Riyadh – Mubasher: Alandalus Property Company reached net gain after Zakat and tax of SAR 13.34 million in 2020, slipping by 77.88% year-on-year (YoY) from SAR 64.8 million.
The gain slipped was mainly because of lower gain from retail and hospitality sectors, which were affected by the coronavirus (COVID-19) crisis, along with a loss in total gain and lower profit share from associates, the company provided in a bourse disclosure on Thursday.
The company also showed impairment loss on investment property and PPE of SAR 31.8 million and higher finance price as an outcome of the acquisition of a new office complex in Riyadh at end of June 2020.
Likewise, the directorate suggested a money profit at SAR 0.5 per share for 2020, totaling SAR 35 million.
During the initial nine months of 2020, Alandalus Property Company logged SAR 8.9 million in net benefit, down from SAR 50 million in a similar period in 2019.