Financial Results : View Real Estate 2024 profit rises 16% to SAR 21.2M; H2 at SAR 16.9M

View Real Estate 2024 profit rises 16% to SAR 21.2M; H2 at SAR 16.9M

25/03/2025 Argaam Exclusive

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View United Real Estate Development Co. reported a net profit of SAR 21.2 million for 2024, a 16% growth from SAR 18.2 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 83.72 92.49 10.5 %
Gross Income 25.88 29.38 13.6 %
Operating Income 19.23 21.05 9.5 %
Net Income 18.22 21.21 16.4 %
Average Shares 31.85 33.00 3.6 %
Earnings Per Share before unusual items (Riyals) 0.57 0.64 12.3 %
EPS (Riyals) 0.57 0.64 12.3 %

The improved results were fueled by the strong performance of the company's core business division, represented in higher revenues from the sale of developed real estate.

 

This came despite the increased cost of revenue due to the elevated direct costs of projects in 2024. Further, general and administrative expenses soared for the same year as a result of the accrual of the board of directors' remunerations.

 

The H2 2024 net profit rose 17% to SAR 16.9 million, from SAR 14.41 million in H2 2023.

 

On a biannual basis, the six-month bottom line more than tripled from SAR 4.3 million in H1 2024.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 42.44 62.09 46.3 %
Gross Income 17.21 21.67 25.9 %
Operating Income 14.33 17.44 21.7 %
Net Income 14.41 16.91 17.4 %
Average Shares 31.85 33.00 3.6 %
Earnings Per Share before unusual items (Riyals) 0.45 0.51 13.3 %
EPS (Riyals) 0.45 0.51 13.3 %

Total shareholders’ equity, no minority interest, stood at SAR 77.29 million by Dec. 31, 2024, compared to SAR 66.03 million a year ago.

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