Alandalus Property Co. reported a net profit of SAR 25.9 million in H1 2023, a fall of 27% from SAR 35.3 million a year earlier.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 107.39 | 108.41 | 1.0 % |
| Gross Income | 74.18 | 71.17 | (4.1 %) |
| Operating Income | 50.47 | 43.30 | (14.2 %) |
| Net Income | 35.25 | 25.91 | (26.5 %) |
| Average Shares | 93.33 | 93.33 | - |
| EPS (Riyals) | 0.38 | 0.28 | (26.5 %) |
The company was impacted by higher financing costs and lower operating income.
The second-quarter net profit dropped 25% to SAR 11.7 million from SAR 15.46 million in Q2 2022.
Sequentially, the company’s profit fell 18.3% from SAR 14.26 million in Q1 2023.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 54.09 | 53.95 | (0.3 %) |
| Gross Income | 37.50 | 35.77 | (4.6 %) |
| Operating Income | 23.93 | 21.58 | (9.8 %) |
| Net Income | 15.47 | 11.65 | (24.7 %) |
| Average Shares | 93.33 | 93.33 | - |
| EPS (Riyals) | 0.17 | 0.12 | (24.7 %) |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 54.47 | 53.95 | (1.0 %) |
| Gross Income | 35.40 | 35.77 | 1.0 % |
| Operating Income | 21.73 | 21.58 | (0.7 %) |
| Net Income | 14.26 | 11.65 | (18.4 %) |
| Average Shares | 93.33 | 93.33 | - |
| EPS (Riyals) | 0.15 | 0.12 | (18.4 %) |
Shareholders’ equity, after minority interest, rose marginally to SAR 1.08 billion as of June 30, 2023, from SAR 1.07 billion a year earlier.
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