Financial Results : ASAS Makeen profit up 59% to SAR 108M in 2024; H2 at SAR 82.7M

ASAS Makeen profit up 59% to SAR 108M in 2024; H2 at SAR 82.7M

30/04/2025 Argaam Exclusive

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ASAS Makeen Real Estate Development Co., which will list on the Nomu-Parallel Market soon, logged a 59% earnings hike to SAR 108 million in 2024, from SAR 67.8 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 351.92 431.07 22.5 %
Gross Income 82.73 126.32 52.7 %
Operating Income 72.93 106.80 46.4 %
Net Income 67.77 107.96 59.3 %
Average Shares 10.00 10.00 -
Earnings Per Share before unusual items (Riyals) 6.78 10.80 59.3 %
EPS (Riyal) 6.78 10.80 59.3 %

The annual net profit rise was spurred by a 22.5% year-on-year (YoY) increase in topline, due to higher revenue from property sales and third-party development. Gross profit margins expanded from 24% in 2023 to 29% in 2024, on a decline in the cost of property sales to property sales revenue.

 

Operating profit margins rose from 21% in 2023 to 25% in 2024, despite elevated marketing expenses.

 

EBITDA also increased to SAR 108.03 million in 2024, compared to SAR 73.74 million in 2023. Further, in 2024, the company recorded SAR 3.6 million in unrealized gains from the revaluation of financial investments.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 219.84 342.05 55.6 %
Gross Income 52.94 95.36 80.1 %
Operating Income 52.84 84.31 59.5 %
Net Income 47.88 82.70 72.7 %
Average Shares 10.00 10.00 -
Earnings Per Share before unusual items (Riyal) 4.79 8.27 72.7 %
EPS (Riyal) 4.79 8.27 72.7 %

The second-half net profit leapt 73% to SAR 82.7 million, compared to SAR 47.8 million in H2 2023.

 

Compared to the first half of 2024, the six-month net profit more than tripled from SAR 25.2 million.

 

Total shareholders’ equity, no minority interest, reached SAR 316.2 million as of Dec. 31, 2024, compared to SAR 208.4 million a year earlier.

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