Financial Results : Al Majdiah earns SAR 249.1M in 9M 2025, SAR 36.8M in Q3

Al Majdiah earns SAR 249.1M in 9M 2025, SAR 36.8M in Q3

05/11/2025 Argaam Exclusive

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Dar Al Majed Real Estate Co. (Al Majdiah) reported a net profit (after minority interest) of SAR 249.1 million for the first nine months of 2025, up from SAR 181.5 million a year earlier.



Financials (M)

Item 9m 2024 9m 2025 Change‬
Revenues 1,007.29 910.08 (9.7 %)
Gross Income 253.91 299.56 18.0 %
Operating Income 197.23 231.76 17.5 %
Net Income 181.50 249.06 37.2 %
Average Shares 300.00 300.00 -
Earnings Per Share before unusual items (Riyals) 0.56 0.83 47.2 %
EPS (Riyal) 0.61 0.83 37.2 %

The annual profit increase was mainly driven by higher profits from land sales and gains from the revaluation of investment properties. The company also saw growth in units sold through its off-plan sales model during 9M 2025, despite recording weaker revenues during the same period.



Current Quarter Comparison (M)

Compared With The
Item Q3 2024 Q3 2025 Change‬
Revenues 324.68 217.03 (33.2 %)
Gross Income 80.36 81.00 0.8 %
Operating Income 57.51 51.81 (9.9 %)
Net Income 78.91 36.84 (53.3 %)
Average Shares 300.00 300.00 -
Earnings Per Share before unusual items (Riyal) 0.22 0.12 (44.7 %)
EPS (Riyal) 0.26 0.12 (53.3 %)

In Q3 2025, net profit fell 53.3% to SAR 36.8 million, from SAR 78.91 million in the same quarter of 2024. This came as the three-month topline decreased by 33% on a yearly basis, besides incurring SAR 12 million in non-recurring expenses related to brand identity development.

 

Sequentially, the three-month net profit also retreated by 66.6% from SAR 110.31 million in Q2 2025.

 

Total shareholders’ equity, after minority interest, reached SAR 1.12 billion as of Sept. 30, 2025, up from SAR 809.95 million a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 - - - - - -
Q2 2020 - - - - - -
Q3 2020 - - - - - -
Q4 2020 - - - - - -
Q1 2021 - - - - - -
Q2 2021 - - - - - -
Q3 2021 - - - - - -
Q4 2021 - - - - - -
Q1 2022 - - - - - -
Q2 2022 - - - - - -
Q3 2022 - - - - - -
Q4 2022 - - - - - -
Q1 2023 - - - - - -
Q2 2023 - - - - - -
Q3 2023 245.19 - 75.60 - 62.63 -
Q4 2023 318.10 - 44.47 - (8.98) -
Q1 2024 405.80 - 77.72 - 62.24 -
Q2 2024 276.91 - 95.93 - 77.59 -
Q3 2024 324.68 32.4 % 80.36 6.3 % 57.51 (8.2 %)
Q4 2024 395.01 24.2 % 103.19 132.0 % 70.11 880.4 %
Q1 2025 268.43 (33.9 %) 83.92 8.0 % 69.05 11.0 %
Q2 2025 424.62 53.3 % 134.64 40.3 % 110.89 42.9 %
Q3 2025 217.03 (33.2 %) 81.00 0.8 % 51.81 (9.9 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 - - - - - -
Q2 2020 - - - - - -
Q3 2020 - - - - - -
Q4 2020 - - - - - -
Q1 2021 - - - - - -
Q2 2021 - - - - - -
Q3 2021 - - - - - -
Q4 2021 - - - - - -
Q1 2022 - - - - - -
Q2 2022 - - - - - -
Q3 2022 - - - - - -
Q4 2022 - - - - - -
Q1 2023 - - - - - -
Q2 2023 - - - - - -
Q3 2023 64.49 - 0.21 - 64.49 0.21
Q4 2023 50.91 - 0.17 3.98 46.93 0.16
Q1 2024 48.44 - 0.16 - 48.44 0.16
Q2 2024 54.15 - 0.18 - 54.15 0.18
Q3 2024 78.91 22.4 % 0.26 12.30 66.61 0.22
Q4 2024 32.05 (37.0 %) 0.11 - 32.05 0.11
Q1 2025 101.91 110.4 % 0.34 - 101.91 0.34
Q2 2025 110.31 103.7 % 0.37 - 110.31 0.37
Q3 2025 36.84 (53.3 %) 0.12 - 36.84 0.12

Profitability

Period Gross Margin Adjusted EBITDA margin Net Margin Before Unusual Items
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
Q1 2022 - - -
Q2 2022 - - -
Q3 2022 - - -
Q4 2022 - - -
Q1 2023 - - -
Q2 2023 - - -
Q3 2023 - - -
Q4 2023 - - -
Q1 2024 - - -
Q2 2024 23.57 % - 17.18 %
Q3 2024 22.52 % 14.33 % 16.31 %
Q4 2024 25.47 % 19.18 % 14.35 %
2024 25.47 % 19.17 % 14.35 %
Q1 2025 28.73 % 21.80 % 20.14 %
Q2 2025 28.46 % 21.88 % 22.01 %
Q3 2025 30.86 % 23.25 % 21.54 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 - - - -
Q2 2017 - - - -
Q3 2017 - - - -
Q4 2017 - - - -
Q1 2018 - - - -
Q2 2018 - - - -
Q3 2018 - - - -
Q4 2018 - - - -
Q1 2019 - - - -
Q2 2019 - - - -
Q3 2019 - - - -
Q4 2019 - - - -
Q1 2020 - - - -
Q2 2020 - - - -
Q3 2020 - - - -
Q4 2020 - - - -
Q1 2021 - - - -
Q2 2021 - - - -
Q3 2021 - - - -
Q4 2021 - - - -
Q1 2022 - - - -
Q2 2022 - - - -
Q3 2022 - - - -
Q4 2022 - - - -
Q1 2023 - - - -
Q2 2023 - - - -
Q3 2023 300.00 - - 2.05
Q4 2023 300.00 - - 2.22
Q1 2024 300.00 - - 2.38
Q2 2024 300.00 0.73 0.71 2.44
Q3 2024 300.00 0.77 0.72 2.70
Q4 2024 300.00 0.71 0.67 2.92
Q1 2025 300.00 0.89 0.85 3.31
Q2 2025 300.00 1.08 1.04 3.68
Q3 2025 300.00 0.94 0.94 3.76

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
Q1 2022 - - -
Q2 2022 - - -
Q3 2022 - - -
Q4 2022 - - -
Q1 2023 - - -
Q2 2023 - - -
Q3 2023 - - -
Q4 2023 - - -
Q1 2024 - - -
Q2 2024 - - -
Q3 2024 - - -
Q4 2024 - - -
Q1 2025 - - -
Q2 2025 - - -
Q3 2025 13.66 13.66 3.41

Business Segments (Million)

Compared With The
Period Sale of property units Sale of land plots Real estate commission income Real estate development income Maintenance income Rental income Sale of investment property
Q3 2023 208.64 5.30 19.98 6.32 4.14 0.81 -
Q4 2023 253.00 - 14.02 32.76 4.14 2.90 -
Q1 2024 376.30 - 14.20 7.93 4.14 3.24 -
Q2 2024 249.25 - 11.69 10.34 4.14 1.39 -
Q3 2024 164.21 129.09 20.13 3.88 4.14 3.24 -
Q4 2024 104.03 263.65 7.32 12.53 4.14 3.35 -
Q1 2025 177.69 72.31 4.82 6.65 4.14 2.82 -
Q2 2025 142.02 242.19 29.27 4.82 4.14 2.19 -
Q3 2025 185.84 - 14.55 7.26 4.14 5.24 -


Financial Ratios
Current
Market Cap (M Riyal) 2,514.00
Enterprise Value (EV) (M Riyal) 3,735.21
Shares Outstanding ((M)) 300.00
EPS ( Riyal) (TTM) 0.87
Book Value (BV) ( Riyal) 3.63
Par Value ( Riyal) 1.00
Recurring P/E 9.70
P/E (TTM) 9.60
Price/book 2.31
Return on Average Assets (%) (TTM) 9.0
Return on Average Equity (%) (TTM) 26.7
EV/adj EBITDA 12.87
EV/Revenues 3.05
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Share Price

Dar Al Majed Real Estate Co.
8.43
0.08 0.96 %

Dar Al Majed Real Estate Co. (ALMAJDIAH)

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