Riyadh – Mubasher: Alandalus Property Company disclosed its consolidated interim financial results for the second quarter of 2019.

Net profits after zakat and tax grew by 24.4% to SAR 15.13 million in Q2-19, compared to SAR 12.16 million in Q2-18, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

The company attributed the increase in profits to the rise in operational profit, which mainly due to the increase in the share of income from associates.

In addition, the net profit grew due to a decrease in finance cost and Zakat provision.

Total revenues of the Saudi firm inched up by 2.4% to SAR 42.3 million during the three-month period between April and June, from SAR 41.2 million in the same period of the prior year.

On a yearly basis, net profits of Alandalus rose by 8.32% to SAR 35.4 million during the first six months of 2019.

The company generated SAR 82.3 million in revenues in H1-19, up 0.3% from SAR  82.06 million in H1-18.

Profit per share stood at SAR 0.51 during the six-month period ended June, compared to SAR 0.47 in the corresponding period of 2018.

“Our latest financial results continue to show steady growth; we’ve witnessed a substantial increase in our operating profit as a result of the successful expansion of our retail segment and our careful management of G&A expenses. Despite a slight drop this quarter in our hospitality business, the Company’s net profit grew significantly as we also continue to enjoy healthy returns from our investments in associates,” Fawaz bin Huwail, CFO of Alandalus, commented on the results.

He added that the company eyes significant investments on two of its largest malls, Alandalus Mall and Hayat Mall, with the goal of reimagining customer engagement and ultimately enhancing visitor experiences.

Moreover, Alandalus has entered the healthcare sector in a move to diversify its activities, as it is developing a new hospital called West Jeddah Hospital near its flagship Alandalus Mall, in a joint venture with the esteemed Sulaiman Al-Habib Medical Group.

The new hospital is scheduled to be opened by the second quarter of 2022.

“Strong demand for Alandalus Property’s retail offerings continues to drive steady growth across our business portfolio leading to another robust financial performance. As evidenced by the recent launch of Al Marwa Centre and the continuous enhancements being made to our existing portfolio, we remain committed to creating commercial destinations that effectively engage our diverse consumer base,” Hathal Al Utaibi, CEO of Alandalus, concluded.