Riyadh – Mubasher: Alandalus Property Company witnessed 27.94% lower net profits after Zakat and tax at SAR 14.26 million in the first quarter (Q1) of 2023, versus SAR 19.79 million in Q1-22.

The Saudi firm achieved revenues amounting to SAR 54.47 million in January-March 2023, up 2.19% year-on-year (YoY) from SAR 53.30 million, according to interim financial results.

Earnings per share (EPS) decreased to SAR 0.15 during Q1-23 from SAR 0.21 in the year-ago period.

On a quarterly basis, the Q1-23 net profits after Zakat and tax grew by 5.79% from SAR 13.48 million in Q4-22, while the revenues went down by 1.77% from SAR 55.45 million.

Last year, Alandalus Property registered a 1.78% decline in net profit after Zakat and tax to SAR 66.77 million, compared to SAR 67.98 million in 2021.