Alramz 9M 2025 profit jumps132% to SAR 242.9M; Q3 at SAR 171.4M

13/11/2025 Argaam Exclusive

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Al Ramz Real Estate Co. (Alramz) reported a 132% surge in net profit to SAR 242.9 million in the first nine months of 2025, from SAR 104.9 million a year earlier.



Financials (Million Riyal)

Item 9m 2024 9m 2025 Change‬
Revenues 736.32 862.53 17.1 %
Gross Income 128.18 240.13 87.3 %
Operating Income 93.21 198.92 113.4 %
Net Income 104.91 242.93 131.6 %
Average Shares 30.00 30.00 -
Earnings Per Share before unusual items (Riyals) 3.50 8.10 131.6 %
EPS (Riyal) 3.50 8.10 131.6 %

The company primarily attributed the sharp increase in profit to higher revenues from projects under development.

 

On Aug. 26, Alramz signed an agreement to sell plots No. 135 and 136 in the King Abdulaziz Road project in Makkah to Ramz Al Hejaz Fund for SAR 552.7 million. The transaction included SAR 251.8 million settled in kind through the issuance of fund units and SAR 300.9 million paid in cash by new investors. The fund is managed by Al Rajhi Capital.

 

Gross profit rose 88% year-on-year (YoY), supported by gains from the sale of the two plots. Projects under development achieved a gross profit of SAR 192 million in 9M 2025, compared with SAR 70 million in the prior-year period.

 

EBITDA also advanced to SAR 203.9 million in 9M 2025, from SAR 97 million a year earlier, driven by stronger project performance and improved profit margins.

 

Revenue hit SAR 862.53 million during the same period, comprising SAR 552.7 million from sales of projects under development (64% of total revenue), SAR 197.5 million from third-party property development (23%), and SAR 58.2 million from off-plan sales, compared with no revenue from this segment in the same period last year.



Current Quarter Comparison (Million Riyal)

Compared With The
Item Q3 2024 Q3 2025 Change‬
Revenues 449.58 639.67 42.3 %
Gross Income 102.95 203.76 97.9 %
Operating Income 89.95 188.38 109.4 %
Net Income 104.39 171.43 64.2 %
Average Shares 30.00 30.00 -
Earnings Per Share before unusual items (Riyal) 3.48 5.71 64.2 %
EPS (Riyal) 3.48 5.71 64.2 %

Q3 2025 net profit rose 64.2% to SAR 171.43 million, from SAR 104.39 million in Q3 2024.

 

Sequentially, net earnings also jumped by 163% from SAR 64.98 million in Q2 2025.

 

Total shareholders’ equity, no minority interest, stood at SAR 953.43 million at the end of Sept. 30, 2025, up from SAR 684.32 million in the year-earlier period.

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Share Price

Alramz Real Estate Co.
54.15
0.45 0.84 %

Alramz Real Estate Co. (AlRAMZ)

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Financial Ratios
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
more


Financial results (Million Riyal)

Period Revenues Change Gross Income Change Operating Income Change
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 155.51 - 14.75 - 3.59 -
Q2 2024 131.23 - 10.49 - (0.32) -
Q3 2024 449.58 - 102.95 - 89.95 -
Q4 2024 215.44 - 38.45 - 20.43 -
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 %


Profit Performance (Million Riyal)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
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 0.84 - 0.03 - 0.84 0.03
Q2 2024 (0.32) - (0.01) - (0.32) (0.01)
Q3 2024 104.39 - 3.48 - 104.39 3.48
Q4 2024 53.44 - 1.78 - 53.44 1.78
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

Profitability

Period Gross Margin Adjusted EBITDA margin Net Margin Before Unusual Items
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 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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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 30.00 - - 24.68
Q2 2024 30.00 - - 19.33
Q3 2024 30.00 - - 22.81
Q4 2024 30.00 5.28 5.28 24.68
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
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 - - -

Business Segments (Million Riyal)

Compared With The
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 2024 82.01 - 39.12 0.79 33.59 - - - -
Q2 2024 67.90 - 25.21 0.80 37.32 - - - -
Q3 2024 177.66 172.56 98.47 0.88 - - - - -
Q4 2024 25.22 - 54.36 0.48 121.76 13.61 - - -
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

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