Alandalus 2021 net profit rises over fourfold to SAR 68 mln; Q4 earnings at SAR 10.4 mln

13/03/2022 Argaam Exclusive

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Alandalus Property Co. posted a net profit after Zakat and tax of SAR 68 million in 2021, a surge of over four times from SAR 14.3 million a year earlier.

Financials (M)

Item	2020	2021	Change‬
Revenues	167.82	214.39	27.7 %
Gross Income	95.66	145.03	51.6 %
Operating Income	54.09	96.69	78.8 %
Net Income	14.34	67.98	374.0 %
Average Shares	93.33	93.33	0.0 %
EPS (Riyals)	0.15	0.73	374.0 %

The company attributed the robust profit to higher gross profit, driven by an increase in revenue of retail and office segments. The company also recorded higher profit share from associates, and a rise in other income. On the other hand, it reported SAR 31.8 million impairment losses in assets during 2020.

The fourth-quarter net profit after Zakat and tax soared 91% year-on-year (YoY) to SAR 10.4 million.

On a sequential basis, Q4 net profit dropped 46.2% from SAR 19.37 million.

The company’s revenue jumped nearly 28% YoY to SAR 214.3 million, thanks to a 23% YoY increase in the retail segment’s revenues, and the office business, which posted 46% YoY revenue growth.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	57.45	56.04	(2.5 %)
Gross Income	37.08	38.47	3.7 %
Operating Income	20.02	22.16	10.7 %
Net Income	5.45	10.42	91.2 %
Average Shares	93.33	93.33	0.0 %
EPS (Riyals)	0.06	0.11	91.2 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	55.44	56.04	1.1 %
Gross Income	37.43	38.47	2.8 %
Operating Income	27.28	22.16	(18.8 %)
Net Income	19.37	10.42	(46.2 %)
Average Shares	93.33	93.33	-
EPS (Riyals)	0.21	0.11	(46.2 %)

Shareholders' equity, after minority interest, amounted to SAR 1.063 billion in 2021, compared to SAR 1.053 billion in 2020.

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