Financial Results : Alandalus Property’s profit tumbles 67% to SAR 4.7M in Q1 2024

Alandalus Property’s profit tumbles 67% to SAR 4.7M in Q1 2024

19/05/2024 Argaam Exclusive

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Alandalus Property Co. said its Q1 2024 net profit plunged 67% to SAR 4.7 million, compared to SAR 14.3 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 54.47 53.00 (2.7 %)
Gross Income 35.40 32.22 (9.0 %)
Operating Income 21.73 17.48 (19.5 %)
Net Income 14.26 4.72 (66.9 %)
Average Shares 93.33 93.33 -
EPS (Riyals) 0.15 0.05 (66.9 %)

The company’s consolidated revenue declined 2.70% year-on-year (YoY) to SAR 53 million in the three-month period due to a 6% YoY drop in the retail and operations segment.

 

The annual net profit was also hurt by higher financing costs and cost of sales in the hospitality and offices sectors. Alandalus reported a decline in its profit share from sister companies.

 

On the other hand, the hospitality sector recorded a 21% YoY rise in revenue, while the offices sector’s topline remained unchanged. The company also reported lower marketing and Zakat expenses.

 

Compared to Q4 2023, Alandalus’ net profit climbed 42.1% from SAR 3.32 million, thanks to a quarter-on-quarter (QoQ) rise in consolidated revenue of 3.5%.

 

Total shareholders’ equity, after minority interest, decreased to SAR 1.05 billion by March 31, 2024, from SAR 1.07 billion a year earlier.

 

Attached Documents

 

 

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