Saudi Arabia's Andalus Real Estate Company, the pioneer in the investment, development and operation of income generating properties in the Kingdom, has announced its financial results for the year ended December 31, 2018.

The company recorded revenue growth of 12% to reach SAR 165 million, compared to revenues recorded during the fiscal year 2017, amounting to SAR 147 million. This growth was primarily driven by the increase in revenue generated by the Staybridge Suites and Andalus Mall, which contributed to a 17% increase in gross profit to reach SAR 94 million in FY18, compared to SAR 80 million in FY2017. < / p>

On the other hand, the company's net profit attributable to shareholders during the fiscal year 2018 decreased to SAR 48 million, compared to SAR 118 million during FY2017. This is attributable to The decline is due to several reasons. First, 31.27% of Al-Ahly REIT 1 fund was sold; Second, the general and administrative expenses were high this year as a result of adding the fees for managing the real estate investment fund Al-Ahly REIT 1; Third, the presence of non-recurring items such as recording gains of SAR 23 million from Sale of investment land in the previous period, as well as recording losses of a decrease in the investment value in one of the subsidiary companies, amounting to 6 million Saudi riyals, in addition to increasing zakat provisions for the year 2018.

The company's cash balance reached 145 million Saudi riyals, compared to 444 million Saudi riyals during the previous year, due primarily to a dividend of 140 million Saudi riyals and settlement Final for some loans amounting to SR 117 million. In this context, we aim to distribute dividends of shares worth 70 million Saudi riyals (1 Saudi riyal per share) for the year 2018, and this proposal will be presented to shareholders during the General Assembly meeting

The company enjoys low levels of debt, with a debt to assets ratio of 7%, which represents a noticeable decrease compared to 15% during the past year.

Namazon Services..programmed technical analysis platform ... for Emirati, Saudi, and global markets


With your support we continue ... to provide valuable content and smart solutions for investors, to discover opportunities in the local and global markets.

To more:

Sasco distributes 30 million Real cash