Arabian Centres Co. reported a net profit after Zakat and tax of SAR 642.6 million for fiscal year ending March 31, 2020, a decrease of 20% year-on-year (YoY), compared to SAR 804.1 million in the same period last year.
| Item | 2018 | 2019 | Change |
|---|---|---|---|
| Revenues | 2,176.40 | 2,197.32 | 1.0 % |
| Gross Income | 1,393.91 | 1,438.44 | 3.2 % |
| Operating Income | 1,216.44 | 1,242.82 | 2.2 % |
| Net Income | 789.60 | 633.93 | (19.7 %) |
| Average Shares | 475.00 | 475.00 | - |
| EPS (Riyals) | 1.66 | 1.33 | (19.7 %) |
| Item | Q4 2018 | Q4 2019 | Change |
|---|---|---|---|
| Revenues | 556.41 | 508.15 | (8.7 %) |
| Gross Income | 370.64 | 317.61 | (14.3 %) |
| Operating Income | 323.18 | 262.87 | (18.7 %) |
| Net Income | 251.20 | 97.99 | (61.0 %) |
| Average Shares | 475.00 | 475.00 | - |
| EPS (Riyals) | 0.53 | 0.21 | (61.0 %) |
| Item | Q3 2019 | Q4 2019 | Change |
|---|---|---|---|
| Revenues | 557.54 | 508.15 | (8.9 %) |
| Gross Income | 361.73 | 317.61 | (12.2 %) |
| Operating Income | 314.60 | 262.87 | (16.4 %) |
| Net Income | 107.89 | 97.99 | (9.2 %) |
| Average Shares | 475.00 | 475.00 | - |
| EPS (Riyals) | 0.23 | 0.21 | (9.2 %) |
The profit decline was attributed to higher depreciation charges and interest expenses on lease liabilities, in addition to implementation of IFRS 16.
Furthermore, the company reported a 174% YoY surge in impairment losses on accounts receivable, higher general and administrative expenses, as well as advertisement and promotion costs.
The company’s Q4 2019/2020 net profit fell 62.1% to SAR 96.8 million, from SAR 255.4 million in the year-earlier period.
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