The profits of Al-Andalus Real Estate Company decreased by 78.5% to reach 3.13 million riyals in the third quarter of 2020, compared to 14.59 million riyals during the same period last year.
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According to Arabiya Net, the company indicated that its net profits during the first nine months of this year amounted to 8.89 million riyals, compared to 49.99 million riyals, a decline of 82.216 %.
The reason for the decrease in net income for the current quarter, according to the company, is the decrease in revenues due to the formation of discounts allocations to the tenants of malls and commercial centers during the current quarter due to the repercussions of the new Corona virus pandemic (Covid 19), which led to a decrease in gross profit.
and attributed that to the decline of the company's share in the profits of associates as a result of the formation of discounts allocations for tenants in their malls and commercial centers, and the recording of a loss in the value of some investment properties.
and attributed the decline in profits to the high cost of financing, compared to the same quarter as a result of financing the acquisition of a new office building in Riyadh.
