Multi Business H1 2025 profit drops 3% to SAR 4.4M

Multi Business Group Co. reported a net profit of SAR 4.4 million in H1 2025, a decrease of 3% from SAR 4.5 million in the year-earlier period.

The year-on-year (YoY) decline in profit was attributed to a 12% drop in gross profit, driven by higher material and operating costs, as well as a greater contribution from lower-margin projects to the revenue mix.

Zakat expenses surged 165% YoY, following an increase in the Zakat base due to the capital hike in the IPO.

This came despite a rise in revenues, supported by a 43% YoY increase in building construction income, fueled by continued growth in office-related projects and expansion in residential developments.

This offset weaker revenues from commercial and retail projects. Building material revenues also rose 26% YoY.

General and administrative (G&A) expenses fell 24% YoY due to lower expected credit losses. Moreover, financing costs plunged 85% as the company reduced reliance on external funding.

Compared to H2 2024, the six-month bottom line tumbled by 73% from SAR 16.09 million.

Total shareholders’ equity, no minority interest, reached SAR 89.84 million by June 30, 2025, compared to SAR 30.88 million in the prior-year period.

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