Alandalus Property Co. reported net profit after Zakat and tax of SAR 14.3 million in 2020, down 78% from SAR 64.8 million in the previous year.
The profit decline was driven by lower revenue from retail and hospitality segments, which were impacted by the coronavirus crisis. In addition, the firm noted a decrease in gross profit, and lower profit share from associates.
The company also cited impairment losses on investment property and PPE of SAR 31.8 million, and higher finance cost pertaining to the acquisition of a new office complex in Riyadh in June 2020.
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Revenues | 176.06 | 167.82 | (4.7 %) |
| Gross Income | 102.40 | 95.66 | (6.6 %) |
| Operating Income | 66.93 | 54.09 | (19.2 %) |
| Net Income | 64.82 | 14.34 | (77.9 %) |
| Average Shares | 93.33 | 93.33 | - |
| EPS (Riyals) | 0.69 | 0.15 | (77.9 %) |
The Q4 2020 net profit after Zakat and tax also slumped by 63% year-on-year (YoY) to SAR 5.5 million.
| Item | Q4 2019 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 51.04 | 57.45 | 12.6 % |
| Gross Income | 31.14 | 37.08 | 19.1 % |
| Operating Income | 20.42 | 20.02 | (2.0 %) |
| Net Income | 14.83 | 5.45 | (63.2 %) |
| Average Shares | 93.33 | 93.33 | - |
| EPS (Riyals) | 0.16 | 0.06 | (63.2 %) |
| Item | Q3 2020 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 36.98 | 57.45 | 55.3 % |
| Gross Income | 17.02 | 37.08 | 117.9 % |
| Operating Income | 9.05 | 20.02 | 121.2 % |
| Net Income | 3.13 | 5.45 | 74.0 % |
| Average Shares | 93.33 | 93.33 | - |
| EPS (Riyals) | 0.03 | 0.06 | 74.0 % |
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