Riyadh Development 9M 2024 profit up 69% to SAR 206.6M; Q3 at SAR 44.2M

24/10/2024 Argaam Exclusive

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Riyadh Development Co. posted a net profit of SAR 206.6 million in the first nine months of 2024, a rise of 69% from SAR 122.1 million in the year-ago period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	216.87	235.09	8.4 %
Gross Income	129.09	146.33	13.4 %
Operating Income	75.77	88.10	16.3 %
Net Income	122.07	206.60	69.2 %
Average Shares	177.78	177.78	-
EPS (Riyals)	0.69	1.16	69.2 %

The profit growth was driven by an 8% year-on-year (YoY) increase in the company’s revenue from core operations to reach SAR 79.6 million. This was mainly attributed to better occupancy rates and pricing of some services and units.

Riyadh Development reported a rise of SAR 44 million in its profit share from Tanal Real Estate Investment and Development Co. Other income grew by SAR 27 million YoY, with Murabaha deposit income improving by SAR 16 million.

However, this was offset by an increase of SAR 16 million in Zakat provision expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	78.00	79.60	2.1 %
Gross Income	44.71	46.30	3.6 %
Operating Income	26.74	20.17	(24.6 %)
Net Income	46.41	44.20	(4.8 %)
Average Shares	177.78	177.78	-
EPS (Riyals)	0.26	0.25	(4.8 %)

Item	Q2 2024	Q3 2024	Change‬
Revenues	77.04	79.60	3.3 %
Gross Income	48.89	46.30	(5.3 %)
Operating Income	33.74	20.17	(40.2 %)
Net Income	91.91	44.20	(51.9 %)
Average Shares	177.78	177.78	-
EPS (Riyals)	0.52	0.25	(51.9 %)

The third-quarter net earnings decreased 5% to SAR 44.2 million from SAR 46.4 million in Q3 2023, hurt by increased Zakat provision expenses and doubtful debt provisions.

Sequentially, the company’s net profit fell by 51.9% from SAR 91.91 million in Q2 2024. The previous quarter implied a reversal of a contingent provision of SAR 27 million. The company reported a rise of SAR 5 million in maintenance, electricity costs, as well as other operating expenses.

Shareholders' equity, no minority interest, came in at SAR 2.45 billion by the end of September 2024, up from SAR 2.23 billion in the year-ago period.

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