Alandalus Property Co. announces its Annual financial results for the period ending on 2018-12-31

Element List	Current Year	Previous Year	%Change
Sales/Revenue	164.68	146.83	12.156
Total Profit (Loss)	93.68	80.15	16.88
Profit (Loss) Operational	92.56	104.57	-11.485
Net Profit (Loss) after Zakat and Tax	47.97	118.39	-59.481
Total Comprehensive Income	48	118.18	-59.383
Total Share Holders Equity (after deducting minority equity)	1,136.34	1,228.34	-7.489
Profit (Loss) per Share	0.69	1.69
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
Reason for increase (decrease) in net profit for current year compared to last year	The net profit attributable to shareholders of the company has decreased mainly because of: * The change of ownership interests of the Parent Company in both Al-Andalus mall and Staybridge hotel which are owned by Alahli REIT 1 fund.

*Achieving an extraordinary gain on a land excluded from investment properties and used as in-kind share to a new associate company (West Jeddah Hospital Company) in the previous year.

* The decrease in operating profit as a result of the increase in general and admin expenses due to alahli REIT1 fund management fees, in addition to the increase of the allowance of impairment losses related to receivables from operating leases, and as result of the decrease in income from investment in associate companies.

* The Impairment of investment in associate (Hamat Real Estate Company) and increase in Zakat provision for 2018.

Net profit decreased despite the increase in gross profit due to increase the Revenue. Type of the external auditor's opinion Unmodified opinion Reclassifications in annual financial results Some of the figures related to comparable periods have been reclassified and represented to conform with the classification of current period figures. Additional Information The Revenue has increased from SAR 146.83 million in 2017 to SAR 164.68 million in 2018 achieving increase by 12.16%, The increase was due to the growth of 237% to SAR 24.4 million compared to SAR 7.2 million for the Hospitality Sector (Stay Bridge Jeddah Hotel) , and to the growth of 1.2 % to SAR 140.30 million compared to SAR 138.6 million for Retail Sector (Alandalus Mall) leading to increase the gross profit of 16.88 % to SAR 93.68 million compared to SAR 80.15 million.

Starting from 1 January 2018, the company applied IFRS 9 and IFRS 15, This application did not cause any significant impact on the company financial statements.

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