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Alandalus Property Co. announces its Annual Consolidated Financial Results for the Period Ending on 2022-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 216.11 | 214.39 | 0.8 | ||
| Gross Profit (Loss) | 142.41 | 145.03 | -1.81 | ||
| Operational Profit (Loss) | 127.27 | 125.14 | 1.7 | ||
| Net Profit (Loss) after Zakat and Tax | 66.77 | 67.98 | -1.78 | ||
| Total Comprehensive Income | 66.07 | 68.21 | -3.14 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 1,082.46 | 1,063.06 | 1.82 | ||
| Profit (Loss) per Share | 0.72 | 0.73 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The decrease in the shareholders net profit of the company is mainly due to: • An increase in the financing cost during the current year by approximately 48%. • Decreased gross profit due to higher cost of revenues, especially in the retail and hospitality sectors. All of the above led to a decrease in the net profit during the current year compared to the previous year, despite the increase in the company's total revenues and other revenues. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Reclassification of Comparison Items | Certain prior period figures have been reclassified to conform with the presentation in the current Year. |
| Additional Information | The group revenues increased during the current year 2022 by approximately 0.8%, to reach 216.11 million Saudi riyals, compared to 214.39 million Saudi riyals in the previous year. This increase came mainly because of an increase in hospitality sector revenues by 26% as a result of the improvement in the occupancy rate of the Al Andalus Mall Hotel. Despite this, the gross profit decreased by approximately 1.8% to reach 142.41 million riyals compared to 145.03 million riyals in the previous year, this decrease gross profit is due to the increase in the cost of revenue in the retail sectors, which increased by 3.5%, and the hospitality sector, which increased by 13.1 % due to the increase in occupancy rates. The operating profit increased by approximately 1.7% to reach 127.27 million riyals compared to 125.1 million Saudi riyals in the previous year, This increase is mainly due to the increase in other revenues, despite the decrease in the company's share in the profits of the associate companies. We would like to draw the attention of our valued shareholders, that the condensed consolidated financial statements for the period ending on December 31, 2022, will be available through the company's website at the link below, after sending it to the competent authorities. The investor presentation for the current year will also be available on the Investor Relations application of Al-Andalus Property Company for smartphones and tablets, as well as on the company website under the Investor Relations section and under the Investor Presentation section. http://www.alandalus.com.sa |
| Attached Documents |  |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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