Alandalus Property Co. said its Q1 2024 net profit plunged 67% to SAR 4.7 million, compared to SAR 14.3 million in the year-earlier period.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 54.47 | 53.00 | (2.7 %) |
| Gross Income | 35.40 | 32.22 | (9.0 %) |
| Operating Income | 21.73 | 17.48 | (19.5 %) |
| Net Income | 14.26 | 4.72 | (66.9 %) |
| Average Shares | 93.33 | 93.33 | - |
| EPS (Riyals) | 0.15 | 0.05 | (66.9 %) |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 51.21 | 53.00 | 3.5 % |
| Gross Income | 29.70 | 32.22 | 8.5 % |
| Operating Income | 8.57 | 17.48 | 103.9 % |
| Net Income | 3.32 | 4.72 | 42.0 % |
| Average Shares | 93.33 | 93.33 | - |
| EPS (Riyals) | 0.04 | 0.05 | 42.0 % |
The company’s consolidated revenue declined 2.70% year-on-year (YoY) to SAR 53 million in the three-month period due to a 6% YoY drop in the retail and operations segment.
The annual net profit was also hurt by higher financing costs and cost of sales in the hospitality and offices sectors. Alandalus reported a decline in its profit share from sister companies.
On the other hand, the hospitality sector recorded a 21% YoY rise in revenue, while the offices sector’s topline remained unchanged. The company also reported lower marketing and Zakat expenses.
Compared to Q4 2023, Alandalus’ net profit climbed 42.1% from SAR 3.32 million, thanks to a quarter-on-quarter (QoQ) rise in consolidated revenue of 3.5%.
Total shareholders’ equity, after minority interest, decreased to SAR 1.05 billion by March 31, 2024, from SAR 1.07 billion a year earlier.
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