Alandalus Property Co.’s net profit plunged 59.5 percent year-on-year (YoY) in fiscal year 2018 to SAR 47.9 million due to a change of ownership interests in Al-Andalus mall and Staybridge hotel, which are owned by Alahli REIT 1 fund.
| Item | 2017 | 2018 | Change |
|---|---|---|---|
| Revenues | 146.83 | 164.68 | 12.2 % |
| Gross Income | 80.15 | 93.69 | 16.9 % |
| Operating Income | 66.48 | 60.11 | (9.6 %) |
| Net Income | 118.39 | 47.97 | (59.5 %) |
| Average Shares | 93.33 | 93.33 | - |
| EPS (Riyals) | 1.27 | 0.51 | (59.5 %) |
The developer recorded an extraordinary gain on a land plot excluded from investment properties and used as in-kind share to a new associate company, West Jeddah Hospital Co. last year.
The company also attributed declined profit to lower operating profit on higher general and administrative expenses, higher provisions for impairment losses and lower income from associates.
| Item | Q4 2017 | Q4 2018 | Change |
|---|---|---|---|
| Revenues | 38.77 | 42.11 | 8.6 % |
| Gross Income | 15.60 | 22.22 | 42.4 % |
| Operating Income | 11.36 | 13.31 | 17.1 % |
| Net Income | 14.96 | 2.67 | (82.2 %) |
| Average Shares | 93.33 | 93.33 | - |
| EPS (Riyals) | 0.16 | 0.03 | (82.2 %) |
| Period | Revenues | Change | Gross Income | Change | Net Income | Change | EPS(Riyal) |
|---|---|---|---|---|---|---|---|
| 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 |
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| 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 % |
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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 |
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| 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 |
Q4 2018
| Period | Retail sector | Hospitality sector | Office sector | Other activities |
|---|---|---|---|---|
| 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) | - |
| Current | |
| Market Cap (M Riyal) | 2,236.19 |
| Enterprise Value (EV) (M) | 3,019.66 |
| 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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