Riyadh Development profit up 9% to SAR 296.2M in 2024; Q4 at SAR 89.6M

Riyadh Development Co. posted a net profit of SAR 296.2 million in 2024, up 9% year-on-year (YoY) from SAR 271.5 million in 2023.

The profit increase was driven by a SAR 24 million increase in revenue from centers and markets to SAR 322 million.

However, revenue fell by 5.2%, as the results of the previous year included revenues from the sale of some of the company’s unutilized land at a value of SAR 41 million.

Additionally, the company’s share in the associate company “Tanal” grew by SAR 27 million.

Meanwhile, Riyadh Development achieved profits of SAR 17 million from the in-kind contribution of Al-Tameer Center in Deera Investment and Real Estate Development.

The company reported a reversal of a potential liability provision by SAR 27 million and an increase in Murabaha deposit revenues by SAR 20 million.

These gains were achieved despite the absence of land sales in 2024, unlike the previous year. Meanwhile, the company incurred exceptional and non-recurring expenses, including SAR 12 million in financial and legal consultancy fees related to its capital increase project, SAR 10 million in provisions for potential lawsuits, and a SAR 10 million increase in Zakat expense provisions compared to the previous year.

In Q4 2024, the company’s net profit saw a decline of 40% to SAR 89.57 million from SAR 149.47 million in Q4 2023.

Net earnings surged 102.5% from SAR 44.23 million in Q3 2024.

Total shareholders’ equity, no minority interest, amounted to SAR 2.54 billion as of Dec. 31, 2024, compared to SAR 2.38 billion in the prior-year period.

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