Riyadh-Mubasher: Al Andalus Property Company’s net earnings grew in the second quarter of the fiscal year 2016 by 0.65% to SAR 24.82 million ($6.6 million), versus SAR 24.66 million ($6.6 million) posted for Q2-15.
The y-o-y rise was attributed to the increase in other revenues and lower financing costs and zakat provision, despite of the decrease in operating profit due to the increase in general, administrative and marketing expenses.
In the first half of fiscal 2016, net profit also grew by 2.7% to SAR 49.52 million from SAR 48.22 million reached in the same period of 2015.
Al Andalus earlier posted a net profit of SAR 24.7 million for Q1-15, 4.88% up from SAR 23.55 million reported for Q1-15.
