Alandalus incurs SAR 10.4M loss in 9M 2025; SAR 580,000 profit in Q3

Alandalus Property Co.’s loss narrowed to SAR 10.4 million in the first nine months of 2025 compared to a loss of SAR 15.8 million a year before.

The decrease in losses was driven by higher revenues in the retail and office segments, by 4.1% and 1.1%, respectively.

This is in addition to improved performance and reduced losses from sister companies, lower Zakat expenses, and a gain from the disposal of a subsidiary.

This was partly offset by lower revenues from a subsidiary, reduced occupancy at Salama Tower, a 30% decline in Al-Andalus Mall Hotel revenues due to renovation works, as well as higher costs of revenues, general and administrative expenses, and financing costs.

In Q3 2025, the company turned to a profit of SAR 0.58 million, compared to a loss of SAR 9.24 million in Q3 2024.

Sequentially, Alandalus also swung to a profit from a loss of SAR 10.14 million in Q2 2025.

Shareholders’ equity, no minority interest, reached SAR 959.57 million as of Sept. 30, 2025, down from SAR 1.03 billion a year earlier.

Alandalus’ land portfolio in Riyadh does not include any property subject to White Land Tax, the developer had announced earlier.

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