Alandalus 2023 profit falls 46% to SAR 36.4M; Q4 at SAR 3.3M

07/03/2024 Argaam Exclusive

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Alandalus Property Co. said net profit fell 46% to SAR 36.4 million in 2023, compared to SAR 66.8 million a year ago.



Financials (M)

Item 2022 2023 Change‬
Revenues 216.11 215.16 (0.4 %)
Gross Income 142.41 137.71 (3.3 %)
Operating Income 96.13 75.40 (21.6 %)
Net Income 66.77 36.42 (45.5 %)
Average Shares 93.33 93.33 -
Earnings Per Share before unusual items (Riyals) 0.72 0.39 (45.5 %)
EPS (Riyal) 0.72 0.39 (45.5 %)

The profit decline was attributed to a 59% year-on-year (YoY) increase in the financing cost, a decrease in operating profit, and a fall in associate earnings.

 

However, the company reported an increase in other revenues and a slide in Zakat expenses during 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 55.45 51.21 (7.7 %)
Gross Income 32.83 29.70 (9.5 %)
Operating Income 22.38 8.57 (61.7 %)
Net Income 13.48 3.32 (75.4 %)
Average Shares 93.33 93.33 -
Earnings Per Share before unusual items (Riyal) 0.14 0.04 (75.4 %)
EPS (Riyal) 0.14 0.04 (75.4 %)

The developer’s net profit plunged 75.3% to SAR 3.3 million in Q4 2023, compared to SAR13.4 million in the previous year.

 

Sequentially, net profit declined 53.7% from SAR 7.1 million in Q3 2023.

 

Total shareholders’ equity, excluding minority interests, fell marginally to SAR 1.07 billion as of Dec. 31, 2023, compared to SAR 1.08 billion a year ago.

 

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