Riyadh Development sees growth across all markets in Q1 2025: CFO

Mohammed Alkulaib, CFO at Riyadh Development Co.

Mohammed Alkulaib, CFO at Riyadh Development Co., said that all of the company’s markets witnessed growth during the first quarter of 2025.

In a statement to Al Arabiya TV, he said that the most notable growth was seen in the Riyadh market, following the signing of a long-term cold storage warehouse contract with NADEC, which began in January of this year.

He added that Atiqa central fruits and vegetables market also recorded growth, with occupancy rates reaching 96%, up from 76% in 2021.

Regarding collection-related provisions, Alkulaib said that the company has worked extensively to improve its collection processes over the past three years, with provisions reaching nearly SAR 30 million.

The company also adopted enhanced pricing mechanisms, which helped allocate SAR 1 million only in provisions during Q1 2025, compared to previous provisions.

He also noted that the company’s average collection rate has reached 95% across its centers and markets.

According to Argaam’s data, Riyadh Development’s net profit fell to SAR 42.1 million in Q1 2025, compared to SAR 70.5 million a year earlier.