Thursday 23 January 2020

Saudi Alandalus Property 2018 revenue up 12pc

RIYADH, March 20, 2019

Saudi-based Alandalus Property said its revenue for the fiscal year ended December 31 hit SR165 million ($44 million), up 12 per cent compared to SR147 million ($39 milion) for the same period the previous year.

A major player involved in the investment, development and operation of income-generating commercial properties across the kingdom, Alandalus Property has been upgrading its existing assets across its diverse set of property sectors, primarily retail via super-regional malls and strip malls across Jeddah, Riyadh and Dammam.

The company also diversified into the hospitality sector with the development of Staybridge Suites in Jeddah which opened in June 2017 and is operated by Intercontinental Hotels Group (IHG).

This enables the company to capitalise on the demographics of the catchment area which includes shoppers in addition to business and religious visitors, thereby increasing revenues across different sectors, said the statement.

Within the healthcare sector, which the company entered to further diversify its activities, Alandalus Property is developing a new hospital called West Jeddah Hospital near its flagship Alandalus Mall - in a joint venture with the well-known regional Dr Sulaiman Al-Habib Medical Group - and due to open in Q2 2022.

On the results, chairman Abdulsalam Al Aqeel said: "This is a very exciting time for Alandalus Property. Despite challenging macroeconomic conditions, we put in a robust financial and operational performance in 2018. We have a yielding portfolio consisting of well-located high-quality properties with high footfall and occupancy rates that provide steady, consistent financial returns."

The company is well-diversified not only by sector but also by geography and tenant mix, noted Al Aqeel.

"Being the first mall developer to be listed on the Tadawul, we take seriously our commitment to the highest standards of corporate governance and ethical business practices. I am confident that our board, leadership team and strong partnership network will continue to help drive the company to new heights," he added.-TradeArabia News Service


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