Alandalus Property’s H1 2022 profit down 8% to SAR 35.3 mln; Q2 at SAR 15.5 mln

14/08/2022 Argaam Exclusive

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Alandalus Property Co. posted an 8% decline in H1 2022 net profit after Zakat and tax to SAR 35.3 million, from SAR 38.2 million in the year-ago period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	102.91	107.39	4.4 %
Gross Income	69.13	74.18	7.3 %
Operating Income	47.24	50.47	6.8 %
Net Income	38.19	35.25	(7.7 %)
Average Shares	93.33	93.33	0.0 %
EPS (Riyals)	0.41	0.38	(7.7 %)

The profit decline was attributed to lower share of income from associates and higher general and administrative, as well as Zakat, expenses along with lower other income.

This came despite the increase in gross revenue and gross profit.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	52.36	54.09	3.3 %
Gross Income	35.52	37.50	5.6 %
Operating Income	23.82	23.93	0.4 %
Net Income	19.23	15.47	(19.6 %)
Average Shares	93.33	93.33	0.0 %
EPS (Riyals)	0.21	0.17	(19.6 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	53.30	54.09	1.5 %
Gross Income	36.69	37.50	2.2 %
Operating Income	26.54	23.93	(9.8 %)
Net Income	19.79	15.47	(21.8 %)
Average Shares	93.33	93.33	-
EPS (Riyals)	0.21	0.17	(21.8 %)

In the three-month period, net profit after Zakat and tax fell almost 20% to SAR 15.5 million, from SAR 19.2 million in Q2 2021.

On a quarterly basis, the second-quarter net profit dropped 22% from SAR 19.8 million.

Total shareholders’ equity, after minority interest, increased to SAR 1.075 billion as of June 30, 2022, compared to SAR 1.056 billion a year earlier.

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