| Element List | Current Quarter | Similar Quarter For Previous Year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 53 | 54.47 | -2.698 | 51.21 | 3.495 |
| Gross Profit (Loss) | 32.22 | 35.4 | -8.983 | 29.7 | 8.484 |
| Operational Profit (Loss) | 23.64 | 30.79 | -23.221 | 20.4 | 15.882 |
| Net profit (Loss) | 4.72 | 14.26 | -66.9 | 3.32 | 42.168 |
| Total Comprehensive Income | 4.72 | 14.26 | -66.9 | 3.02 | 56.291 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar Period For Previous Year | %Change |
|---|---|---|---|
| Total Share Holders Equity (After Deducting the Minority Equity) | 1,053.29 | 1,073.39 | -1.872 |
| Profit (Loss) per Share | 0.05 | 0.15 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Percentage Of The Capital (%) | Amount | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | The company's consolidated revenues amounted to 53 million Riyals in Q1 2024, a decrease of 2.70% from the revenues of the similar quarter of the previous year, which amounted to 54.47 million Riyals. The decrease is due to a 6% drop in retail and operations sector revenues compared to the similar period of the previous year. This is despite a 21% increase in hospitality sector revenues and stable revenues in the office sector. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The decrease in net profit attributable to the company's shareholders is mainly due to:
• Increased financing costs • Increased cost of revenues in the hospitality sector due to higher occupancy rates, as well as the office sector due depreciation expenses of the new office tower (AL Yasmeen). • Decreased share of the company's profits in sister companies All these reasons, along with the decrease in revenues, led to a decrease in net profit for the current quarter compared to the similar quarter, despite a decrease in marketing and zakat expenses. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The company's consolidated revenues in Q1 2024 increased by 3.5% compared to the previous quarter. This increase is mainly due to a 33% increase in hospitality sector revenues resulting from improved occupancy levels. Additionally, revenues in the retail and office sectors remained stable. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The increase in net profit attributable to the company's shareholders during the current quarter compared to the previous quarter is mainly due to an approximately 16% increase in operating profit resulting from higher gross profit and lower general, administrative, and marketing expenses, as well as a decrease in expected credit losses provision. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Reclassification of Comparison Items | Some of the figures related to comparable quarters have been reclassified and represented to conform with the classification of current quarter figures. |
| Additional Information | We would like to draw the attention of our esteemed shareholders to the fact that the condensed consolidated financial statements for the period ending March 31, 2024, will be available through the company's website at the link below, after being submitted to the competent authorities. The investor report for the current period will also be available on the Alandalus Property Company Investor Relations mobile application and website under the Investor Relations section and the Investor Presentation section.
http://www.alandalus.com.sa |
| Attached Documents |  |
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