Alandalus Property incurs SAR 15.8M loses in 9M 2024, SAR 9.2M in Q3

Alandalus Property Co. turned to a loss of SAR 15.8 million in the first nine months of 2024 from a profit of SAR 33.1 million a year before.

The loss was primarily due to a 5% decrease in revenue from the retail and operating segments, along with a 50% drop in operating profit.

This decrease was driven by operating losses at some affiliated companies, particularly West Jeddah Hospital Co., following the opening and launch of operations at Dr. Sulaiman Al Habib Medical Hospital (Al-Fayhaa) in Jeddah at the end of the first quarter 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.

However, consolidated revenues reached SAR 170.39 million in 9M 2024, an increase of 4% compared to SAR 163.95 million in the same period of 2023.

In Q3 2024, the company also swung to a loss of SAR 9.2 million, against a profit of SAR 7.2 million in Q3 2023.

Sequentially, Alandalus trimmed its losses from a SAR 11.25 million loss in Q2 2024.

Shareholders’ equity, no minority interest, reached SAR 1.03 billion as of Sept. 30, 2024, marginally down from SAR 1.06 billion a year earlier.

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