Riyadh Development earns SAR 251.5M in 9M 2025, SAR 143.8M in Q3

30/10/2025 Argaam Exclusive

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Riyadh Development Co. reported a net profit rise of 21.7% to SAR 251.5 million for the first nine months of 2025, from SAR 206.6 million in the year-ago period.



Financials (M)

Item 9m 2024 9m 2025 Change‬
Revenues 235.09 310.30 32.0 %
Gross Income 146.33 221.70 51.5 %
Operating Income 88.10 171.60 94.8 %
Net Income 206.63 251.50 21.7 %
Average Shares 177.78 224.55 26.3 %
Earnings Per Share before unusual items (Riyals) 1.09 1.05 (3.3 %)
EPS (Riyal) 1.16 1.12 (3.6 %)

The nine-month period profit was lifted by a rise in core business revenue to SAR 310.3 million, SAR 15 million in gains from asset revaluation of ANB Capital Arriyadh Development Real Estate Fund, along with lower general and administrative expenses (G&A). Zakat provision expenses also decreased by SAR 10 million, as the company allocated additional provisions in the nine-month period from 2015 to 2018.

 

However, last year’s results included several one-off items, such as SAR 37 million in revenues from the Al-Tameer Center, which was contributed in kind to Dirah Development Co. starting December 2024.

 

The results also included profits of SAR 78 million from land sales by its associate, Tanal Co., and a reversal of a potential liability provision worth SAR 27 million.



Current Quarter Comparison (M)

Compared With The
Item Q3 2024 Q3 2025 Change‬
Revenues 79.62 167.90 110.9 %
Gross Income 46.34 127.30 174.7 %
Operating Income 20.17 111.00 450.3 %
Net Income 44.23 143.80 225.1 %
Average Shares 177.78 224.55 26.3 %
Earnings Per Share before unusual items (Riyal) 0.25 0.64 152.2 %
EPS (Riyal) 0.25 0.64 157.4 %

The third-quarter net profit more than tripled to SAR 143.8 million, from SAR 44.2 million in Q3 2024.
 
Sequentially, the three-month bottom line more than doubled from SAR 65.6 million in Q2 2025.
 
Shareholders’ equity, no minority interest, stood at SAR 4.08 billion as of Sept. 30, 2025, up from SAR 2.45 million in the year-earlier period.

 

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Share Price

Arriyadh Development Co.
29.44
0.00 0.00 %

Arriyadh Development Co. (ARDCO)

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Financial Ratios
Current
Market Cap (M Riyal) 6,886.93
Enterprise Value (EV) (M Riyal) 5,925.32
Shares Outstanding ((M)) 233.93
EPS ( Riyal) (TTM) 1.52
Book Value (BV) ( Riyal) 17.45
Par Value ( Riyal) 10.00
Recurring P/E 20.82
P/E (TTM) 20.19
Price/book 1.69
Return on Average Assets (%) (TTM) 9.6
Return on Average Equity (%) (TTM) 10.4
EV/adj EBITDA -
EV/Revenues 14.93
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