Alandalus Property profit drops 7% to SAR 53.3 mln in 9M 2022; Q3 at SAR 18 mln

06/11/2022 Argaam Exclusive

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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.

Financials (M)

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.

Current Quarter Comparison (M)

Compared With The

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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