The net profit of Al-Andalus Real Estate Company decreased by 1.78% in 2022, to 66.77 million riyals, after zakat and tax, compared to about 67.98 million riyals, in 2021.
And Al-Andalus Real Estate said, in a statement on “Tadawul Saudi Arabia”, today, Sunday, that the decrease in net profit attributable to the company’s shareholders is mainly due to the increase in the financing cost during 2022 by about 48%.
It added that the gross profit decreased due to the increase in the cost of revenues, especially in the retail and hospitality sectors.
She explained that this is despite the increase in the company’s total revenues and the other revenue item.
The group’s revenues increased during the current year 2022 by 0.8% to reach 216.11 million riyals, compared to 214.39 million riyals in the previous year.
The increase was mainly due to an increase in hospitality sector revenues by 26% as a result of the improvement in the occupancy rate at Al Andalus Mall Hotel.
And she continued, “Nevertheless, the gross profit decreased by 1.8% to reach 142.41 million riyals compared to 145.03 million riyals in the previous year, 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%, as a result of the increase in occupancy rates.” “.
The operating profit increased by 1.7% to reach 127.27 million riyals, compared to 125.1 million riyals in 2021, mainly due to the increase in other revenues of the group, despite the decrease in the company’s share in the profits of sister companies.
