Financial Results : Riyadh Development Q1 2025 profit dips 40% to SAR 42.1M

Riyadh Development Q1 2025 profit dips 40% to SAR 42.1M

12/05/2025 Argaam Exclusive

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Riyadh Development Co. reported a net profit of SAR 42.1 million in Q1 2025, a 40% decline from SAR 70.5 million in Q1 2024.



Current Quarter Comparison (M)

Compared With The
Item Q1 2024 Q1 2025 Change‬
Revenues 78.43 69.54 (11.3 %)
Gross Income 51.09 42.63 (16.6 %)
Operating Income 37.24 25.71 (31.0 %)
Net Income 70.49 42.07 (40.3 %)
Average Shares 177.78 233.93 31.6 %
Earnings Per Share before unusual items (Riyal) 0.46 0.18 (61.3 %)
EPS (Riyal) 0.40 0.18 (54.6 %)

The decline was due to a one-time gain of SAR 37 million from land sales through its affiliate, Tanal, in Q1 2024.

 

On the other hand, Zakat provisions decreased by SAR 10 million in the quarter, as the corresponding quarter included additional provisions related to 2015 to 2018.

 

Revenue from the core operations fell by SAR 9 million year-on-year (YoY), as income from Al-Taamir Wholesale Commercial Center was transferred to Deira Development Co. in-kind contribution from December 2024.

 

Excluding Al-Taamir revenue, the total revenue from the main operations rose by 5.1% YoY.

 

On a sequential basis, net earnings dropped 53% from SAR 89.6 million in Q4 2024.

 

Total shareholders’ equity, no minority interest, rose to SAR 3.99 billion as of March 31, 2025, compared to SAR 2.45 billion a year earlier.

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