Alandalus Property profit down 2% to SAR 66.8 mln in 2022; Q4 jumps 29% to SAR 13.5 mln

12/03/2023 Argaam Exclusive

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Alandalus Property Co. posted a 2% decline in 2022 net profit to SAR 66.8 million, from SAR 68 million in 2021. The decline was attributed to a 48% increase year-on-year (YoY) in finance costs.

The fourth-quarter net profit climbed 29% to SAR 13.5 million, from SAR 10.4 million in Q4 2021.

Financials (M)

Item	2021	2022	Change‬
Revenues	214.39	216.11	0.8 %
Gross Income	145.03	142.41	(1.8 %)
Operating Income	96.69	96.13	(0.6 %)
Net Income	67.98	66.77	(1.8 %)
Average Shares	93.33	93.33	-
EPS (Riyals)	0.73	0.72	(1.8 %)

Gross profit declined on higher cost of revenues, especially in the retail and hospitality segments.

The fourth-quarter net profit climbed 29% to SAR 13.5 million, from SAR 10.4 million in Q4 2021.

The company’s net profit fell by 25.3% from SAR 18 million in Q3 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	56.04	55.45	(1.1 %)
Gross Income	38.47	32.83	(14.7 %)
Operating Income	22.16	22.38	1.0 %
Net Income	10.42	13.48	29.3 %
Average Shares	93.33	93.33	-
EPS (Riyals)	0.11	0.14	29.3 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	53.27	55.45	4.1 %
Gross Income	35.40	32.83	(7.3 %)
Operating Income	23.28	22.38	(3.9 %)
Net Income	18.04	13.48	(25.3 %)
Average Shares	93.33	93.33	-
EPS (Riyals)	0.19	0.14	(25.3 %)

Total shareholders’ equity, after minority interest, rose to SAR 1.08 billion as of Dec. 31, 2022, compared to SAR 1.06 billion a year earlier.

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