Financial Results : Alandalus turns to SAR 31.6M net loss in 2024; Q4 at SAR 15.8M

Alandalus turns to SAR 31.6M net loss in 2024; Q4 at SAR 15.8M

23/03/2025 Argaam Exclusive

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Alandalus Property Co. reported a net loss of SAR 31.6 million in 2024, against a net profit of SAR 36.4 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 215.16 235.89 9.6 %
Gross Income 137.71 145.15 5.4 %
Operating Income 75.40 82.07 8.8 %
Net Income 36.42 (31.60) (186.8 %)
Average Shares 93.33 93.33 -
Earnings Per Share before unusual items (Riyals) 0.39 (0.25) (164.8 %)
EPS (Riyal) 0.39 (0.34) (186.8 %)

This was driven by operating losses incurred by some affiliated companies, particularly West Jeddah Hospital, due to the opening and commencement of operations at Dr. Sulaiman Al-Habib Medical Hospital (Al-Fayhaa) in Jeddah at the end of Q1 2024, along with recorded losses in Al-Jawhara Al-Kubra Company.

 

The company also cited higher general and administrative expenses, as well as impairment losses, and a 31% increase in financing costs compared to the previous year.

 

Despite a 5.4% increase in gross profit, and a drop in Zakat expenses, the overall impact led to a decline in net profit.

 

 



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 51.21 65.50 27.9 %
Gross Income 29.70 40.87 37.6 %
Operating Income 8.57 24.80 189.3 %
Net Income 3.32 (15.83) (576.6 %)
Average Shares 93.33 93.33 -
Earnings Per Share before unusual items (Riyal) 0.04 (0.08) (335.7 %)
EPS (Riyal) 0.04 (0.17) (576.6 %)

Total revenue reached SAR 235.89 million in 2024, reflecting a 9.63% increase year-on-year (YoY), due to higher earnings from retail, hospitality, and office segments.

 

The company reported a net loss of SAR 15.8 million in Q4 2024, versus a net profit of SAR 3.3 million in Q4 2023. Sequentially, net loss widened from SAR 9.24 million in Q3 2024.

 

Total shareholders’ equity, excluding minority interest, stood at SAR 1.01 billion by Dec. 31, 2024, compared to SAR 1.07 billion a year earlier.

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