Riyadh Development H1 profit rises to SAR 162.4M; Q2 at SAR 91.9M

31/07/2024 Argaam Exclusive

Riyadh Development Co. posted a SAR 162.4 million net profit in H1 2024, a rise of 115% from SAR 75.7 million in the year-ago period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 138.89 155.47 11.9 %
Gross Income 84.38 99.99 18.5 %
Operating Income 49.03 71.88 46.6 %
Net Income 75.66 162.40 114.6 %
Average Shares 177.78 177.78 -
EPS (Riyals) 0.43 0.91 114.6 %

The company attributed the six-month profit growth to the increase in the main operations revenue of SAR 16.6 million, coupled with the SAR 42 million rise in its income share in Tanal for Real Estate Investment and Development Co., an associate. This is in addition to the SAR 27 million hike in other income due to the reversal of a potential liability provision and the SAR 11.7 million uptick in Murabaha deposit revenues for the same period.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 69.57 77.04 10.7 %
Gross Income 40.09 48.89 22.0 %
Operating Income 19.07 34.64 81.6 %
Net Income 43.27 91.91 112.4 %
Average Shares 177.78 177.78 -
EPS (Riyals) 0.24 0.52 112.4 %

In Q2 2024, Riyadh Development’s net earnings skyrocketed by 112% to SAR 91.9 million, versus SAR 43.2 million in the year before.

 

Sequentially, net income soared 30.4% from SAR 70.49 million in Q1 2024 as Zakat expenses plunged by SAR 8 million on a quarterly basis.

 

Shareholders' equity (no minority interest) amounted to SAR 2.45 billion by the end of June 30, 2024, growing from SAR 2.22 billion in the year-ago period.

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Share Price

Arriyadh Development Co.
27.20
(0.30) (1.09 %)

Arriyadh Development Co. (ARDCO)

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Financial Ratios
Current
Market Cap (M Riyal) 4,835.62
Enterprise Value (EV) (M) 3,808.41
Shares Outstanding ((M)) 177.78
EPS ( Riyal) (TTM) 2.00
Book Value (BV) ( Riyal) 13.80
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 14.09
P/E (TTM) 13.58
Price/book 1.97
Return on Average Assets (%) (TTM) 13.0
Return on Average Equity (%) (TTM) 15.2
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