Saudi Arabia's Alandalus posts 8% increase in H1 2019 profit
The net profit in Q2 2019 increased due to decrease in finance cost and Zakat provision, the company said
Saudi Arabia’s Tadawul-listed Alandalus Property, has reported a net profit of $4m (SAR15.1) in the second quarter of 2019, with the figures noting a 24% surge compared to $3.3m (SAR12.2m) in the same period last year.
The company has attributed the increase in profit to increase of operational profit which spiked due to increase in the share of income from associates.
In a stock market filing the company added: “The net profit increased due to decrease in finance cost and Zakat provision.”
In the first half of 2019, net profits are the developer marked 8.3% increase to reach $9.4m (SAR35.4m) compared to $8.7m (SAR32.7m) in the same period in 2018, with the company attributing the rise in profits “to increase in the share of income from associates, decrease in the general and administration expenses, and increase in other revenues”.