Alandalus Property Co. posted a net profit after Zakat and tax of SAR 57.6 million for the first nine months of 2021, surging from SAR 8.9 million a year earlier.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 110.37 | 158.34 | 43.5 % |
| Gross Income | 58.57 | 106.56 | 81.9 % |
| Operating Income | 34.07 | 74.53 | 118.7 % |
| Net Income | 8.89 | 57.55 | 547.2 % |
| Average Shares | 93.33 | 93.33 | 0.0 % |
| EPS (Riyals) | 0.10 | 0.62 | 547.2 % |
The company attributed the rise in profit to higher gross profit, driven by the increase in revenue for retail and office sectors, and SAR 12.5 million impairment losses in assets.
Alandalus also cited higher profit share from associates and other revenue.
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 36.98 | 55.44 | 49.9 % |
| Gross Income | 17.02 | 37.43 | 119.9 % |
| Operating Income | 9.05 | 27.28 | 201.5 % |
| Net Income | 3.13 | 19.37 | 518.2 % |
| Average Shares | 93.33 | 93.33 | 0.0 % |
| EPS (Riyals) | 0.03 | 0.21 | 518.2 % |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 52.36 | 55.44 | 5.9 % |
| Gross Income | 35.52 | 37.43 | 5.4 % |
| Operating Income | 23.82 | 27.28 | 14.5 % |
| Net Income | 19.23 | 19.37 | 0.7 % |
| Average Shares | 93.33 | 93.33 | 0.0 % |
| EPS (Riyals) | 0.21 | 0.21 | 0.7 % |
In Q3 2021, the company’s net profit after Zakat and tax jumped to SAR 19.4 million year-on-year (YoY), backed by an increase in the company's income share from associates, and impairment losses on assets.
On a sequential basis, Alandalus’ Q3 2021 net profit rose marginally on higher operating profit.
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