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Alandalus Property records 563% leap in H1-21 profits

Alandalus Property records 563% leap in H1-21 profits
Earnings per share stood at SAR 0.55 in H1-21
ALANDALUS
4320
3.15% 27.80 0.85

Riyadh – Mubasher: Alandalus Property Company achieved a jump of 563% in net profits after Zakat and tax to SAR 38.19 million in the first half (H1) of 2021 from SAR 5.76 million in H1-20.

Earnings per share stood at SAR 0.55 in H1-21, compared to SAR 0.08 in H1-20, according to the financial results on Sunday.

The real estate developer recorded 40% higher sales in H1-21 at SAR 102.91 million from SAR 73.39 million in H1-20.

As for the April-June 2021 period, the company turned profitable at SAR 19.23 million, against losses worth SAR 6.48 million in the second quarter (Q2) of 2020.

Revenues surged by 66.4% to SAR 52.36 million in Q2-21 from SAR 31.45 million in Q2-20.

On a quarterly basis, Alandalus Property’s Q2-21 profits were 1.4% higher than SAR 18.96 million in Q1-21, and the sales increased by 3.6% from SAR 50.54 million.