Financial Results : Alandalus widens losses to SAR 11M in H1 2025; Q2 at SAR 10.1M

Alandalus widens losses to SAR 11M in H1 2025; Q2 at SAR 10.1M

10/08/2025 Argaam Exclusive

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Alandalus Property Co. reported a net loss of SAR 11 million in H1 2025, compared to SAR 6.5 million a year earlier.



Financials (M)

Item 6m 2024 6m 2025 Change‬
Revenues 111.71 110.35 (1.2 %)
Gross Income 69.15 65.33 (5.5 %)
Operating Income 36.77 34.04 (7.4 %)
Net Income (6.53) (10.97) (68.0 %)
Average Shares 93.33 93.33 -
Earnings Per Share before unusual items (Riyals) (0.07) (0.16) (128.5 %)
EPS (Riyal) (0.07) (0.12) (68.0 %)

The deeper loss was mainly due to a 1.22% year-on-year (YoY) fall in consolidated revenue to SAR 110.35 million. The hospitality segment’s revenue declined by 28% as occupancy at Andalus Mall Hotel fell amid renovation works, partly offset by a 5% increase in office revenue, as well as steady retail and operations income.

 

Operating profit fell 25.57% YoY on a 5% decline in gross profit due to higher cost of revenue and a 25.7% rise in general and administrative (G&A) expenses.

 

The company also recorded a higher share of losses from associates, mainly West Jeddah Hospital Co., following the launch of Dr. Sulaiman Al Habib Medical Hospital (Al-Fayha) in late Q1 2024, in addition to a 10.4% rise in finance costs.

 

Alandalus narrowed losses to SAR 10.14 million in Q2 2025 from SAR 11.25 million in Q2 2024.



Current Quarter Comparison (M)

Compared With The
Item Q2 2024 Q2 2025 Change‬
Revenues 58.71 53.94 (8.1 %)
Gross Income 36.93 31.39 (15.0 %)
Operating Income 19.29 15.73 (18.5 %)
Net Income (11.25) (10.14) 9.9 %
Average Shares 93.33 93.33 -
Earnings Per Share before unusual items (Riyal) (0.12) (0.11) 9.9 %
EPS (Riyal) (0.12) (0.11) 9.9 %

Sequentially, the losses depended from SAR 830,000 in Q1 2025.

 

Shareholders’ equity, excluding minority interest, fell to SAR 982.32 million as of June 30, 2025, compared to SAR 1.04 billion a year earlier.

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