Profits of “Andalusia Real Estate” increased by 4.3% to 19.7 million riyals in the first quarter

Andalucia Real Estate Company’s quarterly profits increased 4.3% to 19.7 million riyals in the first quarter of 2022, compared to 18.9 million riyals in the first quarter of 2021.

On a quarterly basis, profits increased 89.9%, compared to 10.4 million riyals in the previous quarter.

The value of the company’s operating profits was 34.5 million riyals, compared to 32.7 million riyals, an increase of 9%.

Andalus Real Estate Company stated that the increase in profits in the first quarter is mainly due to the increase in gross profit following the increase in total revenues supported by the increase in hospitality and retail sector revenues, despite the decrease the company’s share in the profits of sister companies and the decrease in other revenues, as well as the increase in Sharia zakat during the quarter in course compared to the same quarter.

On the reasons for the increase in earnings in the first quarter of 2022, compared to the earnings of the previous quarter, the company said that this is due to the increase in operating profit following the increase in the company’s share in the profits of the affiliates, as well as to following a decrease in administrative, sales and marketing expenses and credit loss expenses, as well as a decrease in the Sharia zakat compared to the previous quarter.

The details of the announcement of the results of Al-Andalus Real Estate, as announced in

Read More About: Business News