Alandalus loses SAR 18.3M in 2025, SAR 7.9M in Q4

Alandalus Property Co. narrowed its net losses by 42.2% to SAR 18.3 million in 2025 from SAR 31.6 million a year earlier.

The lower losses were attributed to a slight rise in the group’s revenue to SAR 237.08 million in 2025, compared with SAR 235.89 million in 2024.

The increase was mainly supported by a 6.6% rise in the office segment revenue to SAR 61.58 million, from SAR 57.7 million a year earlier, driven by higher income from Yasmin Al-Andalus Office Tower in Riyadh.

The retail segment’s revenue remained largely unchanged, aided by higher revenue from Alandalus Mall due to improved occupancy rates.

This was partly offset by lower revenue following the deconsolidation of a subsidiary (Manafea Alandalus /Al Marwah Center).

Meanwhile, hospitality revenue declined 19.9% year-on-year (YoY), due to lower occupancy at the DoubleTree by Hilton Alandalus Mall Hotel amid renovation and upgrade works.

Operating profit increased 9.4%, supported by lower investment losses from some associate companies. This was partly offset by higher general and administrative expenses and increased expected credit loss provisions.

Profitability was further backed by lower Zakat expenses and a gain from the disposal of the subsidiary Al Marwah Center.

However, gross profit declined 1.5% YoY, mainly due to higher cost of revenue, particularly in the office segment.

In Q4, net losses decreased by 50.2% to SAR 7.9 million from SAR 15.8 million in the fourth quarter of 2024.

The developer swung to a net loss versus a SAR 0.58 million profit in Q3 2025.

Total shareholders’ equity, after minority interest, declined to SAR 951.31 million as of Dec. 31, 2025, from SAR 1.01 billion a year earlier.

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