‎“Alandalus” profits decline to SR66 mln during 2022, by 3%‎

Alandalus Property Company revealed a decline in net profit after zakat and tax during the year ending on December 31, 2022 to 66 million riyals, compared to 68.2 million riyals in the previous year, by 3%. This came after today’s announcement of the consolidated annual financial results ending in 2022- 12-31.

Alandalus Property Company revealed a decline in net profit after zakat and tax during the year ending on December 31, 2022 to 66 million riyals, compared to 68.2 million riyals in the previous year, by 3%. This came after today’s announcement of the consolidated annual financial results ending in 2022- 12-31.

The operational profit amounted to 127.3 million riyals during the year ending on December 31, 2022, compared to 125 million riyals in the previous year, an increase of 1.7%.

The total shareholders’ equity “without minority rights” amounted to 1.08 billion riyals in the current year, compared to 1.06 billion riyals in the previous year, with a growth of 1.8%.

Earnings per share in the current year reached 0.72 riyals, compared to 0.73 riyals in the previous year.

– The decrease in the net profit attributable to the company’s shareholders is mainly due to:

The financing cost increased during the current year by approximately 48%

The decrease in gross profit as a result of the increase in the cost of revenues, especially in the retail and hospitality sectors

All of the above led to a decrease in the net profit during the current year compared to the previous year, despite the increase in the company’s total revenues and the other revenue item.

Additional information:

The group’s revenues increased during the current year 2022 by approximately 0.8%, to reach 216.11 million riyals, compared to 214.39 million riyals in the previous year. ..

Despite this, the gross profit decreased by approximately 1.8% to reach 142.41 million riyals, compared to 145.03 million riyals in the previous year, due to the increase in the cost of revenue in the retail sectors, which increased by 3.5%, and the hospitality sector, which increased by 13.1% as a result of the increase. Occupancy rates

The operating profit increased by approximately 1.7% to reach 127.27 million riyals, compared to 125.1 million riyals in the previous year, mainly due to the increase in other revenues of the group, despite the decrease in the company’s share in the profits of sister companies.