Alandalus Property 9M 2023 profit falls 38% to SAR 33.1 mln; Q3 at SAR 7.2 mln

09/11/2023 Argaam Exclusive

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Alandalus Property Co. reported a 38% fall in net profit to SAR 33.1 million in the first nine months of 2023, compared to SAR 53.3 million a year earlier.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	160.66	163.95	2.0 %
Gross Income	109.58	108.00	(1.4 %)
Operating Income	73.75	66.83	(9.4 %)
Net Income	53.30	33.10	(37.9 %)
Average Shares	93.33	93.33	-
EPS (Riyals)	0.57	0.35	(37.9 %)

The profit decline was driven by a reduction in profit share in associate companies alongside higher general, administrative and marketing expenses. In addition, the company reported higher financing costs and increased Zakat provision.

The developer’s Q3 2023 net profit slumped 60% to SAR 7.2 million from SAR 18.04 million in the same period last year.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	53.27	55.54	4.3 %
Gross Income	35.40	36.83	4.1 %
Operating Income	23.28	23.52	1.0 %
Net Income	18.04	7.19	(60.2 %)
Average Shares	93.33	93.33	-
EPS (Riyals)	0.19	0.08	(60.2 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	53.95	55.54	3.0 %
Gross Income	35.77	36.83	3.0 %
Operating Income	21.58	23.52	9.0 %
Net Income	11.65	7.19	(38.3 %)
Average Shares	93.33	93.33	-
EPS (Riyals)	0.12	0.08	(38.3 %)

Sequentially, net profit declined 38.2% from SAR 11.6 million in Q2 2023.

Total shareholders’ equity, no minority interest, stood at SAR 1.068 billion as of Sept. 30, 2023, compared to SAR 1.069 billion a year earlier.

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