Riyadh – Mubasher: Al Andalus Property Co. gained a net profit of SAR24.7 million ($6.6 million) in the first quarter of 2016, recording a 4.88% year-on-year rise from SAR23.55 million ($6.28 million) for the year-ago quarter.
In a bourse filing posted Wednesday, the company attributed Q1 positive financials to an increase in lease revenues and investment income from associates, coupled with a decrease in marketing expenses, financing costs and Zakat appropriation.
The company successfully ended Q1-16 profitable, in spite of increasing general and administrative expenses after making appropriation for doubtful debts,.
