Riyadh Development earns SAR 271.5M in 2023, SAR 149.4M in Q4

10/03/2024 Argaam Exclusive

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Riyadh Development Co. posted a net profit of SAR 271.5 million in 2023, down from SAR 300.4 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Revenues	258.90	339.19	31.0 %
Gross Income	170.19	216.21	27.0 %
Operating Income	108.00	147.11	36.2 %
Net Income	300.36	271.54	(9.6 %)
Average Shares	177.78	177.78	-
EPS (Riyals)	1.69	1.53	(9.6 %)

The annual profit was spurred by a 31% year-on-year (YoY) rise in revenues from core operations in 2023 to SAR 339.2 million. This was offset by an increase of SAR 34 million in the cost of sales. Gross profit rose by SAR 46 million.

In Q4 2023, the company’s net profit saw a spike of 286.8% to SAR 149.4 million from SAR 38.6 million in Q4 2022.

Net earnings surged 222% from SAR 46.4 million in Q3 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	70.19	122.31	74.3 %
Gross Income	46.16	87.12	88.7 %
Operating Income	29.95	71.34	138.2 %
Net Income	38.63	149.47	286.9 %
Average Shares	177.78	177.78	-
EPS (Riyals)	0.22	0.84	286.9 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	78.00	122.31	56.8 %
Gross Income	44.71	87.12	94.9 %
Operating Income	26.74	71.34	166.7 %
Net Income	46.41	149.47	222.0 %
Average Shares	177.78	177.78	-
EPS (Riyals)	0.26	0.84	222.0 %

Total shareholders’ equity, no minority interest, amounted to SAR 2.38 billion as of Dec. 31, 2023, compared to SAR 2.19 billion in the prior-year period.

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