Financial Results : Alandalus net profit rises 55% to SAR 19 mln in Q1 2021

Alandalus net profit rises 55% to SAR 19 mln in Q1 2021

09/05/2021 Argaam Exclusive

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Alandalus Property Co. reported net profit after Zakat and tax of SAR 19 million in Q1 2021, up 55% from SAR 12.2 million in the same period last year.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 41.94 50.54 20.5 %
Gross Income 23.33 33.61 44.1 %
Operating Income 14.03 23.42 66.9 %
Net Income 12.24 18.96 54.9 %
Average Shares 93.33 93.33 -
EPS (Riyals) 0.13 0.20 54.9 %

The increase in earnings was attributed to higher revenues, along with lower cost of revenue. The firm also noted higher operating profit and other income, in addition to lower selling and marketing expenses.

 

This was offset by an increase in finance cost and Zakat.

When compared to the previous quarter, the firm’s Q1 2021 net profit after Zakat and tax jumped 248%.

 

The total shareholders equity (after deducting minority equity) stood at SAR 1.072 billion in Q1 2021, down 4.38% compared to SAR 1.121 billion in Q1 2020.

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