Alandalus Property Co. posted an 8% decline in H1 2022 net profit after Zakat and tax to SAR 35.3 million, from SAR 38.2 million in the year-ago period.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 102.91 | 107.39 | 4.4 % |
| Gross Income | 69.13 | 74.18 | 7.3 % |
| Operating Income | 47.24 | 50.47 | 6.8 % |
| Net Income | 38.19 | 35.25 | (7.7 %) |
| Average Shares | 93.33 | 93.33 | 0.0 % |
| EPS (Riyals) | 0.41 | 0.38 | (7.7 %) |
The profit decline was attributed to lower share of income from associates and higher general and administrative, as well as Zakat, expenses along with lower other income.
This came despite the increase in gross revenue and gross profit.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 52.36 | 54.09 | 3.3 % |
| Gross Income | 35.52 | 37.50 | 5.6 % |
| Operating Income | 23.82 | 23.93 | 0.4 % |
| Net Income | 19.23 | 15.47 | (19.6 %) |
| Average Shares | 93.33 | 93.33 | 0.0 % |
| EPS (Riyals) | 0.21 | 0.17 | (19.6 %) |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 53.30 | 54.09 | 1.5 % |
| Gross Income | 36.69 | 37.50 | 2.2 % |
| Operating Income | 26.54 | 23.93 | (9.8 %) |
| Net Income | 19.79 | 15.47 | (21.8 %) |
| Average Shares | 93.33 | 93.33 | - |
| EPS (Riyals) | 0.21 | 0.17 | (21.8 %) |
In the three-month period, net profit after Zakat and tax fell almost 20% to SAR 15.5 million, from SAR 19.2 million in Q2 2021.
On a quarterly basis, the second-quarter net profit dropped 22% from SAR 19.8 million.
Total shareholders’ equity, after minority interest, increased to SAR 1.075 billion as of June 30, 2022, compared to SAR 1.056 billion a year earlier.
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