Riyadh – Mubasher: Alandalus Property Company achieved net profit after Zakat and tax of SAR 14.34 million in 2020, sliding by 77.88% year-on-year (YoY) from SAR 64.8 million.
The profit drop was mainly due to lower revenue from retail and hospitality sectors, which were hit by the coronavirus (COVID-19) crisis, along with a decline in gross profit and lower profit share from associates, the company said in a bourse disclosure on Thursday.
The company also referred to impairment loss on investment property and PPE of SAR 31.8 million and higher finance cost as a result of the acquisition of a new office complex in Riyadh at end of June 2020.
In addition, the board of directors recommended a cash dividend at SAR 0.5 per share for 2020, totalling SAR 35 million.
During the first nine months of 2020, Alandalus Property Company logged SAR 8.9 million in net profit, down from SAR 50 million in the same period in 2019.
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