Alandalus Property Co. posted a net profit after Zakat and tax of SAR 20 million in Q1 2022, a rise of 4% from SAR 19 million a year earlier.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 50.54 | 53.30 | 5.5 % |
| Gross Income | 33.61 | 36.69 | 9.1 % |
| Operating Income | 23.42 | 26.54 | 13.3 % |
| Net Income | 18.96 | 19.79 | 4.4 % |
| Average Shares | 93.33 | 93.33 | 0.0 % |
| EPS (Riyals) | 0.20 | 0.21 | 4.4 % |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 56.04 | 53.30 | (4.9 %) |
| Gross Income | 38.47 | 36.69 | (4.6 %) |
| Operating Income | 22.16 | 26.54 | 19.7 % |
| Net Income | 10.42 | 19.79 | 89.8 % |
| Average Shares | 93.33 | 93.33 | - |
| EPS (Riyals) | 0.11 | 0.21 | 89.8 % |
The strong performance was spurred by higher gross profit, due to an increase in total revenue, especially from the hospitality and retail segments, This came despite a minor decrease in the company's profit share from associates, lower other revenues, in addition to higher Zakat during the three-month period.
The company’s net profit after Zakat and tax surged 89.9% from SAR 10.4 million in Q4 2021, thanks to higher operating profit on improvement in the company's profit share from associates, in addition to a decrease in general and administrative expenses, as well as selling and marketing expenses.
Shareholders' equity, after minority interest, decreased to SAR 1.059 billion in the three-month period, compared to SAR 1.072 billion in Q1 2021.
Revenue grew by 5.44% to SAR 53.29 million, compared to SAR 50.54 million in Q1 2021, as the hospitality segment’s revenue surged nearly 91% year-on-year (YoY).
Gross profit rose 9.16% YoY to SAR 36.69 million in Q1 2022.
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