The net profits of Alandalus Property Company dropped by 7.7% year-on-year (YoY) during the first half (H1) of 2022 to SAR 35.25 million, compared to SAR 38.19 million in H1-21.
The lower profits were attributed to a drop in the company’s share of income from associates, coupled with higher G&A and Zakat expenses, according to a stock exchange statement on Sunday.
Revenues for the January-June period in 2022 rose by 4.35% YoY to stand at SAR 107.39 million.
In the second quarter (Q2) of the year, the real estate developer reported 19.6% lower net earnings at SAR 15.46 million, compared with SAR 19.23 million in the corresponding quarter in 2021.
On the other hand, revenues grew by 3.32% YoY in Q2-22 to SAR 54.1 million.
During the January-March period in 2022, Alandalus Property’s net profits after Zakat and tax went up 4.37% to SAR 19.79 million, versus SAR 18.96 million in Q1-21.