Alandalus Property Co. posted a net profit after Zakat and tax of SAR 68 million in 2021, a surge of over four times from SAR 14.3 million a year earlier.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 167.82 | 214.39 | 27.7 % |
| Gross Income | 95.66 | 145.03 | 51.6 % |
| Operating Income | 54.09 | 96.69 | 78.8 % |
| Net Income | 14.34 | 67.98 | 374.0 % |
| Average Shares | 93.33 | 93.33 | 0.0 % |
| EPS (Riyals) | 0.15 | 0.73 | 374.0 % |
The company attributed the robust profit to higher gross profit, driven by an increase in revenue of retail and office segments. The company also recorded higher profit share from associates, and a rise in other income. On the other hand, it reported SAR 31.8 million impairment losses in assets during 2020.
The fourth-quarter net profit after Zakat and tax soared 91% year-on-year (YoY) to SAR 10.4 million.
On a sequential basis, Q4 net profit dropped 46.2% from SAR 19.37 million.
The company’s revenue jumped nearly 28% YoY to SAR 214.3 million, thanks to a 23% YoY increase in the retail segment’s revenues, and the office business, which posted 46% YoY revenue growth.
| Item | Q4 2020 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 57.45 | 56.04 | (2.5 %) |
| Gross Income | 37.08 | 38.47 | 3.7 % |
| Operating Income | 20.02 | 22.16 | 10.7 % |
| Net Income | 5.45 | 10.42 | 91.2 % |
| Average Shares | 93.33 | 93.33 | 0.0 % |
| EPS (Riyals) | 0.06 | 0.11 | 91.2 % |
| Item | Q3 2021 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 55.44 | 56.04 | 1.1 % |
| Gross Income | 37.43 | 38.47 | 2.8 % |
| Operating Income | 27.28 | 22.16 | (18.8 %) |
| Net Income | 19.37 | 10.42 | (46.2 %) |
| Average Shares | 93.33 | 93.33 | - |
| EPS (Riyals) | 0.21 | 0.11 | (46.2 %) |
Shareholders' equity, after minority interest, amounted to SAR 1.063 billion in 2021, compared to SAR 1.053 billion in 2020.
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