Alramz earnings leap 77% to SAR 280.9M in 2025; Q4 at SAR 38M
Alramz Real Estate Co. reported a net profit of SAR 280.9 million in 2025, leaping 77% from SAR 158.4 million a year earlier.
Financials (Million Riyal)
| Item | 2024 | 2025 | Change |
|---|---|---|---|
| Revenues | 951.76 | 1,187.79 | 24.8 % |
| Gross Income | 166.63 | 310.28 | 86.2 % |
| Operating Income | 113.65 | 239.22 | 110.5 % |
| Net Income | 158.35 | 280.99 | 77.4 % |
| Average Shares | 30.00 | 42.86 | 42.9 % |
| Earnings Per Share before unusual items (Riyals) | 5.28 | 6.56 | 24.2 % |
| EPS (Riyal) | 5.28 | 6.56 | 24.2 % |
Revenues increased 24.80% year-on-year (YoY) to SAR 1.18 billion, driven by the continued execution of the company’s projects and strong demand for residential units and other real estate activities.
This was in addition to improved operating margins across various business segments, supported by progress in project execution and enhanced cost management efficiency.
The company also posted higher fair value gains from investments in real estate funds.
Q4 2025 net earnings declined 29% to SAR 38 million, from SAR 53.49 million a year before.
The three-month bottom line also dropped 78% from SAR 171.43 million in Q3 2025.
Current Quarter Comparison (Million Riyal)
| Item | Q4 2024 | Q4 2025 | Change |
|---|---|---|---|
| Revenues | 215.44 | 325.26 | 51.0 % |
| Gross Income | 38.45 | 70.14 | 82.4 % |
| Operating Income | 20.43 | 40.29 | 97.2 % |
| Net Income | 53.44 | 38.06 | (28.8 %) |
| Average Shares | 30.00 | 42.86 | 42.9 % |
| Earnings Per Share before unusual items (Riyal) | 1.78 | 0.89 | (50.2 %) |
| EPS (Riyal) | 1.78 | 0.89 | (50.2 %) |
Total shareholders' equity, no minority interest, reached SAR 1.85 billion, up from SAR 740.5 million at the end of Q4 2025.
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Share Price
Alramz Real Estate Co. (AlRAMZ)
| Current | |
| Market Cap (M Riyal) | 2,320.71 |
| Enterprise Value (EV) (M Riyal) | 3,016.62 |
| Shares Outstanding ((M)) | 42.86 |
| Recurring EPS ( Riyal) (TTM) | 6.16 |
| Book Value (BV) ( Riyal) | 42.86 |
| Par Value ( Riyal) | 10.00 |
| Recurring P/E (TTM) | 8.80 |
| P/E (TTM) | 8.80 |
| Price/book | 1.26 |
| Dividend Yield (%) (Last Year) | 3.23 |
| Return on Average Assets (%) (TTM) | 10.7 |
| Return on Average Equity (%) (TTM) | 19.9 |
| EV/adj EBITDA | 10.53 |
| EV/Revenues | 1.61 |
Financial results (Million Riyal)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2025 | 133.83 | (13.9 %) | 23.21 | 57.3 % | 11.74 | 227.3 % |
| Q2 2025 | 89.03 | (32.2 %) | 13.17 | 25.6 % | (1.21) | (274.1 %) |
| Q3 2025 | 639.67 | 42.3 % | 203.76 | 97.9 % | 188.38 | 109.4 % |
| Q4 2025 | 325.26 | 51.0 % | 70.14 | 82.4 % | 40.29 | 97.2 % |
| 2025 | 1,187.79 | 24.8 % | 310.28 | 86.2 % | 239.22 | 110.5 % |
Profit Performance (Million Riyal)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| Q1 2025 | 6.52 | 678.7 % | 0.22 | - | 6.52 | 0.22 |
| Q2 2025 | 64.98 | 20618.9 % | 2.17 | - | 64.98 | 2.17 |
| Q3 2025 | 171.43 | 64.2 % | 5.71 | - | 171.43 | 5.71 |
| Q4 2025 | 38.06 | (28.8 %) | 0.89 | - | 38.06 | 0.89 |
| 2025 | 280.99 | 77.4 % | 6.56 | - | 280.99 | 6.56 |
Profitability
| Period | Gross Margin | Adjusted EBITDA margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2024 | - | - | - |
| Q2 2024 | - | - | - |
| Q3 2024 | - | - | - |
| Q4 2024 | 17.51 % | - | 16.64 % |
| 2024 | 17.51 % | 12.48 % | 16.64 % |
| Q1 2025 | 18.82 % | - | 17.64 % |
| Q2 2025 | 20.02 % | 14.29 % | 25.83 % |
| Q3 2025 | 25.84 % | 20.93 % | 27.49 % |
| Q4 2025 | 26.12 % | 20.70 % | 23.66 % |
| 2025 | 26.12 % | 20.70 % | 23.66 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2025 | 30.00 | 5.47 | 5.47 | 24.90 |
| Q2 2025 | 30.00 | 7.64 | 7.64 | 27.07 |
| Q3 2025 | 30.00 | 9.88 | 9.88 | 31.78 |
| Q4 2025 | 42.86 | 6.56 | 6.56 | 43.34 |
Multiple Ratios (End of Period Price)
| Period | P/E | Recurring P/E | Price/book |
|---|---|---|---|
| Q1 2025 | - | - | - |
| Q2 2025 | - | - | - |
| Q3 2025 | - | - | - |
| Q4 2025 | 8.28 | 8.28 | 1.25 |
Business Segments (Million Riyal)
Q4 2025
| Period | Unit sales revenue | Properties under development sale revenue | Real estate development revenue for other | Lease and property management contracts revenue | Off-plan sales revenue | Development commissions income for others | Revenues from construction and contracting | Revenues from investment property | Land sales revenue |
|---|---|---|---|---|---|---|---|---|---|
| Q1 2025 | 6.75 | - | 86.16 | 0.66 | 34.76 | 5.49 | - | - | - |
| Q2 2025 | 2.34 | - | 66.53 | 1.21 | 14.86 | 4.09 | - | - | - |
| Q3 2025 | 9.89 | 552.71 | 44.81 | 1.13 | 8.60 | 3.14 | - | - | 19.39 |
| Q4 2025 | 146.63 | - | 138.37 | 1.61 | 15.71 | 9.01 | - | - | 13.95 |
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