Alandalus loses SAR 830,000 in Q1 2025

Alandalus Property Co. turned to a loss of SAR 830,000 in the first quarter of 2025 from a profit of SAR 4.7 million a year before.

The decline was attributed to a 40% year-on-year (YoY) decline in operating profit, driven by operational losses incurred by certain associate companies, particularly West Jeddah Hospital (Dr. Sulaiman Al Habib Medical-Al-Fayhaa, Jeddah), which began operations at the end of Q1 2024.

In addition, general and administrative expenses as well as marketing costs increased.

Hospitality segment revenue decreased slightly, alongside a 9.5% YoY increase in financing costs.

On the other hand, the company reported a rise in total revenue during the current period, mainly due to a 24.1% YoY increase in office segment revenue, attributed to rental income recognition from the office tower in Riyadh’s Al Yasmine district (Yasmine Alandalus).

Moreover, retail and operations revenue rose by 2.5% YoY, supported by a higher leasing rate at Alandalus Mall, particularly after the opening of the new front-facing expansion "Jaddah Alandalus."

On a quarterly basis, Q1 2025 loss shrunk by 94.8% from a loss of SAR 15.83 million in Q4 2024 on higher operating profit, driven by a higher share of profit from associate companies and a reduction in provisions for lease receivables.

Total shareholders’ equity, excluding minority interest, stood at SAR 992.5 million by March 31, 2025, compared to SAR 1.05 billion a year earlier.

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