Alandalus Property loses SAR 6.5M in H1 2024, SAR 11.3M in Q2

Alandalus Property Co. turned to a loss of SAR 6.5 million in the first six months of 2024 from a profit of SAR 25.9 million a year before.

The loss was mainly attributed to a 49% fall year-on-year (YoY) in operating profit as some sister companies incurred operating losses, particularly West Jeddah Hospital Co., on the opening and commencement of operations of Dr. Sulaiman Al Habib Medical Hospital (Al-Fayhaa) in Jeddah at the end of the first quarter of this year.

Additionally, the earnings of Alaswaq AlMutatuwerah Co. and Al Jawhara Al Kubra Co. decreased, along with an increase in the provision for impairment of operating lease receivables.

Moreover, financing costs increased by 26% YoY, and revenues from the retail and operations segments declined 4.8%.

However, consolidated revenues reached SAR 111.7 million in H1 2024, an increase of 3.04% compared to SAR 108.41 million in the same period of 2023.

In Q2 2024, the company also swung to a loss of SAR 11.3 million, against a profit of SAR 11.65 million in Q2 2023, mainly due to a 77% drop in operating profit and higher financing costs by 18% YoY.

Sequentially, Alandalus turned to a loss from a profit of SAR 4.72 million in Q1 2024.

Shareholders’ equity, after minority interest, reached SAR 1.04 billion as of June 30, 2024, marginally down from SAR 1.08 billion a year earlier.

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