The profits of Al-Andalus Real Estate Company decreased by 39.6% to reach 12.2 million riyals in the first quarter of 2020, compared to 20.28 million riyals in the same quarter of 2019. < / p> According to Arabiya Net, profits decreased by 17.4%, compared to the results achieved in the previous quarter, which was 14.8 million riyals. The company stated that the decline in profits is due to the high cost of revenue due to the recognition of the costs of Al Marwa Center and Salama Al Maktabi tower during the current quarter, despite this increase in total revenue. < / p>
The lower operating profit during the current quarter also resulted from the decline in the company's share in the profits of sister companies, and the increase in selling and marketing expenses, in addition to the decrease in other income.
> The interest expense on lease obligations and the rise in financing costs and legal zakat increased during the current quarter compared to the same quarter.
