On 2026-08-06 08:05:17 (Saudi Time), Alandalus Property Co. announced its Interim financial results for the six months ended on June 30, 2026.

Year-on-Year Performance Drivers

For the six-month period ended 30 June 2026, Alandalus Property Co. reported consolidated revenue of SAR 140.79 million, up 27.59% YoY from SAR 110.35 million, driven by growth across all operating segments — retail and operations revenue rose approximately 23% on improved occupancy at Alandalus Mall, office segment revenue grew approximately 35% supported by the revised QBIC Plaza lease agreement and higher occupancy at Salama Tower, and hospitality revenue surged approximately 47% following the completion of renovation works and improved occupancy at the DoubleTree by Hilton Alandalus Mall Hotel. Net profit attributable to shareholders swung to SAR 12.31 million from a net loss of SAR 10.97 million in the same period of the prior year, primarily driven by a 143.47% increase in operating profit, improved results from equity-accounted investees, and lower finance costs, though partially offset by higher general and administrative expenses, increased marketing expenses, a higher expected credit loss allowance, and the absence of a gain on disposal of a subsidiary recognized in the first half of 2025.

Quarter-on-Quarter Performance Drivers

QoQ revenue edged down 1.326% to SAR 69.92 million (from SAR 70.86 million in the previous quarter), driven primarily by an approximately 19% decline in hospitality revenue and a slight ~1% dip in retail and operations revenue, partially offset by an approximately 5% increase in office segment revenue. Despite the marginal revenue decline, net profit attributable to shareholders surged 495.48% to SAR 10.54 million (from SAR 1.77 million), mainly due to a 30.603% rise in operating profit and a swing in equity-accounted investees' results from a loss of SAR 4.93 million to a profit of SAR 5.92 million, further supported by lower finance costs.

Other Items

The external auditor issued an unmodified conclusion with no additional comments, reservations, or other matters noted. Certain comparative figures have been reclassified to conform to the presentation of the current period. Total shareholders' equity (after deducting minority equity) stood at SAR 963.63 million as of 30 June 2026, compared to SAR 982.32 million in the same period of the prior year, a decrease of 1.902%. Earnings per share for the current period were SAR 0.13, compared to a loss per share of SAR 0.12 in the same period of the prior year. Additionally, on 5 July 2026, one of the Company's subsidiaries acquired a parcel of land designated for educational use in Riyadh for a consideration of SAR 23.65 million, financed through a long-term Tawarruq financing facility from a local bank with a facility limit of SAR 48 million.

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