Multi Business 2025 profit down 98% to SAR 352,200; H2 loss at SAR 4M

12/02/2026 Argaam Exclusive

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Multi Business Group Co. reported a net profit of SAR 352,200 for 2025, a 98% decline from 20.6 million a year earlier.



Financials (M)

Item 2024 2025 Change‬
Revenues 135.05 135.34 0.2 %
Gross Income 30.51 8.32 (72.7 %)
Operating Income 24.00 1.96 (91.8 %)
Net Income 20.55 0.35 (98.3 %)
Average Shares 12.24 15.00 22.6 %
Earnings Per Share before unusual items (Riyals) 1.68 0.02 (98.6 %)
EPS (Riyal) 1.68 0.02 (98.6 %)

The year-on-year (YoY) profit drop was mainly due to lower building contracting revenue, tighter competition, and delays in project execution caused by client-related regulatory issues, which postponed revenue recognition for ongoing projects. This came despite a 61% YoY rise in building materials sales.

 

The decline in gross profit, down 73%, reflected the impact of competitive pricing amid limited new project awards, which increased the contribution of lower-margin projects to the revenue mix.

 

Operating expenses also rose, including workforce costs allocated to projects whose execution was delayed, reducing utilization rates and limiting the benefit from available operational capacity.

 

The company is currently working on improving resource utilization efficiency and expanding new project awards to restore profitability margins in the coming periods.

 

In H2 2025, Multi Business posted a net loss of SAR 4 million, compared to a profit of SAR 16.09 million in the year-earlier period.

 

Meanwhile, the company’s bottom line dropped 191%% from SAR 4.35 million in H1 2025.



Current Half Annual Comparison (M)

Compared With The
Item H2 2024 H2 2025 Change‬
Revenues 81.91 59.53 (27.3 %)
Gross Income 20.52 (0.11) (100.5 %)
Operating Income 18.27 (3.54) (119.4 %)
Net Income 16.09 (4.00) (124.9 %)
Average Shares 12.24 15.00 22.6 %
Earnings Per Share before unusual items (Riyal) 1.31 (0.27) (120.3 %)
EPS (Riyal) 1.31 (0.27) (120.3 %)

Total shareholders’ equity, excluding minority interest, stood at SAR 84.8 million by Dec. 31, 2024, compared to SAR 88.3 million a year ago.

 

Attached Documents:

 

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Share Price

Multi Business Group Co.
9.90
(0.10) (1.00 %)

Multi Business Group Co. (MULTI BUSINESS)

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Financial Ratios
Current
Market Cap (M Riyal) 148.50
Enterprise Value (EV) (M Riyal) 116.89
Shares Outstanding ((M)) 15.00
Book Value (BV) ( Riyal) 5.63
Par Value ( Riyal) 1.00
Recurring P/E More than 100
Price/book 1.76
EV/adj EBITDA -
EV/Revenues 0.86
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