Mubasher TV
Contact Us Advertising   العربية

Alandalus Property’s Q1 profits increase 55%

Alandalus Property’s Q1 profits increase 55%
Sales decreased 12% QoQ from SAR 57.45 million
ALANDALUS
4320
0.56% 26.95 0.15

Riyadh – Mubasher: Alandalus Property Company achieved an annual surge of 54.9% in net profits after Zakat and tax to SAR 18.96 million during the first quarter (Q1) of 2021, compared to SAR 12.24 million in Q1-20.

Earnings per share (EPS) stood at SAR 0.27 in Q1-21, compared with SAR 0.17 in Q1-20, according to a disclosure to Tadawul on Sunday.

Sales grew 20.5% year-on-year (YoY) to SAR 50.54 million in Q1-21 from SAR 41.94 million.

Quarter-on-quarter (QoQ), the real estate firm recorded a leap of 247.88% in net profits during Q1-21 compared with SAR 5.45 million.

Sales meanwhile decreased 12% QoQ from SAR 57.45 million during the fourth quarter (Q4) of 2020.

CEO of Alandal, Hathal bin Saad Al Otaibi, said: “Despite the continuation of the pandemic and its effects on society, the company’s malls reported healthy footfall rates, which contributed to achieving positive results in the first quarter of the year.”

In 2020, Alandalus Property had posted a net profit after Zakat and tax of SAR 14.34 million, down from SAR 64.8 million.

Earlier this month, the company’s board proposed a 33.33% capital increase.