Financial Results : UQDC profit up 57% to SAR 498.6M in 2024; Q4 at SAR 189.6M

UQDC profit up 57% to SAR 498.6M in 2024; Q4 at SAR 189.6M

24/03/2025 Argaam Exclusive

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Umm Al-Qura for Development and Construction Co. (UQDC), whose shares list today on the Main Market (TASI), posted net earnings of SAR 498.6 million for 2024, an increase of 57% from SAR 317 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 988.14 1,823.89 84.6 %
Gross Income 299.29 840.06 180.7 %
Operating Income 78.41 574.51 632.7 %
Net Income 317.00 498.61 57.3 %
Average Shares 1,307.86 1,307.86 -
Earnings Per Share before unusual items (Riyals) 0.00 0.40 35228.1 %
EPS (Riyal) 0.24 0.38 57.3 %

The developer of MASAR destination said the profit growth came on the back of an 84.6% increase in revenues year-on-year (YoY) on higher earnings from sale of lands and revenues from land leases.

 

General and administration costs along with Zakat expenses declined.

 

UQDC posted a net profit of SAR 189.6 million in Q4 2024, a decline of 38.9% YoY from SAR 310.3 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 341.00 796.46 133.6 %
Gross Income 144.40 358.24 148.1 %
Operating Income 73.02 253.10 246.6 %
Net Income 310.31 189.55 (38.9 %)
Average Shares 1,307.86 1,307.86 -
Earnings Per Share before unusual items (Riyal) 0.00 0.16 4137.7 %
EPS (Riyal) 0.24 0.14 (38.9 %)

The fourth-quarter net earnings grew 62.2% from SAR 116.9 million in Q3 2023.

 

Total shareholders' equity, excluding minority interest, reached SAR 12.96 billion by the end of 2024, compared with SAR 12.47 billion a year earlier.

 

Accumulated losses stood at SAR 108.69 million as of Dec. 31, 2024.

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