Alandalus Property Co. announces its Interim Financial results for the Period Ending on 2025-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 56.41 | 53 | 6.433 | 65.5 | -13.877 |
| Gross Profit (Loss) | 33.94 | 32.22 | 5.338 | 40.87 | -16.956 |
| Operational Profit (Loss) | 14.17 | 23.64 | -40.059 | 4.57 | 210.065 |
| Net profit (Loss) | -0.83 | 4.72 | - | -15.83 | -94.756 |
| Total Comprehensive Income | -0.83 | 4.72 | - | -16.18 | -94.87 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Shareholders Equity (after Deducting Minority Equity) | 992.46 | 1,053.29 | -5.775 |
| Profit (Loss) per Share | -0.01 | 0.05 | |
| 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 revenues amounted to 56.4 million in Q1 2025, an increase of 6.4 % from the revenues of the similar quarter of the previous year, which amounted to 53 million. The increase is mainly due to a 24.1% increase in the office sector for the leasing of Yasemeen Tower. In addition, retail and operations sector revenues increased by 2.5% compared to the similar period of the previous year after operating Al-Andalus Mall Expansion (Al-Andalus Boulevard). This is despite a slight decrease in hospitality sector revenues. |
| 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’s financial results for the current period of 2025 showed a net loss of SAR 834 thousand, compared to a net profit of SAR 4.7 million for the same period in 2024, the primary reason for this loss is the decrease in the operating profit by 40% due to the operating losses incurred by certain sister companies, particularly West Jeddah Hospital Company (Dr. Sulaiman Al Habib Medical Hospital – Al Fayhaa, Jeddah), which was opened and began operations on March 31, 2024. The loss was further driven by an increase in financing costs, general and administrative expenses, and marketing expenses. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The company's revenues decreased during the current period of 2025 by 13.8% compared to the previous quarter. This decline is primarily attributed to a decrease in retail sector revenues, resulting from the sale of the company's stake in Al Marwa Center, owned by Manafea Alandalus Company “a subsidiary”. Additionally, temporary lease revenues in malls and shopping centers declined, and hospitality sector revenues decreased, while office sector revenues remained stable. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The loss decreased from SAR 15.8 million in the previous quarter to SAR 834 thousand in the current quarter, primarily due to a significant increase in operating profit. This improvement was driven by a higher share of (loss) / profit from equity accounted investees, resulting from improved operating results of West Jeddah Hospital Company (Dr. Sulaiman Al Habib Medical Hospital – Al Fayhaa, Jeddah) during the current quarter compared to the previous one. Additionally, Impairment of receivables from operating lease decreased, despite a decline in gross profit. |
| 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) | None |
| Reclassification of Comparison Items | Some of the figures related to comparable quarters have been reclassified and represented to conform with the classification of current quarter figures. |
| 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 March 31, 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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