Alandalus Property Co. posted a net profit of SAR 14.3 million in Q1 2023, a decline of 28% from SAR 19.8 million a year earlier.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 53.30 | 54.47 | 2.2 % |
| Gross Income | 36.69 | 35.40 | (3.5 %) |
| Operating Income | 26.54 | 21.73 | (18.1 %) |
| Net Income | 19.79 | 14.26 | (27.9 %) |
| Average Shares | 93.33 | 93.33 | - |
| EPS (Riyals) | 0.21 | 0.15 | (27.9 %) |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 55.45 | 54.47 | (1.8 %) |
| Gross Income | 32.83 | 35.40 | 7.8 % |
| Operating Income | 22.38 | 21.73 | (2.9 %) |
| Net Income | 13.48 | 14.26 | 5.8 % |
| Average Shares | 93.33 | 93.33 | - |
| EPS (Riyals) | 0.14 | 0.15 | 5.8 % |
The profit decline was due to higher financing cost and an increase in the cost of revenue of the retail and hospitality segments amid growing occupancy rates. The company cited high marketing, general and administrative expenses.
This was despite a rise in revenue of the retail and hospitality segments, in addition to other revenue.
On a quarter-on-quarter basis, the first-quarter earnings rose 5.8% from SAR 13.48 million, mainly due to an increase in gross profit as a result of a decline in the cost of revenue of the retail segment, in addition to lower Zakat provision.
Shareholders' equity, after minority interest, reached SAR 1.07 billion at the end of Q1 2023, from SAR 1.05 billion a year earlier.
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