Revenue have increased during the current year by 28% amounting to 214.3 million, compared to 167.82 million for the previous year. This increase mainly as a result of a 23% increase in the retail sector’s revenues as a result of provision for discounts for tenants in 2020, and the office sector, which increased by 46% due to the acquisition of the office building in Riyadh in Q2 2020. In addition, a 34% increase in the hospitality sector revenue due to increase the occupancy rate in Alandalus Mall Hotel.
As a result, the gross profit increased by 52% to 145 million and operating profit increased by 159% to 125 million due to Impairment loss on Assets amounting to 31.8 million in the previous year 2020
On 25 August 2021, the extraordinary general meeting approved to increase the share capital from SR 700 million to 933.3 million through the issuance of bonus shares at the rate of one share for every three shares, using retained earnings and statutory reserves.
Basic and diluted earnings per share is calculated by dividing the profit for the period attributable to the shareholders of the company by the weighted average number of ordinary shares outstanding during the period, Accordingly, the earnings per share for the comparative period were adjusted by adjusting the weighted average number of ordinary shares.
For more information, please refer to Note No. 1 and 20 in the financial statements for the year 2021.
The Consolidated Financial statements for the fiscal year ended 31st December 2021 will be available on Al-Andalus Website.
As well as the Investor Presentation for the same period will be available on Al-Andalus Property website and application within the Investors relations section under investors presentations.
http://www.alandalus.com.sa
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