DUBAI: Saudi developer Alandalus Property reported a 78 percent decline in net profit last year to SR14.3 million ($3.8 million) as the pandemic weighed on its hotels and malls business.
It discounted rents for mall tenants in response to the COVID-19 pandemic, the company said in a filing to the Saudi stock exchange on Thursday.
Still, overall sales dipped just 4.7 percent to SR167.8 million, reflecting strong underlying demand for property in the Kingdom.
Real estate and retail groups throughout the region have been hit hard by the pandemic with many forced to reduce operations and cut costs.
Dubai developer Emaar Properties on Tuesday said it was buying out minority shareholders of its shopping center unit, less than a decade after floating shares in the company.
The all-share deal came as both businesses have seen profits plunge over the past year due to the coronavirus pandemic as fewer overseas visitors travel to Dubai.
