Alandalus Property Co. reported a 38% fall in net profit to SAR 33.1 million in the first nine months of 2023, compared to SAR 53.3 million a year earlier.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 160.66 | 163.95 | 2.0 % |
| Gross Income | 109.58 | 108.00 | (1.4 %) |
| Operating Income | 73.75 | 66.83 | (9.4 %) |
| Net Income | 53.30 | 33.10 | (37.9 %) |
| Average Shares | 93.33 | 93.33 | - |
| EPS (Riyals) | 0.57 | 0.35 | (37.9 %) |
The profit decline was driven by a reduction in profit share in associate companies alongside higher general, administrative and marketing expenses. In addition, the company reported higher financing costs and increased Zakat provision.
The developer’s Q3 2023 net profit slumped 60% to SAR 7.2 million from SAR 18.04 million in the same period last year.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 53.27 | 55.54 | 4.3 % |
| Gross Income | 35.40 | 36.83 | 4.1 % |
| Operating Income | 23.28 | 23.53 | 1.0 % |
| Net Income | 18.04 | 7.19 | (60.2 %) |
| Average Shares | 93.33 | 93.33 | - |
| EPS (Riyals) | 0.19 | 0.08 | (60.2 %) |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 53.95 | 55.54 | 3.0 % |
| Gross Income | 35.77 | 36.83 | 3.0 % |
| Operating Income | 21.58 | 23.53 | 9.0 % |
| Net Income | 11.65 | 7.19 | (38.3 %) |
| Average Shares | 93.33 | 93.33 | - |
| EPS (Riyals) | 0.12 | 0.08 | (38.3 %) |
Sequentially, net profit declined 38.2% from SAR 11.6 million in Q2 2023.
Total shareholders’ equity, no minority interest, stood at SAR 1.068 billion as of Sept. 30, 2023, compared to SAR 1.069 billion a year earlier.
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