(The Group's Comments) Alijarah Net Profit
Climbs to QR 4.97 Million in Q1 2019
April 18, 2019
Alijarah Holding posted a profit in the first quarter of 2019 of
about QR 4.98 million, compared to QR 1.87 million for the same
period last year, an increase of 166%, while its earnings per
share reached QR 0.10 in the first quarter of this year, versus
QR 0.04 for the corresponding period of 2018. It should be noted
that the improvement in profits was the result of lower expenses
not higher revenues.
Alijarah’s gross revenues fell by about 16% to QR 34.79 million in
the previous quarter, compared to QR 41.35 million for the same
period in 2018. Revenues from taxis decreased by QR 5.88 million
and real estate revenues dropped by QR 4.74 million or 33%. On
the other hand, the company made revenues of QR 1.17 million
from warehouse rentals and QR 438,000 from the company’s driving
school. Data from these last two items was not available in the
corresponding period of 2018.
Revenues from investment activities increased by 10% to reach QR
9.5 million, compared to QR8.6 million as a result of the
improvement of the profits of the valuation of financial
investments by about QR 708,000 compared to a loss of about QR
2.9 million for the same period of 2018, which offset the QR 2.7
million decline in dividends.
The total expenses of the company decreased by QR 10.2 million or
23% during the first quarter of 2019 to settle at QR 33.76
million, compared to QR 43.96 million for the same period of
2018. The decrease in expenses is the direct cause of the
company's high profits.
Alijarah’s accumulated losses decreased by the end of the first
quarter to QR 187.6 million compared to QR 192.2 million by the
end of 2018. The accumulated losses represent about 27% of
shareholders' equity and 38% of the company's capital.
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