Asas Makeen profit slumps 30% to SAR 40.8M in H1 2026

Asas Makeen Real Estate Development and Investment Co. reported a net profit of SAR 40.8 million in H1 2026, down 30% from SAR 58 million in the year-earlier period.

The company attributed this decline to the lower profit margin on real estate sales during the current period compared with the same period a year earlier, including discounts granted on a number of real estate units, which adversely affected sales profitability, in addition to higher financing costs related to bank facilities during the period.

The company’s H1 2026 revenue increased 59% to SAR 213.3 million, from SAR 134.1 million in the same period last year. This rise was backed by the 226% jump year-on-year in revenue from the contracting and development for third parties segment to SAR 124.9 million, driven by progress in the execution of works and higher completion rates across ongoing projects.

Revenue from administrative services and property leasing also rose 178% YoY to SAR 5.6 million, from SAR 2.0 million, mainly due to higher rental income from investment properties.

Total shareholders’ equity, no minority interest, stood at SAR 510.35 million by the end of H1 2026, compared to SAR 397.2 million in the year-earlier period.

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