Riyadh – Mubasher: Alandalus Property Company announced a significant turnaround in its financial performance for the first half (H1) of 2026, recording a net profit of SAR 12.31 million.
This compares to a net loss of SAR 10.97 million during the same period in 2025. Earnings per share (EPS) improved to SAR 0.13 from a loss of SAR 0.12 a year earlier.
The company's revenue rose by 27.58% to SAR 140.79 million in H1-26 from SAR 110.35 million in the previous year.
Management attributed the growth to higher occupancy rates at Alandalus Mall and improved performance in the office sector, specifically at the Cubic Plaza and Salama Tower.
The hospitality segment also saw gains following renovations at the DoubleTree by Hilton Alandalus Mall.
For the second quarter (Q2) of 2026, net profit reached SAR 10.54 million, reversing a net loss of SAR 10.14 million in Q2-25. Quarterly operating profit surged by 274.12% to SAR 30.94 million.
In Q1-26, Alandalus Property turned profitable at SAR 1.77 million, versus losses of SAR 830,000 in Q1-25.
Separately, the company disclosed that a subsidiary purchased educational land in Riyadh for SAR 23.65 million on 5 July, funded through a SAR 48 million long-term Islamic financing facility.
