Al Andalus Real Estate Company has grown in profits by 54.9%. Net profit reached SR 18.96 million in 2021, compared to SR 12.24 million during the same period last year.
According to Arab Net, the company's revenue rose 20.5% to SR 50.54 million, compared to SR 41.94 million during the same period last year.
The rise in net profit is mainly due to:
- The overall profit increase as a result of the total revenue is highly supported by offices and retail, in addition to low revenue cost.
- Operating profit during the current quarter as a result of a high share of the company's profits, high revenue, as well as low marketing expenses.
The company explained that all previously led to a net profit rise despite the rise in funding and legitimate zakat during the current quarter compared to the same quarter.
