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.
| 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.
| 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 % |
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