Alandalus Property Co. announces the interim financial results for the period ending on 30-09-2017 (Nine Months)
| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) | 26.42 | 26.37 | 0.19 | 27.57 | -4.17 |
| Gross profit (loss) | 21.26 | 20.97 | 1.38 | 22.84 | -6.92 |
| Operational profit (loss) | 28.41 | 28.36 | 0.18 | 29.54 | -3.83 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element | Current period | Similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) | 103.43 | 76.02 | 36.06 |
| Gross profit (loss) | 64.55 | 60.98 | 5.85 |
| Operational profit (loss) | 86.39 | 81.95 | 5.42 |
| Earning or loss per share, Riyals | 1.48 | 1.09 | - |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for quarter compared with same quarter last year | Net profit increased mainly because of the increase in rent revenues which led to the increase in gross profit and operating profit and despite the increase in cost of revenues as result of increase operational costs in Staybridge Hotel after its opening in the previous quarter. |
| Reasons of increase (decrease) for period compared with same period last year | Net profit increased because of the increase in rent revenues which led to the increase in gross profit and operating profit. Furthermore, the decrease in financing costs and the increase in income from investments in associates, in addition to the occurrence of gains on a land which has been excluded from investment properties and treated as in kind share to a new associate company. |
| Reasons of increase (decrease) for quarter compared with previous quarter | Net profit decreased due to the increase in cost of revenues as result of increase operational costs in Staybridge Hotel after its opening in the previous quarter. in addition to the increase in General and administrative expenses. |
| Reclassifications in quarterly financial results | Some of the figures related to comparable periods have been reclassified and represented to conform with the classification of current period figures. |
| Other notes | During the current quarter, Total revenues reached 38.85 million Riyal to achieve 13.27% increase compared to 34.30 million Riyal in the same quarter from previous year. During the current Period, Total revenues reached 108.06 million Riyal to achieve 10.21% increase compared to 98.05 million Riyal in the same Period from previous year. During the current quarter, Total comprehensive income reached 26.42 million Riyal to achieve 0.2 % increase compared to 26.37 million Riyal in the same quarter from previous year. and led to 4.17% decrease compared to 27.57 million Riyal in the previous quarter. During the current Period, Total comprehensive income reached 103.43 million Riyal to achieve 36.06% increase compared to 76.02 million Riyal in the same Period from previous year. As of the end of current Period, Total shareholders equity (No minority interest) reached 993.40 million Riyal to achieve 13.64% increase compared to 874.19 million Riyal (No minority interest) as of the end of same Period from previous year. The company has adopted IFRS starting from 1 January 2017, this led to the adjustment, reclassification and representation of many elements and disclosures related to comparable period to conform with IFRS which is currently adopted and authorized in KSA and to conform with other standards and publications issued by SOCPA. For more details, please refer to disclosure (8) from the disclosures included in initial financial statements for the period ended in 31 March 2017. |
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