Alramz H1 2026 profit drops 24% to SAR 54.3M; Q2 at SAR 25.6M

03/08/2026 Argaam Exclusive

Alramz Real Estate Co., which develops residential and commercial projects, reported a net profit of SAR 54.3 million for H1 2026, down 24% from SAR 71.5 million in the same period last year.



Financials (Million Riyal)

Item 6m 2025 6m 2026 Change‬
Revenues 222.86 910.66 308.6 %
Gross Income 36.37 87.49 140.5 %
Operating Income 10.54 50.54 379.6 %
Net Income 71.50 54.31 (24.0 %)
Average Shares 30.00 42.86 42.9 %
Earnings Per Share before unusual items (Riyals) 2.38 1.27 (46.8 %)
EPS (Riyal) 2.38 1.27 (46.8 %)

The company attributed the six-month profit decline to lower fair value gains compared with the year-earlier period. Its Zakat provision also widened to SAR 6.6 million, from SAR 2.5 million in H1 2025. It also cited a 51.2% year-on-year increase in finance costs.

 

This was partially offset by a 308.6% surge in Alramz’s H1 2026 revenue, driven by an 181.6% leap in off-plan sales to SAR 139.7 million as unit sales skyrocketed by 697.4% to SAR 72.5 million. This was in addition to generating SAR 540.7 million in gains from the sale of properties under development.



Current Quarter Comparison (Million Riyal)

Compared With The
Item Q2 2025 Q2 2026 Change‬
Revenues 89.03 550.36 518.2 %
Gross Income 13.17 37.59 185.5 %
Operating Income (1.21) 16.31 1453.1 %
Net Income 64.98 25.61 (60.6 %)
Average Shares 30.00 42.86 42.9 %
Earnings Per Share before unusual items (Riyal) 2.17 0.60 (72.4 %)
EPS (Riyal) 2.17 0.60 (72.4 %)

The second-quarter net earnings dropped 61% to SAR 25.6 million from SAR 64.9 million a year earlier.

 

Sequentially, the three-month bottomline also fell 10.7% from SAR 28.70 million in Q1 2026.

 

Shareholders' equity, no minority interest, stood at SAR 1.83 billion as of June 30, 2026, compared with SAR 812 million a year earlier.

Attached document:

 

 

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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
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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 %
Q4 2025 325.26 51.0 % 70.14 82.4 % 40.29 97.2 %
Q1 2026 360.30 169.2 % 49.90 115.0 % 34.24 191.5 %
Q2 2026 550.36 518.2 % 37.59 185.5 % 16.31 1453.1 %


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
Q4 2025 38.06 (28.8 %) 0.89 - 38.06 0.89
Q1 2026 28.70 340.0 % 0.67 - 28.70 0.67
Q2 2026 25.61 (60.6 %) 0.60 - 25.61 0.60

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 %
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 %
Q1 2026 23.83 % 18.99 % 21.44 %
Q2 2026 19.27 % 15.28 % 14.06 %


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
Q4 2025 42.86 6.56 6.56 43.34
Q1 2026 42.86 7.07 7.07 44.01
Q2 2026 42.86 6.16 6.16 42.86

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 - - -
Q4 2025 8.28 8.28 1.25
Q1 2026 7.75 7.75 1.25
Q2 2026 9.07 9.07 1.30

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
Q4 2025 146.63 - 138.37 1.61 15.71 9.01 - - 13.95
Q1 2026 30.58 215.07 63.93 1.51 45.53 3.68 - - -
Q2 2026 41.89 325.67 65.13 1.62 94.20 3.90 - - 17.93

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