Andalusia Real Estate Company turned 19.23 million riyals in the second quarter of the year 2021, compared to losses of 6.48 million riyals during the corresponding period last year.
According to Arabiya Net, the company said in a statement that its revenues grew by 66% to 52.36 million riyals, compared to 31.45 million riyals during the same period last year.
The reason for the increase in net profit during the previous quarter is due to the increase in the gross profit as a result of the increase in total revenues, mainly the revenues of the retail and office sectors, and the recording of losses in the value of assets in the amount of 20 million riyals in the same quarter, and the company's share in the profits of sister companies increased.
This came despite the increase in general and administrative expenses and financing costs during the current quarter compared to the same quarter.
During the first half, the company's sales grew by 102.9 million riyals, by 40%, and profits rose by 563% to 38.19 million riyals.
