Alandalus Property Co.’s net profit climbed 36 percent year-on-year (YoY) to SAR 103.4 million in the first nine months of 2017. The developer ascribed the increase to higher rental revenues and income from investment in associates along with lower financing charges.
In addition, the developer realized gains on a plot of land which has been recognized as a share in-kind in a new associate.
| Item | 9m 2016 | 9m 2017 | Change |
|---|---|---|---|
| Revenues | 98.05 | 108.06 | 10.2 % |
| Gross Income | 60.98 | 64.55 | 5.9 % |
| Operating Income | 51.71 | 55.12 | 6.6 % |
| Net Income | 76.02 | 103.43 | 36.1 % |
| Average Shares | 93.33 | 93.33 | - |
| EPS (Riyals) | 0.81 | 1.11 | 36.1 % |
The third-quarter net profit edged up 0.2 percent YoY to SAR 26.4 million, driven by a rise in rental revenue despite higher operating costs.
Compared to the previous quarter, Q3 net profit dropped 4.2 percent, hurt by an increase in the cost of revenue and operating expenses after launching Staybridge Hotel in Q2 2017.
| Item | Q3 2016 | Q3 2017 | Change |
|---|---|---|---|
| Revenues | 34.30 | 38.86 | 13.3 % |
| Gross Income | 20.97 | 21.26 | 1.4 % |
| Operating Income | 17.64 | 17.55 | (0.5 %) |
| Net Income | 26.37 | 26.42 | 0.2 % |
| Average Shares | 93.33 | 93.33 | - |
| EPS (Riyals) | 0.28 | 0.28 | 0.2 % |
| Period | Revenues | Change | Gross Income | Change | Net Income | Change | EPS(Riyal) |
|---|---|---|---|---|---|---|---|
| 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 |
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2017 | 62.23 % | 60.30 % | 70.49 % |
| Q2 2017 | 62.16 % | 60.37 % | 70.19 % |
| Q3 2017 | 60.37 % | 58.44 % | 67.96 % |
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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 |
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2017 | 11.26 | 14.03 | 1.40 |
| Q2 2017 | 13.39 | 16.58 | 1.65 |
| Q3 2017 | 12.26 | 15.19 | 1.47 |
Q3 2017
| Period | Retail sector | Hospitality sector | Office sector | Other activities |
|---|---|---|---|---|
| Q1 2017 | 32.44 | - | 0.26 | 0.22 |
| Q2 2017 | 35.90 | - | 0.26 | - |
| Q3 2017 | 36.10 | 1.99 | 0.26 | - |
| Current | |
| Market Cap (M Riyal) | 2,232.45 |
| Enterprise Value (EV) (M) | 3,015.92 |
| 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 50 |
| P/E (TTM) | More than 50 |
| Price/book | 2.12 |
| Return on Average Assets (%) (TTM) | 1.2 |
| Return on Average Equity (%) (TTM) | 2.5 |
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