Financial Results : Al Majdiah profit soars 107% to SAR 212.2M in H1 2025; Q2 at SAR 110.3M

Al Majdiah profit soars 107% to SAR 212.2M in H1 2025; Q2 at SAR 110.3M

14/08/2025 Argaam Exclusive

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Dar Al Majed Real Estate Co. (Al Majdiah), which will go public soon on the Main Market (TASI), reported an over twofold increase in its H1 2025 net profits to SAR 212.2 million, compared to SAR 102.6 million a year earlier.



Financials (M)

Item 6m 2024 6m 2025 Change‬
Revenues 682.61 693.05 1.5 %
Gross Income 173.55 218.56 25.9 %
Operating Income 139.72 179.95 28.8 %
Net Income 102.59 212.22 106.9 %
Average Shares 300.00 300.00 -
Earnings Per Share before unusual items (Riyals) 0.34 0.71 106.9 %
EPS (Riyal) 0.34 0.71 106.9 %

The six-month profit hike was spurred by a 2% year-on-year (YoY) rise in topline, as the company generated revenues of SAR 314.5 million from land sales in H1 2025, compared to nil in the first half of 2024.

 

The first-half gross profit margins also expanded to 31.5% on a 7% YoY decline in the cost of sales amid lower costs of real estate sales.



Current Quarter Comparison (M)

Compared With The
Item Q2 2024 Q2 2025 Change‬
Revenues 276.91 424.62 53.3 %
Gross Income 95.93 134.64 40.3 %
Operating Income 77.59 110.89 42.9 %
Net Income 54.15 110.31 103.7 %
Average Shares 300.00 300.00 -
Earnings Per Share before unusual items (Riyal) 0.18 0.37 103.7 %
EPS (Riyal) 0.18 0.37 103.7 %

In Q2 2025, net profits grew by 103.7% to SAR 110.3 million, from SAR 54.15 million in the corresponding period of 2024.

 

On a quarterly basis, the three-month bottomline added 8.2% from SAR 101.91 million in Q1 2025.

 

Total shareholders’ equity, after minority interest, reached SAR 1.10 billion as of June 30, 2025, up from SAR 731.24 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 %


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

Profitability

Period Gross Margin OIBDA 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 %


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

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 - - -

Business Segments (Million)

Compared With The
Period Sale of property units Sale of off-plan 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 60.40 43.63 263.65 7.32 12.53 4.14 3.35 -
Q1 2025 75.24 102.45 72.31 4.82 6.65 4.14 2.82 -
Q2 2025 14.74 127.27 242.19 29.27 4.82 4.14 2.19 -


Financial Ratios
Current
Market Cap (M Riyal) 2,973.00
Enterprise Value (EV) (M Riyal) 4,037.34
Shares Outstanding ((M)) 300.00
EPS ( Riyal) (TTM) 0.94
Book Value (BV) ( Riyal) 3.76
Par Value ( Riyal) 1.00
Recurring P/E 10.58
P/E (TTM) 10.58
Price/book 2.64
Return on Average Assets (%) (TTM) 9.6
Return on Average Equity (%) (TTM) 29.0
EV/adj EBITDA 13.31
EV/Revenues 3.09
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Share Price

Dar Al Majed Real Estate Co.
9.91
0.51 5.43 %

Dar Al Majed Real Estate Co. (ALMAJDIAH)

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