Alandalus posts 4% profit rise to SAR 20 mln in Q1 2022

Alandalus Property Co. posted a net profit after Zakat and tax of SAR 20 million in Q1 2022, a rise of 4% from SAR 19 million a year earlier.

The strong performance was spurred by higher gross profit, due to an increase in total revenue, especially from the hospitality and retail segments, This came despite a minor decrease in the company's profit share from associates, lower other revenues, in addition to higher Zakat during the three-month period.

The company’s net profit after Zakat and tax surged 89.9% from SAR 10.4 million in Q4 2021, thanks to higher operating profit on improvement in the company's profit share from associates, in addition to a decrease in general and administrative expenses, as well as selling and marketing expenses.

Shareholders' equity, after minority interest, decreased to SAR 1.059 billion in the three-month period, compared to SAR 1.072 billion in Q1 2021.

Revenue grew by 5.44% to SAR 53.29 million, compared to SAR 50.54 million in Q1 2021, as the hospitality segment’s revenue surged nearly 91% year-on-year (YoY).

Gross profit rose 9.16% YoY to SAR 36.69 million in Q1 2022.

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