Alandalus Property Co. posted a 7% decrease in 9M 2022 net profit after Zakat and tax to SAR 53.3 million, from SAR 57.6 million in the year-ago period. The company was hurt by higher general and administrative (G&A) expenses, as well as marketing expenses during the current period. It also reported higher finance costs and Zakat provision.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 158.34 | 160.66 | 1.5 % |
| Gross Income | 106.56 | 109.58 | 2.8 % |
| Operating Income | 74.53 | 73.75 | (1.0 %) |
| Net Income | 57.55 | 53.30 | (7.4 %) |
| Average Shares | 93.33 | 93.33 | - |
| EPS (Riyals) | 0.62 | 0.57 | (7.4 %) |
The profit drop came despite improved revenue in the nine-month period.
In Q3 2022, net profit after Zakat and tax dropped 7% to SAR 18 million, from SAR 19.37 million in Q3 2021, on a drop in gross profit amid a marginal decline in revenues, especially from the retail and operating segment.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 55.44 | 53.27 | (3.9 %) |
| Gross Income | 37.43 | 35.40 | (5.4 %) |
| Operating Income | 27.28 | 23.28 | (14.7 %) |
| Net Income | 19.37 | 18.04 | (6.8 %) |
| Average Shares | 93.33 | 93.33 | - |
| EPS (Riyals) | 0.21 | 0.19 | (6.8 %) |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 54.09 | 53.27 | (1.5 %) |
| Gross Income | 37.50 | 35.40 | (5.6 %) |
| Operating Income | 23.93 | 23.28 | (2.7 %) |
| Net Income | 15.47 | 18.04 | 16.7 % |
| Average Shares | 93.33 | 93.33 | - |
| EPS (Riyals) | 0.17 | 0.19 | 16.7 % |
Alandalus reported higher G&A, and finance costs in the current quarter.
The company’s net profit after Zakat and tax jumped 16.7% from SAR 15.46 million in Q2 2022.
Total shareholders’ equity, after minority interest, decreased to SAR 1.069 billion as of Sept. 30, 2022, compared to SAR 1.075 billion a year earlier.
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