Alandalus Property records 374% profit leap in 2021

Alandalus Property Co. recorded a profit jump of 374% to SR 67 million in 2021 from SR 14 million a year earlier.

The Saudi company said that its operational profits rose 159% to SR 125 million in 2021 from SR 48 million the year before.

Gross profits of Elm soared 52% to SR 145 million from SR 96 million, while profit per share (EPS) recorded SR 0.73 from SR 0.15 in 2020.

The profit growth was attributed to higher gross profit as a result of the revenue increase of retail and office sectors, impairment loss on Assets amounting to 31.8 million in the previous year 2020 and increase of the company’s share of income of associates, in addition to the increase of other revenue.

This comes despite the increase in general expenses and finance cost as well as higher impairment of operating leases.