Riyadh – Mubasher: Alandalus Property Company achieved SAR 12.24 million in net profit during the first quarter (Q1) of 2020, down by 39.64% compared to the same period last year, as shown by the company’s interim financial results.

A slight decrease in gross profit because of high revenue cost and the recognition of the operating costs of Al Marwa centre and Salama tower was referred to by the company as the main reason behind the decline in profits, despite the 4.85% growth in revenues to SAR 41.94 million.

Moreover, a decrease in operating profit in Q1-20 was a result of a decrease in the company's share of income of associates, higher selling and marketing expenses, lower other income, as well as the high-interest expense on lease liabilities and the high costs of financing and zakat.