Riyadh Development 9M 2024 profit up 69% to SAR 206.6M; Q3 at SAR 44.2M

24/10/2024 Argaam Exclusive

Riyadh Development Co. posted a net profit of SAR 206.6 million in the first nine months of 2024, a rise of 69% from SAR 122.1 million in the year-ago period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 216.87 235.09 8.4 %
Gross Income 129.09 146.33 13.4 %
Operating Income 75.77 92.96 22.7 %
Net Income 122.07 206.63 69.3 %
Average Shares 177.78 177.78 -
EPS (Riyals) 0.69 1.16 69.3 %

The profit growth was driven by an 8% year-on-year (YoY) increase in the company’s revenue from core operations to reach SAR 79.6 million. This was mainly attributed to better occupancy rates and pricing of some services and units.

 

Riyadh Development reported a rise of SAR 44 million in its profit share from Tanal Real Estate Investment and Development Co. Other income grew by SAR 27 million YoY, with Murabaha deposit income improving by SAR 16 million.

 

However, this was offset by an increase of SAR 16 million in Zakat provision expenses.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 78.00 79.62 2.1 %
Gross Income 44.71 46.34 3.7 %
Operating Income 26.74 21.08 (21.2 %)
Net Income 46.41 44.23 (4.7 %)
Average Shares 177.78 177.78 -
EPS (Riyals) 0.26 0.25 (4.7 %)

The third-quarter net earnings decreased 5% to SAR 44.2 million from SAR 46.4 million in Q3 2023, hurt by increased Zakat provision expenses and doubtful debt provisions.

 

Sequentially, the company’s net profit fell by 51.9% from SAR 91.91 million in Q2 2024. The previous quarter implied a reversal of a contingent provision of SAR 27 million. The company reported a rise of SAR 5 million in maintenance, electricity costs, as well as other operating expenses.

 

Shareholders' equity, no minority interest, came in at SAR 2.45 billion by the end of September 2024, up from SAR 2.23 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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