Financial Results : Riyadh Development profit more than doubles to SAR 70.5M in Q1 2024

Riyadh Development profit more than doubles to SAR 70.5M in Q1 2024

08/05/2024 Argaam Exclusive

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Riyadh Development Co.’s net profit more than doubled to SAR 70.5 million in Q1 2024 from SAR 32.4 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 69.32 78.43 13.2 %
Gross Income 44.29 51.09 15.3 %
Operating Income 29.95 37.24 24.3 %
Net Income 32.39 70.49 117.6 %
Average Shares 177.78 177.78 -
EPS (Riyals) 0.18 0.40 117.6 %

The profit surge was driven by a SAR 7 million boost in the main operations revenue partially offset by a SAR 2 million rise in cost of revenue. This resulted in a SAR 7 million, or 16%, increase in gross profit.

 

In addition, the company’s share in its associate Tanal grew by SAR 37 million and an improvement in Murabaha deposit revenues by SAR 7 million.

 

Sequentially, the company’s net profit fell 52.8% from SAR 149.47 million in Q4 2023, on lower share of profit from associates and a higher Zakat provision.

 

Total shareholders’ equity, no minority interest, stood at SAR 2.45 billion as of March 31, 2024, compared to SAR 2.23 billion a year earlier.

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