Alandalus Property Co. announces its Interim Financial results for the Period Ending on 2025-09-30 ( Nine Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 60.34 | 58.68 | 2.828 | 53.94 | 11.865 |
| Gross Profit (Loss) | 36.73 | 35.14 | 4.524 | 31.39 | 17.011 |
| Operational Profit (Loss) | 19.29 | 12.74 | 51.412 | 8.27 | 133.252 |
| Net profit (Loss) | 0.58 | -9.24 | - | -10.14 | - |
| Total Comprehensive Income | 0.58 | -9.24 | - | -10.14 | - |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 170.69 | 170.39 | 0.176 |
| Gross Profit (Loss) | 102.06 | 104.28 | -2.128 |
| Operational Profit (Loss) | 41.73 | 42.88 | -2.681 |
| Net profit (Loss) | -10.39 | -15.77 | -34.115 |
| Total Comprehensive Income | -10.39 | -15.77 | -34.115 |
| Total Shareholders Equity (after Deducting Minority Equity) | 959.57 | 1,032.8 | -7.09 |
| Profit (Loss) per Share | -0.11 | -0.17 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | The Company’s consolidated revenue amounted to SAR 60.34 million in Q3 2025, an increase of 2.82% compared to SAR 58.68 million in the corresponding quarter of the previous year. The increase was primarily driven by an 11.75% rise in the Retail & Operations segment, supported by higher occupancy at Alandalus Mall following the opening and commencement of the “Alandalus Boulevard” expansion. This was despite an approximate 5.5% decline in the Offices segment versus the same quarter last year, in addition to a decrease in the Hospitality segment due to lower revenue at Alandalus Mall Hotel stemming from reduced occupancy during renovation and enhancement works. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The Company recorded a net profit of SAR 0.58 million in Q3 2025, compared to a net loss of SAR 9.24 million in the corresponding quarter of the previous year. This improvement was primarily driven by increases of 4.5% in gross profit and 51.4% in operating profit, reflecting higher revenue and improved results from associates—particularly West Jeddah Hospital (Dr. Sulaiman Al-Habib – Al-Faiha, Jeddah) and Al-Jawhara Al-Kubra—as well as lower finance costs and zakat expense.
This was despite higher general and administrative expenses and marketing expenses, and a decline in other income. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The Company’s consolidated revenue amounted to SAR 60.34 million in Q3 2025, an increase of 11.87% from SAR 53.94 million in the previous quarter of the same year, supported by growth across all operating segments. Retail & Operations revenue rose by 15%, driven by improved performance at Alandalus Mall—particularly following the opening and commencement of the “Alandalus Boulevard” expansion, as well as higher revenue at community shopping centers. In addition, revenue in the Hospitality and Offices segments increased by 5.4% and 5.6%, respectively. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The Company recorded a net profit of SAR 0.58 million in Q3 2025, compared to a net loss of SAR 10.14 million in the previous quarter of the same year. This turnaround was driven by a 133% increase in operating profit due to higher gross profit, together with improved results from associates—particularly West Jeddah Hospital (Dr. Sulaiman Al-Habib – Al-Faiha, Jeddah)—and higher other income.
Conversely, general and administrative expenses and marketing expenses increased. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | The Company’s revenue recorded a slight increase during the current period of 2025, reaching SAR 170.7 million compared to SAR 170.3 million for the same period of the previous year. This slightly increase was driven primarily by a 4.1% rise in the Retail & Operations segment, stemming from a 13% increase in Alandalus Mall revenue due to improved occupancy following the commencement of the mall’s expansion, “Alandalus Boulevard”, this was partly offset by a reduction in revenue resulting from the deconsolidation of a subsidiary (Manaf Alandalus). The Offices segment also grew by 1.1%, reflecting leasing revenue recognition at Yasmin Alandalus Tower after leasing commenced in Q2 2024, offset by lower revenue at Salama Tower due to reduced occupancy.
Conversely, revenue in the Hospitality segment declined, as Alandalus Mall Hotel revenue decreased by 30% versus the same period in 2024, attributable to lower occupancy during renovation and enhancement works at the hotel. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The Company recorded a net loss of SAR 10.4 million, compared to a net loss of SAR 15.7 million for the same period of 2024, representing an improvement of SAR 5.4 million year-on-year. The primary reason for the lower loss versus the corresponding period was a reduction in investment losses in certain associates—specifically West Jeddah Hospital (Dr. Sulaiman Al-Habib – Al-Faiha, Jeddah), which commenced operations on 31 March 2024—as a result of improved operating performance at the hospital during the period, as well as lower interim losses at Al-Jawhara Al-Kubra due to higher occupancy at The Village Mall, and higher profits at AlAswaq AlMutatauwerah Company. These positive factors were partly offset by higher cost of revenue, higher general and administrative expenses, and higher finance costs, despite lower zakat expense and the recognition of a gain on disposal of a subsidiary (Manaf Alandalus Co,). |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | The consolidated financial statements for the year ended 31 December 2024 were audited by another auditor who expressed an unmodified opinion on 23 Ramadan 1446H (23 March 2025). The interim condensed consolidated financial statements for the three and nine-month periods ending 30 September 2024 were reviewed by another auditor who expressed an unmodified review conclusion dated 1 Jumada Al-Ula 1446H (3 November 2024). |
| Reclassification of Comparison Items | Certain comparative figures have been reclassified to conform with the presentation of the current period. |
| Additional Information | On February 27, 2025, the Board of Directors approved the sale of the company's 70% stake in Manafea Alandalus – Al Marwa Center (a subsidiary) for SAR 15 million, resulting in a gain of SAR 3.9 million based on the subsidiary's balances as of January 1, 2025.
For further details, please refer to Note 15 of the financial statements.
We would like to draw the attention of our esteemed shareholders to the fact that the condensed consolidated financial statements for the period ending September 30, 2025, will be available through the company's website at the link below, after being submitted to the competent authorities. The investor report for the current period will also be available on the Alandalus Property Company Investor Relations mobile application and website under the Investor Relations section and the Investor Presentation section. http://www.alandalus.com.sa |
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