Alandalus net profit surges to SAR 38.2 mln in H1 2021

15/08/2021 Argaam Exclusive

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Alandalus Property Co. reported net profit after Zakat and tax of SAR 38.2 million in H1 2021, compared to SAR 5.8 million in the prior-year period.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	73.39	102.91	40.2 %
Gross Income	41.55	69.13	66.4 %
Operating Income	25.02	47.24	88.8 %
Net Income	5.76	38.19	563.1 %
Average Shares	93.33	93.33	-
EPS (Riyals)	0.06	0.41	563.1 %

The profit hike was attributed to higher gross profit on increase in revenue from retail and office segments, higher share of income from associates and higher other revenue.

Meanwhile, the comparative period witnessed recording an impairment loss on assets amounting to SAR 20 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	31.45	52.36	66.5 %
Gross Income	18.23	35.52	94.9 %
Operating Income	10.99	23.82	116.8 %
Net Income	(6.48)	19.23	396.8 %
Average Shares	93.33	93.33	-
EPS (Riyals)	(0.07)	0.21	396.8 %

Item	Q1 2021	Q2 2021	Change‬
Revenues	50.54	52.36	3.6 %
Gross Income	33.61	35.52	5.7 %
Operating Income	23.42	23.82	1.7 %
Net Income	18.96	19.23	1.4 %
Average Shares	93.33	93.33	-
EPS (Riyals)	0.20	0.21	1.4 %

The company turned to a net profit after Zakat and tax of SAR 19.2 million for Q2 2021, from a loss of SAR 6.5 million in the same quarter last year.

On a sequential basis, Q2 2021 net profit rose slightly by 1.4%.

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