Riyadh – Mubasher: Alandalus Property Company logged net profits valued at SAR 4.72 million in the first quarter (Q1) of 2024, lower by 66.90% than SAR 14.26 million a year earlier.

Revenues declined by 2.69% year-on-year (YoY) to SAR 53 million in Q1-24 from SAR 54.47 million, according to the consolidated financial results.

The earnings per share (EPS) shrank to SAR 0.05 as of 31 March 2024 from SAR 0.15 in Q1-23.

On a quarterly basis, the net profits in Q1-24 enlarged by 42.16% from the SAR 3.32 million reported in Q4-23, while the revenues grew by 3.49% from SAR 51.21 million.

Fawaz Abdulaziz bin Huwail, the Chief Financial Officer of Alandalus Property, said: “Despite the impact on the current quarter's results from the decrease in operating profit and the increase in financing costs, the company maintained occupancy levels, especially in the retail and hospitality sectors, with an average occupancy rate of 94% in the company's shopping centres.”

He added: “The company continues to enjoy a strong financial position and sufficient cash flows to meet its obligations and cash distributions.”

In the 12-month period that ended on 31 December 2023, the net profits of Alandalus Property fell by 45.45% YoY to SAR 36.42 million from SAR 66.77 million.