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Alandalus Property Co. announces its Interim Financial results for the Period Ending on 2024-09-30 ( Nine Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 58.68 | 55.54 | 5.653 | 58.71 | -0.051 |
| Gross Profit (Loss) | 35.14 | 36.83 | -4.588 | 36.92 | -4.821 |
| Operational Profit (Loss) | 12.74 | 26.76 | -52.391 | 6.51 | 95.698 |
| Net profit (Loss) | -9.24 | 7.19 | - | -11.25 | -17.866 |
| Total Comprehensive Income | -9.24 | 7.19 | - | -11.25 | -17.866 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 170.39 | 163.95 | 3.928 |
| Gross Profit (Loss) | 104.28 | 108 | -3.444 |
| Operational Profit (Loss) | 42.88 | 86.39 | -50.364 |
| Net profit (Loss) | -15.77 | 33.1 | - |
| Total Comprehensive Income | -15.77 | 33.1 | - |
| Total Shareholders Equity (after Deducting Minority Equity) | 1,032.8 | 1,068.89 | -3.376 |
| Profit (Loss) per Share | -0.17 | 0.35 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | The company's consolidated revenues reached 58.68 million riyals in the third quarter of the current year 2024, with an increase of 5.65% compared to the revenues in the same quarter of the previous year, which amounted to 55.54 million riyals. The main reason for the increase is the 16.4% rise in revenues from the hospitality sector due to the higher occupancy rate at Alandalus Mall Hotel, in addition to a 40.5% increase in revenues in the office sector resulting from the revenue recorded from leasing Yasmine Alandalus Tower in Riyadh. This increase occurred despite a nearly 5.5% decrease in revenues from the retail and operations sector compared to the same quarter of the previous year. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The company recorded a net loss of 9.24 million riyals during the third quarter of 2024, compared to a net profit of 7.19 million riyals during the same quarter of the previous year. The main reason for this loss is the 52.39% decrease in operating profit due to some sister companies incurring operational losses, particularly West Jeddah Hospital company, due to the opening and commencement of operations of Dr. Sulaiman Al Habib Hospital (Al-Fayhaa) in Jeddah at the end of the first quarter of this year, as well as due to the losses in Al-Jawharah AlKubra Co, Additionally, the profits of Al-Aswaq AlMutatuwerah company decreased, and the General and administrative expenses increased. Moreover, financing costs increased by 39.8%. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The company's consolidated revenues reached 58.68 million riyals in the third quarter of the current year 2024, a very slight decrease of 0.05% compared to the revenues in the previous quarter of the same year, which amounted to 58.71 million riyals. Where was a decrease of 10% in revenues from the hospitality sector. In contrast, revenues from office and retails sectors increased by 2% and 1% respectively. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The company recorded a net loss of 9.24 million riyals during the third quarter of 2024, compared to a net loss of 11.25 million riyals during the previous quarter. Where a 95% increase in operating profit due to the decrease in losses of some sister companies, and the decrease in marketing expenses as well as the impairment of Receivables from operating leases. In contrast, financing costs increased by 22%. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | The company's consolidated revenues reached 170.39 million riyals during the current period of 2024, an increase of 3.93% compared to the revenues of 163.95 million riyals in the same period of the previous year. The main reason for the increase is the 27% rise in revenues from the hospitality sector due to the higher occupancy rate at Alandalus Mall Hotel, in addition to a 27% increase in revenues in the office sector resulting from the revenue recorded from leasing Yasmine Alandalus Tower in Riyadh. This increase occurred despite a 5.1% decrease in revenues from the retail and operations sector compared to the same period of the previous year. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The company recorded a net loss of 15.77 million riyals during the current period of 2024, compared to a net profit of 33.1 million riyals during the same period of the previous year, 2023. The main reason for this loss is the 50.36% decrease in operating profit due to some sister companies incurring operational losses, particularly the West Jeddah Hospital company, due to the opening and commencement of operations of Dr. Sulaiman Al Habib Medical Hospital (Al-Fayhaa) in Jeddah at the end of the first quarter of this year, and the losses in Al Jawhara Al Kubra company, along with an increase in the provision for impairment of operating lease receivables. Moreover, financing costs increased by 31.12%. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Reclassification of Comparison Items | Some of the figures related to comparable quarters have been reclassified and represented to conform with the classification of current quarter figures. |
| Additional Information | We would like to draw the attention of our esteemed shareholders to the fact that the condensed consolidated financial statements for the period ending September 30, 2024, will be available through the company's website at the link below, after being submitted to the competent authorities. The investor report for the current period will also be available on the Alandalus Property Company Investor Relations mobile application and website under the Investor Relations section and the Investor Presentation section. http://www.alandalus.com.sa |
| Attached Documents |  |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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