Umm Al-Qura for Development earns SAR 309.1M in 9M 2024, SAR 116.9M in Q3

Umm Al-Qura for Development and Construction Co., which develops the MASAR destination and whose shares are set to list on the Main Market (TASI), posted net earnings of SAR 309.1 million for the first nine months of 2024, compared with SAR 6.7 million a year earlier.

The profit growth was boosted by a rise in revenues to SAR 1.02 billion during the nine-month period, due to the sale of land plots worth a total of SAR 1.13 billion.

Gross profit margins increased to 46.9% from 23.9% a year earlier.

In addition, selling and marketing expenses dropped to SAR 25.6 million, compared with SAR 56.8 million in the same period of 2023.

Other operating revenues increased from SAR 17.7 million to SAR 41.5 million. EBITDA also grew from SAR 11.6 million to SAR 329.4 million. Further, net profit margins leapt from 1% to 30.1%.

However, general and administrative expenses increased to SAR 131.6 million, compared with SAR 90.1 million a year ago.

The developer turned to a net profit of SAR 116.9 million in Q3 2024, from a loss of SAR 41.26 million in Q3 2023, driven mainly by recording SAR 266.7 million in revenues compared with nothing in the same period of 2023.

The third-month net earnings dropped 37.6% from SAR 187.36 million in Q2 2023.

Total shareholders' equity, no minority interest, reached SAR 1.27 billion by the end of Q3 2024, compared with SAR 1.21 billion a year earlier.