Alandalus Property’s Q1 net profit down 59%

Saudi-listed Alandalus Property Co. posted a net profit of SAR 20.52 million for the first quarter of 2018 -- a 58.5 percent slump compared to Q1 2017 that included a one-time capital gain.

In Q1 2017, the company made a capital gain on disposal of a piece of land -- the proceeds of which were used to acquire a stake in a sister company.

The company's results for Q1 2018 showed, however, higher gross and operating profits compared to Q1 2017.

On a sequential basis, Q1 net profit increased 39.12 percent, driven by higher gross profit on improved revenue from the leasing and hospitality businesses. The company also saw higher income from associates and lower general and administrative expenses.