %	18.23	13.8 %	23.55	10.0 %	0.25
Q2 2015	31.72	24.3 %	20.42	10.0 %	24.67	12.6 %	0.26
Q3 2015	33.06	21.0 %	19.76	7.0 %	24.18	10.5 %	0.26
Q4 2015	32.37	24.4 %	16.66	(5.4 %)	21.68	0.3 %	0.23
2015	126.73	23.5 %	75.08	6.2 %	94.07	8.4 %	1.01
Q1 2016	31.69	7.1 %	19.84	8.8 %	24.80	5.3 %	0.27
Q2 2016	32.06	1.1 %	20.17	(1.2 %)	24.85	0.8 %	0.27
Q3 2016	34.30	3.8 %	20.97	6.1 %	26.37	9.1 %	0.28
Q4 2016	33.62	3.9 %	20.98	25.9 %	15.81	(27.1 %)	0.17
2016	131.67	3.9 %	81.96	9.2 %	91.82	(2.4 %)	0.98
Q1 2017	32.70	3.2 %	20.45	3.1 %	49.45	99.4 %	0.53
Q2 2017	36.51	13.9 %	22.84	13.2 %	27.57	10.9 %	0.30
Q3 2017	38.86	13.3 %	21.26	1.4 %	26.42	0.2 %	0.28
Q4 2017	38.77	15.3 %	15.60	(25.7 %)	14.96	(5.3 %)	0.16
2017	146.83	11.5 %	80.15	(2.2 %)	118.39	28.9 %	1.27
Q1 2018	40.79	24.7 %	24.79	21.2 %	20.52	(58.5 %)	0.22
Q2 2018	41.28	13.1 %	24.10	5.5 %	12.16	(55.9 %)	0.13
Q3 2018	40.51	4.3 %	22.58	6.2 %	12.62	(52.2 %)	0.14
Q4 2018	42.11	8.6 %	22.22	42.4 %	2.67	(82.2 %)	0.03
2018	164.68	12.2 %	93.69	16.9 %	47.97	(59.5 %)	0.51
Q1 2019	40.00	(1.9 %)	23.58	(4.9 %)	20.28	(1.2 %)	0.22
Q2 2019	42.31	2.5 %	23.61	(2.0 %)	15.13	24.4 %	0.16
Q3 2019	42.72	5.5 %	24.08	6.6 %	14.59	15.6 %	0.16
Q4 2019	51.04	21.2 %	31.14	40.1 %	14.83	456.3 %	0.16
2019	176.06	6.9 %	102.40	9.3 %	64.82	35.1 %	0.69
Q1 2020	41.94	4.9 %	23.33	(1.1 %)	12.24	(39.6 %)	0.13
Q2 2020	31.45	(25.7 %)	18.23	(22.8 %)	(6.48)	(142.8 %)	(0.07)
Q3 2020	36.98	(13.4 %)	17.02	(29.3 %)	3.13	(78.5 %)	0.03
Q4 2020	57.45	12.6 %	37.08	19.1 %	5.45	(63.2 %)	0.06
2020	167.82	(4.7 %)	95.66	(6.6 %)	14.34	(77.9 %)	0.15
Q1 2021	50.54	20.5 %	33.61	44.1 %	18.96	54.9 %	0.20
Q2 2021	52.36	66.5 %	35.52	94.9 %	19.23	396.8 %	0.21
Q3 2021	55.44	49.9 %	37.43	119.9 %	19.37	518.2 %	0.21
Q4 2021	56.04	(2.5 %)	38.47	3.7 %	10.42	91.2 %	0.11
2021	214.39	27.7 %	145.03	51.6 %	67.98	374.0 %	0.73
Q1 2022	53.30	5.5 %	36.69	9.1 %	19.79	4.4 %	0.21
Q2 2022	54.09	3.3 %	37.50	5.6 %	15.47	(19.6 %)	0.17
Q3 2022	53.27	(3.9 %)	35.40	(5.4 %)	18.04	(6.8 %)	0.19
Q4 2022	55.45	(1.1 %)	32.83	(14.7 %)	13.48	29.3 %	0.14
2022	216.11	0.8 %	142.41	(1.8 %)	66.77	(1.8 %)	0.72
Q1 2023	54.47	2.2 %	35.40	(3.5 %)	14.26	(27.9 %)	0.15
Q2 2023	53.95	(0.3 %)	35.77	(4.6 %)	11.65	(24.7 %)	0.12
Q3 2023	55.54	4.3 %	36.83	4.1 %	7.19	(60.2 %)	0.08

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2013	97.08	4.9 %	71.06	8.2 %	85.56	16.0 %	0.92
2014	102.61	5.7 %	70.67	(0.6 %)	86.81	1.5 %	0.93
2015	126.73	23.5 %	75.08	6.2 %	94.07	8.4 %	1.01
2016	131.67	3.9 %	81.96	9.2 %	91.82	(2.4 %)	0.98
2017	146.83	11.5 %	80.15	(2.2 %)	118.39	28.9 %	1.27
2018	164.68	12.2 %	93.69	16.9 %	47.97	(59.5 %)	0.51
2019	176.06	6.9 %	102.40	9.3 %	64.82	35.1 %	0.69
2020	167.82	(4.7 %)	95.66	(6.6 %)	14.34	(77.9 %)	0.15
2021	214.39	27.7 %	145.03	51.6 %	67.98	374.0 %	0.73
2022	216.11	0.8 %	142.41	(1.8 %)	66.77	(1.8 %)	0.72

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2020	57.00 %	51.82 %	27.51 %
2020	57.00 %	51.82 %	27.51 %
Q1 2021	60.05 %	54.90 %	29.98 %
Q2 2021	62.45 %	56.08 %	29.69 %
Q3 2021	66.56 %	58.98 %	33.98 %
Q4 2021	67.65 %	60.97 %	31.71 %
2021	67.65 %	60.97 %	31.71 %
Q1 2022	68.20 %	61.46 %	31.69 %
Q2 2022	68.57 %	61.25 %	29.72 %
Q3 2022	68.32 %	59.74 %	29.40 %
Q4 2022	65.90 %	59.79 %	30.90 %
2022	65.90 %	59.79 %	30.90 %
Q1 2023	64.95 %	57.23 %	28.19 %
Q2 2023	64.20 %	55.60 %	26.45 %
Q3 2023	64.19 %	55.62 %	21.23 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2020	57.00 %	51.82 %	27.51 %
2021	67.65 %	60.97 %	31.71 %
2022	65.90 %	59.79 %	30.90 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2020	64.54 %	47.73 %	27.47 %
Q1 2021	66.51 %	63.50 %	37.51 %
Q2 2021	67.83 %	61.70 %	36.72 %
Q3 2021	67.52 %	63.95 %	34.93 %
Q4 2021	68.64 %	55.04 %	18.60 %
Q1 2022	68.84 %	65.40 %	37.12 %
Q2 2022	69.32 %	60.84 %	28.59 %
Q3 2022	66.45 %	57.88 %	33.87 %
Q4 2022	59.20 %	55.20 %	24.31 %
Q1 2023	65.00 %	55.05 %	26.19 %
Q2 2023	66.30 %	54.29 %	21.59 %
Q3 2023	66.32 %	57.88 %	12.94 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q4 2020	93.33	0.15	0.49	11.28
Q1 2021	93.33	0.23	0.57	11.49
Q2 2021	93.33	0.50	0.63	11.32
Q3 2021	93.33	0.68	0.79	11.53
Q4 2021	93.33	0.73	0.73	11.39
Q1 2022	93.33	0.74	0.74	11.35
Q2 2022	93.33	0.70	0.70	11.52
Q3 2022	93.33	0.68	0.68	11.46
Q4 2022	93.33	0.72	0.72	11.60
Q1 2023	93.33	0.66	0.66	11.50
Q2 2023	93.33	0.62	0.62	11.63
Q3 2023	93.33	0.50	0.50	11.45

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2020	93.33	0.15	0.49	11.28
2021	93.33	0.73	0.73	11.39
2022	93.33	0.72	0.72	11.60

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q4 2020	More than 100	32.11	1.41
Q1 2021	76.43	30.44	1.50
Q2 2021	40.63	32.43	1.80
Q3 2021	31.32	26.90	1.83
Q4 2021	24.71	24.71	1.58
Q1 2022	24.42	24.42	1.59
Q2 2022	22.41	22.41	1.36
Q3 2022	23.00	23.00	1.37
Q4 2022	21.66	21.66	1.34
Q1 2023	26.36	26.36	1.50
Q2 2023	32.60	32.60	1.73
Q3 2023	44.09	44.09	1.92

Period	P/E	Adjusted P/E	Price/book
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
2020	More than 100	32.11	1.41
2021	24.71	24.71	1.58
2022	21.66	21.66	1.34

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	-
Q4 2020	44.94	1.13	11.38	-
Q1 2021	37.33	1.91	11.30	-
Q2 2021	38.35	2.59	11.42	-
Q3 2021	40.73	3.16	11.55	-
Q4 2021	40.70	3.79	11.55	-
Q1 2022	38.35	3.65	11.30	-
Q2 2022	39.21	3.46	11.42	-
Q3 2022	37.88	3.84	11.55	-
Q4 2022	40.47	3.43	11.55	-
Q1 2023	39.30	3.86	11.30	-
Q2 2023	38.63	3.89	11.42	-
Q3 2023	39.68	4.31	11.55	-

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	-
2020	127.73	8.55	31.55	-
2021	157.11	11.46	45.82	-
2022	155.91	14.38	45.82	-

Financial Ratios

	Current
Market Cap (M Riyal)	2,323.92
Enterprise Value (EV) (M)	3,152.28
Shares Outstanding ((M))	93.33
EPS ( Riyal) (TTM)	0.29
Book Value (BV) ( Riyal)	11.29
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	More than 100
P/E (TTM)	More than 100
Price/book	2.21
Return on Average Assets (%) (TTM)	1.2
Return on Average Equity (%) (TTM)	2.5

Alandalus Property Co. (ALANDALUS)

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Alandalus Property 9M 2023 profit falls 38% to SAR 33.1 mln; Q3 at SAR 7.2 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (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) 2023 Q3

Financial Ratios

Share Price

Alandalus Property Co. (ALANDALUS)

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Alandalus Property 9M 2023 profit falls 38% to SAR 33.1 mln; Q3 at SAR 7.2 mln

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2023

Revenue by Business Segment (Latest) 2023 Q3

Financial Ratios

Share Price

Alandalus Property Co. (ALANDALUS)

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Business Segments (Million)