Riyadh Development earnings drop 42% to SAR 146.5M in 9M 2026; Q3 at SAR 37.7M

29/10/2026 Argaam Exclusive

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Riyadh Development Co. reported a 42% profit decline to SAR 146.5 million for the first nine months of 2026, from SAR 251.5 million in the year-ago period.



Financials (Million Riyal)

Item 9m 2025 9m 2026 Change‬
Revenues 310.29 255.40 (17.7 %)
Gross Income 221.74 174.00 (21.5 %)
Operating Income 171.64 67.20 (60.8 %)
Net Income 251.48 146.50 (41.7 %)
Average Shares 233.93 233.93 -
Earnings Per Share before unusual items (Riyals) 1.01 0.60 (40.7 %)
EPS (Riyal) 1.08 0.63 (41.7 %)

The company cited an 18% YoY drop in core business revenue to SAR 255.4 million, mainly due to higher land sales in the prior-year period. Revenue from malls and markets also increased by SAR 9 million. Other 9M 2026 positives also included a SAR 22 million decline in its share of associates’ profits, provisions of SAR 19 million for white land fees and SAR 20 million for lawsuits, and an SAR 8 million YoY hike in Zakat expenses.



Current Quarter Comparison (Million Riyal)

Compared With The
Item Q3 2025 Q3 2026 Change‬
Revenues 167.86 77.60 (53.8 %)
Gross Income 127.31 49.70 (61.0 %)
Operating Income 110.98 29.20 (73.7 %)
Net Income 143.78 37.70 (73.8 %)
Average Shares 233.93 233.93 -
Earnings Per Share before unusual items (Riyal) 0.61 0.18 (71.1 %)
EPS (Riyal) 0.61 0.16 (73.8 %)

The third-quarter net profit declined 74% to SAR 37.7 million, from SAR 143.78 million in Q3 2025. This came as revenue from main operations contracted by SAR 90.3 million, or 53.78%, to SAR 77.6 million. This is mainly attributed to the partial sale of the company’s non-strategic lands for SAR 97 million during the corresponding quarter.

 

However, the company reported a SAR 6.2 million, or 9%, increase in revenue from centers and markets in Q3 2026.

 

Sequentially, the three-month bottom line fell 35.4% from SAR 58.38 million in Q2 2026. Shareholders’ equity, no minority interest, stood at SAR 4.57 billion as of Sept. 30, 2026, up slightly from SAR 4.08 million in the year-earlier period.

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Share Price

Arriyadh Development Co.
14.75
(0.03) (0.20 %)

Arriyadh Development Co. (ARDCO)

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Financial Ratios
Current
Market Cap (M Riyal) 3,450.48
Enterprise Value (EV) (M Riyal) 2,359.98
Shares Outstanding ((M)) 233.93
Recurring EPS ( Riyal) (TTM) 0.75
Book Value (BV) ( Riyal) 19.56
Par Value ( Riyal) 10.00
Recurring P/E (TTM) 19.58
P/E (TTM) 18.05
Price/book 0.75
Dividend Yield (%) (Last Year) 3.39
Return on Average Assets (%) (TTM) 4.2
Return on Average Equity (%) (TTM) 4.4
EV/Revenues 7.17
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