Riyadh Development Co. posted a SAR 162.4 million net profit in H1 2024, a rise of 115% from SAR 75.7 million in the year-ago period.
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Revenues | 138.89 | 155.47 | 11.9 % |
| Gross Income | 84.38 | 99.99 | 18.5 % |
| Operating Income | 49.03 | 67.92 | 38.5 % |
| Net Income | 75.66 | 162.40 | 114.6 % |
| Average Shares | 177.78 | 177.78 | - |
| EPS (Riyals) | 0.43 | 0.91 | 114.6 % |
The company attributed the six-month profit growth to the increase in the main operations revenue of SAR 16.6 million, coupled with the SAR 42 million rise in its income share in Tanal for Real Estate Investment and Development Co., an associate. This is in addition to the SAR 27 million hike in other income due to the reversal of a potential liability provision and the SAR 11.7 million uptick in Murabaha deposit revenues for the same period.
| Item | Q2 2023 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 69.57 | 77.04 | 10.7 % |
| Gross Income | 40.09 | 48.89 | 22.0 % |
| Operating Income | 19.07 | 33.74 | 76.9 % |
| Net Income | 43.27 | 91.92 | 112.4 % |
| Average Shares | 177.78 | 177.78 | - |
| EPS (Riyals) | 0.24 | 0.52 | 112.4 % |
| Item | Q1 2024 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 78.43 | 77.04 | (1.8 %) |
| Gross Income | 51.09 | 48.89 | (4.3 %) |
| Operating Income | 34.18 | 33.74 | (1.3 %) |
| Net Income | 70.49 | 91.92 | 30.4 % |
| Average Shares | 177.78 | 177.78 | - |
| EPS (Riyals) | 0.40 | 0.52 | 30.4 % |
In Q2 2024, Riyadh Development’s net earnings skyrocketed by 112% to SAR 91.9 million, versus SAR 43.2 million in the year before.
Sequentially, net income soared 30.4% from SAR 70.49 million in Q1 2024 as Zakat expenses plunged by SAR 8 million on a quarterly basis.
Shareholders' equity (no minority interest) amounted to SAR 2.45 billion by the end of June 30, 2024, growing from SAR 2.22 billion in the year-ago period.
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}