Alandalus Property Company (Alandalus) posted a 1.2% year-on-year decrease in its profits for the first quarter of 2019.
Net profits after zakat and tax inched down to SAR 20.28 million in Q1-19, compared to SAR 20.52 million in Q1-18, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Thursday.
The company’s revenue reached SAR 40 million in Q1-19, versus SAR 40.8 million in the same period of the prior year.
The minor dip in revenue was primarily due to a slight drop in occupancy at the Staybridge Hotel in Jeddah, an asset within the company’s hospitality segment, according to the statement.
Operating profits of the Saudi-based firm recorded SAR 29.1 million during the three-month period ended March, against SAR 28.9 million in the same period the year before.
“We are pleased that we have been able to maintain our operating profit at the same level as that of last year. It is worth noting that the slight drop in net profit attributable to shareholders is mainly driven by the initial impact from our adherence to IFRS 16 on Leasing Contracts,” Fawaz bin Huwail, CEO of Alandalus, commented.