Alandalus 2023 profit falls 46% to SAR 36.4M; Q4 at SAR 3.3M

07/03/2024 Argaam Exclusive

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Alandalus Property Co. said net profit fell 46% to SAR 36.4 million in 2023, compared to SAR 66.8 million a year ago.

Financials (M)

Item	2022	2023	Change‬
Revenues	216.11	215.16	(0.4 %)
Gross Income	142.41	137.71	(3.3 %)
Operating Income	96.13	75.40	(21.6 %)
Net Income	66.77	36.42	(45.5 %)
Average Shares	93.33	93.33	-
EPS (Riyals)	0.72	0.39	(45.5 %)

The profit decline was attributed to a 59% year-on-year (YoY) increase in the financing cost, a decrease in operating profit, and a fall in associate earnings.

However, the company reported an increase in other revenues and a slide in Zakat expenses during 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	55.45	51.21	(7.7 %)
Gross Income	32.83	29.70	(9.5 %)
Operating Income	22.38	8.57	(61.7 %)
Net Income	13.48	3.32	(75.4 %)
Average Shares	93.33	93.33	-
EPS (Riyals)	0.14	0.04	(75.4 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	55.54	51.21	(7.8 %)
Gross Income	36.83	29.70	(19.4 %)
Operating Income	23.52	8.57	(63.6 %)
Net Income	7.19	3.32	(53.8 %)
Average Shares	93.33	93.33	-
EPS (Riyals)	0.08	0.04	(53.8 %)

The developer’s net profit plunged 75.3% to SAR 3.3 million in Q4 2023, compared to SAR13.4 million in the previous year.

Sequentially, net profit declined 53.7% from SAR 7.1 million in Q3 2023.

Total shareholders’ equity, excluding minority interests, fell marginally to SAR 1.07 billion as of Dec. 31, 2023, compared to SAR 1.08 billion a year ago.

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