UQDC profit up 57% to SAR 498.6M in 2024; Q4 at SAR 189.6M
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Umm Al-Qura for Development and Construction Co. (UQDC), whose shares list today on the Main Market (TASI), posted net earnings of SAR 498.6 million for 2024, an increase of 57% from SAR 317 million a year earlier.
Financials (M)
| Item | 2023 | 2024 | Change |
|---|---|---|---|
| Revenues | 988.14 | 1,823.89 | 84.6 % |
| Gross Income | 299.29 | 840.06 | 180.7 % |
| Operating Income | 78.41 | 574.51 | 632.7 % |
| Net Income | 317.00 | 498.61 | 57.3 % |
| Average Shares | 1,307.86 | 1,307.86 | - |
| Earnings Per Share before unusual items (Riyals) | 0.00 | 0.40 | 35228.1 % |
| EPS (Riyal) | 0.24 | 0.38 | 57.3 % |
The developer of MASAR destination said the profit growth came on the back of an 84.6% increase in revenues year-on-year (YoY) on higher earnings from sale of lands and revenues from land leases.
General and administration costs along with Zakat expenses declined.
UQDC posted a net profit of SAR 189.6 million in Q4 2024, a decline of 38.9% YoY from SAR 310.3 million.
Current Quarter Comparison (M)
| Item | Q4 2023 | Q4 2024 | Change |
|---|---|---|---|
| Revenues | 341.00 | 796.46 | 133.6 % |
| Gross Income | 144.40 | 358.24 | 148.1 % |
| Operating Income | 73.02 | 253.10 | 246.6 % |
| Net Income | 310.31 | 189.55 | (38.9 %) |
| Average Shares | 1,307.86 | 1,307.86 | - |
| Earnings Per Share before unusual items (Riyal) | 0.00 | 0.16 | 4137.7 % |
| EPS (Riyal) | 0.24 | 0.14 | (38.9 %) |
The fourth-quarter net earnings grew 62.2% from SAR 116.9 million in Q3 2023.
Total shareholders' equity, excluding minority interest, reached SAR 12.96 billion by the end of 2024, compared with SAR 12.47 billion a year earlier.
Accumulated losses stood at SAR 108.69 million as of Dec. 31, 2024.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2024 | 184.43 | - | 72.48 | - | 12.04 | 121.9 % |
| Q2 2024 | 576.32 | (10.9 %) | 253.77 | 63.8 % | 205.09 | 91.1 % |
| Q3 2024 | 266.68 | - | 155.57 | - | 104.29 | 322.0 % |
| Q4 2024 | 796.46 | 133.6 % | 358.24 | 148.1 % | 253.10 | 246.6 % |
| 2024 | 1,823.89 | 84.6 % | 840.06 | 180.7 % | 574.51 | 632.7 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| Q1 2024 | 4.81 | 108.8 % | 0.00 | - | 4.81 | 0.00 |
| Q2 2024 | 187.36 | 82.5 % | 0.14 | - | 187.36 | 0.14 |
| Q3 2024 | 116.90 | 383.3 % | 0.09 | - | 116.90 | 0.09 |
| Q4 2024 | 189.55 | (38.9 %) | 0.14 | (20.93) | 210.48 | 0.16 |
| 2024 | 498.61 | 57.3 % | 0.38 | (20.93) | 519.54 | 0.40 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2023 | - | - | - |
| Q2 2023 | - | - | - |
| Q3 2023 | - | - | - |
| Q4 2023 | - | - | - |
| 2023 | 30.29 % | 8.78 % | 0.15 % |
| Q1 2024 | - | - | - |
| Q2 2024 | - | - | - |
| Q3 2024 | 45.76 % | 29.57 % | 22.20 % |
| Q4 2024 | 46.06 % | 32.08 % | 28.49 % |
| 2024 | 46.06 % | 32.08 % | 28.49 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2024 | 1,307.86 | 0.29 | 0.05 | 9.54 |
| Q2 2024 | 1,307.86 | 0.35 | 0.11 | 9.68 |
| Q3 2024 | 1,307.86 | 0.47 | 0.23 | 9.77 |
| Q4 2024 | 1,307.86 | 0.38 | 0.40 | 9.92 |
Multiple Ratios (End of Period Price)
| Period | P/E | Recurring P/E | Price/book |
|---|---|---|---|
| Q1 2024 | - | - | - |
| Q2 2024 | - | - | - |
| Q3 2024 | - | - | - |
| Q4 2024 | - | - | - |
Business Segments (Million)
Q4 2024
| Period | Selling land | Land rental income |
|---|---|---|
| Q1 2024 | 183.02 | 1.41 |
| Q2 2024 | 573.17 | 3.15 |
| Q3 2024 | 263.53 | 3.15 |
| Q4 2024 | 793.31 | 3.15 |
| Current | |
| Market Cap (M Riyal) | 33,376.71 |
| Enterprise Value (EV) (M Riyal) | 41,884.16 |
| Shares Outstanding ((M)) | 1,438.65 |
| EPS ( Riyal) (TTM) | 0.49 |
| Book Value (BV) ( Riyal) | 10.62 |
| Par Value ( Riyal) | 10.00 |
| Recurring P/E | 46.12 |
| P/E (TTM) | 47.49 |
| Price/book | 2.19 |
| Return on Average Assets (%) (TTM) | 2.8 |
| Return on Average Equity (%) (TTM) | 5.0 |
| EV/adj EBITDA | 55.40 |
| EV/Revenues | 18.75 |
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