Alandalus Property Co. · TADAWUL:4320
Alandalus Property — Q3 2023 Earnings Presentation
31 slides from Alandalus Property's earnings presentation, Dec 1, 2023
Slide 1: Investor Presentation Q3 2023
Alandalus Property Q2 2023 Investor Presentation Q3 2023
Slide 2: Q3 2023 Disclaimer
Alandalus Property Q3 2023 Disclaimer The information contained in this presentation is subject to change without further notice, its accuracy is not guaranteed, and it may not contain all material information concerning the company. Neither we nor our advisors make any representation regarding, and
Slide 3: Contents
Alandalus Property Q3 2023 Contents Overview 4 Operational Performance 12 Financial Performance 21 3
Slide 4: Overview
Overview Alandalus Property Q2 2023 4
Slide 5: Alandalus Property is a pioneering Tadawul-listed real estate company
Change picture Alandalus Property Q3 2023 Alandalus Property is a pioneering Tadawul-listed real estate company involved in the investment, development and operation of income- generating properties across the Kingdom of Saudi Arabia
Slide 6: Mission and Vision
Mission To develop and operate unique and compelling destinations differentiated by engaging guests, customers and communities through experiences that foster loyalty, frequency of visits and lifetime value which ultimately drive and sustain unparalleled growth Vision To become the most admired and
Slide 7: Q3 2023 Performance at a Glance
Alandalus Property Q3 2023 Q3 2023 Performance at a Glance >12.5m 164m 66% Total Mall Footfall Revenue (SAR) Gross Profit Margin 96% 53% 68% Avg Occupancy Rate of Operating Profit Margin EBITDA Margin Regional Malls Portfolio
Slide 8: Commercial Sectors
Commercial Sectors Alandalus Property Q3 2023 RETAIL HOSPITALITY OFFICES HEALTHCARE Super Regional Regional Strip Malls Malls Malls Al Andalus Salama West Jeddah Mall Hotel Tower Hospital QBIC Building Yasmeen Alandalus Tower 8
Slide 9: Strategic Objectives
Strategic Objectives Alandalus Property Q3 2023 Each business unit has a common set of strategic objectives that drive operations and functional focus Stakeholder Operational Project Strategic Investments Engagement Performance Acquisition & Partnerships Collaborate with all Drive footfall by Identi
Slide 10: Our Six Pillar Strategy to Enhance Value & Generate Growth
Alandalus Property Q3 2023 Our Six Pillar Strategy to Enhance Value & Generate Growth Pillar s Retail Food & Interactive Neighboring Entertainment Services offerings Beverage Engagement Developments • Partner with key • Distinctive with • Unique, • Leverage • Physical and • Locate new retail houses
Slide 11: Commercial Principles
Commercial Principles Alandalus Property Q3 2023 Assets should always be Retail and hospitality properties operative, never idle developed as standalone or mixed-use; healthcare properties developed only as mixed-use A healthy balance sheet APC not vertically integrated with liquid assets and low wi
Slide 12: Operational Performance
Operational Alandalus Property Q2 2023 Performance
Slide 13: Retail
Retail Alandalus Property Q3 2023 TYPE # OF MALLS GLA TOTAL FOOTFALL Super Regional 2 178k 10M Malls Regional Malls 1 45k 2.5M Strip Malls 4 28k N/A 13
Slide 14: Hospitality
Hospitality Alandalus Property Q3 2023 Profile Profile Alandalus Mall hotel Location: Jeddah Area: 28,255 sqm Ownership: Al Ahli REIT Fund I (68.73% APC) Operated by: Alandalus Property. Occupancy Rate: 61% RevPAR: SAR 204 14
Slide 15: Offices: Salama Tower
Offices Alandalus Property Q3 2023 Profile Salama Tower Location: Jeddah Net Leasable 31,420 sqm Area: Ownership: Al Ahli REIT Fund I (68.73% APC) Annual Rental SAR 23 million Value: Rental Period: 5 years since AUG 2019 15
Slide 16: Offices: Qbic Plaza
Offices Alandalus Property Q3 2023 Profile Qbic Plaza Location: Riyadh Net Leasable sqm Area: Ownership: Al Ahli REIT Fund I (68.73% APC) Annual Rental SAR million Value: Rental Period: 3 years since JUN 2023 16
Slide 17: Offices: Yasmeen Alandalus Tower
Offices Alandalus Property Q3 2023 Profile Yasmeen Alandalus Tower Location: Riyadh Net Leasable 9,838 sqm Area: Ownership: APC 100% Annual Rental Still working Value: on it to study better Rental Rental Period: offers for the building 17
Slide 18: Ongoing Investments
Ongoing Investments Alandalus Property Q3 2023 The Vallage Mall Location: ▪ Jeddah Type: ▪ Super Regional Mall Area: ▪ 124,880 sqm Ownership: ▪ Al-Jawhara Al-Kubra (25% APC) Total expected project cost: ▪ SAR 873 million Opening: ▪ launched Q3 2023 West Jeddah Hospital Location: ▪ Jeddah Type ▪ Heal
Slide 19: Ongoing Investments
Ongoing Investments Alandalus Property Q3 2023 Al-Sawari District Land Project Location: ▪ Jeddah Type: ▪ BOD still studying the best investment for the land Area: ▪ 130,477 sqm Ownership: ▪ Sorouh Al-Marakez (25% APC) Umm Jurfan Land Project Location: ▪ Makkah Type: ▪ BOD still studying the best in
Slide 20: Ongoing Investments
Ongoing Investments Alandalus Property Q3 2023 Alandalus Mall Expansion Location: ▪ Jeddah Type: ▪ Adding an external space for food and beverage in addition to a parking building Area: ▪ 15000 m2 Ownership: ▪ Owned by AlAhli REIT Fund (1) where APC owns 68.73% of its stakes Total expected project c
Slide 21: Revenue (SAR Millions)
Revenue Alandalus Property Q3 2023 220 +8 % 216 163.9 m 100% (SAR Millions) Retail Revenue 214 71.7% +2.0 % 176 168 165 147 160.7 163.9 m m Q3 7.4% Hospitality 20.9% Offices 0 2017 2018 2019 2020 2021 2022 Q3 2023 Q3 2023 22
Slide 22: Gross Income & Margin
Gross Income & Margin Alandalus Property Q3 2023 Gross Margin (%) Gross Income (SAR Million) 150 100% 142.4 + 11 % 68% 66% 100 66% 58% 58% Gross Margin 57% 57% (SAR Millions) 142.4 Gross Income 6Y Avg: 60.5% (%) 145.0 50 102.4 95.7 -1.4 % 93.7 84.4 108.0 m 109.6 m Q3 Q3 0 0% 2017 2018 2019 2020 2021
Slide 23: Operating Income & Margin
Operating Income & Margin Alandalus Property Q3 2023 Operating Margin (%) Operating Income (SAR Million) 150 100% 3.2% 127.3 74% 100 Operating Income 59% 59% Operating Margin 58% (SAR Millions) 6Y Avg: 55.9% 56% 53% 127.3 50% (%) 125.1 108.8 104.2 29% 50 92.6 -10.5 % 96.5 86.4 m m 48.3 Q3 Q3 0 0% 20
Slide 24: EBITDA & Margin
EBITDA & Margin Alandalus Property Q3 2023 EBITDA Margin (%) EBITDA (SAR Million) 150% 5.8 % 150 161.3 100% EBITDA Margin 161.3 EBITDA Income (SAR Millions) 100 83% 70.0%* 72% 74% 74.7% 6Y Avg (%) 67% 67.7% 158.2 127.3 48% 122.0 -8.5 % 50% 110.9 50 81.2 121.3 111.0 m m Q3 Q3 0 0% 2017 2018 2019 2020
Slide 25: Net Income (shareholders) & Margin
Net Income (shareholders) & Margin Alandalus Property Q3 2023 Net Margin (%) Net Income (SAR Million) 150 100% 81% - 10.8% 100 (SAR Millions) Net Margin Net Income 52% (%) 44.2% 50% 1 41% 43.1% 6Y Avg: 45.3% 118.4 66.8 28.1% 50 2 64.8 68.0 48.0 11.8% 3 53.3 m -37.9 % 48.0 Q3 33.1 m 0 0% 2017 2018 20
Slide 26: Return on Equity (ROE)
Return on Equity (ROE) Alandalus Property Q3 2023 10.9 6.42 6.23 5.8 4.1 4.366Y Avg: 5.8% 1.3 0% 2017 2018 2019 2020 2021 2022 2023 27
Slide 27: Return on Assets (ROA)
Return on Assets (ROA) Alandalus Property Q3 2023 8.3% 4.4% 5.2% 4.6% 4.3% 6Y Avg: 4.6% 2.9% 0.9% 0% 2017 2018 2019 2020 2021 2022 2023 28
Slide 28: Funds From Operations (FFO)
Funds From Operations (FFO) Alandalus Property Q3 2023 FFO % of Revenue FFO (SAR Million) -2.5 % 100% 88% 150 77.4% 6Y Avg: 65.5 % 85% 61% 70% 60.9% 52.8% 100 181.6 50% 36% 129.7 117.7 114.1 50 100.7 99.9 63.6 0 0% 2017 2018 2019 2020 2021 2022 Q3 2023 29
Slide 29: Liquidity
Liquidity Alandalus Property Q3 2023 Net Working Capital -24.6% 279,398 185,864 192,460 212,254 166,976 160,532 160,074 2017 2018 2019 2020 2021 2022 Q3 2023 Current Ratio 2.7 3.00 3.07 2.50 2.72 2.56 2.64 2.34 2017 2018 2019 2020 2021 2022 Q3 2023 30
Slide 30: Leverage
Leverage Alandalus Property Q3 2023 Debt-Equity Ratio 0.84 0.60 0.64 0.64 0.37 0.18 0.07 2017 2018 2019 2020 2021 2022 Q3 2023 * Debt-Assets Ratio 0.46 0.38 0.39 0.39 0.27 0.17 0.07 2017 2018 2019 2020 2021 2022 Q3 2023 * Note: * Debt-Equity ratio and Debt-Asset ratio would be 74% and 40%, respectiv
Slide 31: Consolidated Balance Sheet as at September 2023
Consolidated Balance Sheet as at 30 September 2023 Alandalus Property Q3 2023 Total Assets (SAR million) Total Liabilities & Equity (SAR million) 2,064 2,259 2,064 2,259 124 119 525 525 707 915 1,224 1,454 1,070 1,069 316 279 164 156 2022 2023 2022 2023 Investments Fixed Assets Current Assets Curren