Alandalus Property to proceed with planned projects on strong financial position: CEO

Hathal Alutaibi, CEO of Alandalus Property

Alandalus Property Co. will continue to pursue planned projects and settle liabilities, thanks to its well-established financial position, chief executive officer Hathal Alutaibi. said in a statement.

“We hope the company’s financial and operating performance will normalize, as last year was exceptionally challenging due to the COVID-19 outbreak and its negative implications across all fields,” added Alutaibi.

Commercial centers and hotels, the company’s core businesses, were the worst hit by the pandemic after the Kingdom announced complete lockdown as a preventive measure against COVID-19.

Alandalus launched several initiatives to support its tenants, help them restore full operating capacity and enhance strategic ties with the clients.

Alandalus Property Co. reported net profit after Zakat and tax of SAR 14.3 million, plunging 78% year-on-year (YoY) for 2020, and posted net profit of SAR 5.5 million in Q4 2020, a slump of 63% YoY, data compiled by Argaam showed.