Alandalus 9M 2021 net profit surges to SAR 57.6 mln

07/11/2021 Argaam Exclusive

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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.

Financials (M)

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.

Current Quarter Comparison (M)

Compared With The

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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