Alandalus Property H1 2023 profit drops 27% to SAR 25.9 mln; Q2 at SAR 11.7 mln

13/08/2023 Argaam Exclusive

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Alandalus Property Co. reported a net profit of SAR 25.9 million in H1 2023, a fall of 27% from SAR 35.3 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	107.39	108.41	1.0 %
Gross Income	74.18	71.17	(4.1 %)
Operating Income	50.47	43.30	(14.2 %)
Net Income	35.25	25.91	(26.5 %)
Average Shares	93.33	93.33	-
EPS (Riyals)	0.38	0.28	(26.5 %)

The company was impacted by higher financing costs and lower operating income.

The second-quarter net profit dropped 25% to SAR 11.7 million from SAR 15.46 million in Q2 2022.

Sequentially, the company’s profit fell 18.3% from SAR 14.26 million in Q1 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	54.09	53.95	(0.3 %)
Gross Income	37.50	35.77	(4.6 %)
Operating Income	23.93	21.58	(9.8 %)
Net Income	15.47	11.65	(24.7 %)
Average Shares	93.33	93.33	-
EPS (Riyals)	0.17	0.12	(24.7 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	54.47	53.95	(1.0 %)
Gross Income	35.40	35.77	1.0 %
Operating Income	21.73	21.58	(0.7 %)
Net Income	14.26	11.65	(18.4 %)
Average Shares	93.33	93.33	-
EPS (Riyals)	0.15	0.12	(18.4 %)

Shareholders’ equity, after minority interest, rose marginally to SAR 1.08 billion as of June 30, 2023, from SAR 1.07 billion a year earlier.

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