Riyadh – Mubasher: Alandalus Property Co. reported a 15.61% year-on-year profit growth during the third quarter of 2019.

Net profits after taxes and zakat increased to SAR 14.59 million in the three-month period ended 30 September, compared to SAR 12.62 million in the prior-year period, the company said in a filing to the Saudi Stock Exchange (Tadawul) on Thursday.

The rise in net profit was attributed to the increase in revenues and share of income from associate companies, in addition to a drop in zakat provision, "despite the downward pressure following the implementation of IFRS16 (leases)," the report showed. 

Revenues increased by 5.5% to SAR 42.7 million in Q3-19 from SAR 40.5 million in Q3-18.

As for the nine-month period ended 30 September, the Saudi firm logged a net profit of SAR 50 million, up from SAR 45.3 million in the year-ago period.

The company generated SAR 125 million in revenues in the January-September period of 2019 from SAR 123 million in the corresponding period a year earlier.

“Alandalus Property continued to experience steady growth across its retail, and office segments,” the company’s CEO Hathal Al Utaibi commented, expecting further growth “with the launch of [the company’s] joint venture with regional healthcare leader, Dr. Sulaiman Al-Habib Medical Group.”

It is noteworthy that during the second quarter of 2019, Alandalus Property Co reported a net profit of SAR 15.13 million rising by 24.4% year-on-year from SAR 12.16 million.