Financial Results : Riyadh Development earns SAR 107.7M in H1 2025, SAR 65.6M in Q2

Riyadh Development earns SAR 107.7M in H1 2025, SAR 65.6M in Q2

27/07/2025 Argaam Exclusive

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Riyadh Development Co. reported a net profit of SAR 107.7 million in H1 2025, compared to SAR 162.4 million in the year-earlier period.



Financials (M)

Item 6m 2024 6m 2025 Change‬
Revenues 155.47 142.43 (8.4 %)
Gross Income 99.99 94.43 (5.6 %)
Operating Income 71.88 60.66 (15.6 %)
Net Income 162.40 107.70 (33.7 %)
Average Shares 177.78 233.93 31.6 %
Earnings Per Share before unusual items (Riyals) 0.84 0.46 (44.9 %)
EPS (Riyal) 0.91 0.46 (49.6 %)

H1 2024 results included earnings of SAR 61 million from land sale by associate company Tanal, the developer said, noting that the corresponding period also included revenue of SAR 26 million due to reversal of potential liability provision.

 

Meanwhile, in H1 2025, total revenues from main operations declined by SAR 13 million, or 8%, as the results of the corresponding period included revenue from Al-Tameer Center, which was transferred to Dira Development Co. for Real Estate Development and Investment as an in-kind contribution starting from December 2024.

 

Excluding Al-Tameer Center revenue, the total revenue from main operations increased by 8%.

 

Revenues from the markets, centers, and real estate development management activities increased by SAR 12 million or 8%.

 

The company also gained SAR 15 million from the revaluation of its investment in ANB Capital Arriyadh Development Real Estate Fund.



Current Quarter Comparison (M)

Compared With The
Item Q2 2024 Q2 2025 Change‬
Revenues 77.04 72.89 (5.4 %)
Gross Income 48.89 51.80 5.9 %
Operating Income 34.64 34.95 0.9 %
Net Income 91.92 65.63 (28.6 %)
Average Shares 177.78 233.93 31.6 %
Earnings Per Share before unusual items (Riyal) 0.37 0.28 (24.5 %)
EPS (Riyal) 0.52 0.28 (45.7 %)

In Q2 2025, Riyadh Development’s net earnings dropped 28.6% to SAR 65.63 million from SAR 91.91 million.

 

Sequentially, the three-month net income leapt 56% from SAR 42.07 million.

 

Shareholders' equity (no minority interest) amounted to SAR 3.99 billion by the end of June 30, 2025, up from SAR 2.45 billion in the year-ago period.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2016 73.13 (26.9 %) 57.99 (24.7 %) 53.82 (25.6 %)
Q2 2016 1,038.58 942.5 % 139.95 82.3 % 135.26 87.7 %
Q3 2016 59.17 (45.1 %) 46.08 (44.6 %) 42.20 (47.0 %)
Q4 2016 64.89 (45.0 %) 53.63 (44.5 %) 47.29 (49.3 %)
Q1 2017 63.27 (13.5 %) 51.06 (12.0 %) 47.78 (11.2 %)
Q2 2017 67.11 (93.5 %) 54.32 (61.2 %) 50.81 (62.4 %)
Q3 2017 60.19 1.7 % 47.72 3.5 % 44.98 6.6 %
Q4 2017 123.52 90.4 % 94.75 76.7 % 91.57 93.6 %
Q1 2018 71.73 13.4 % 54.66 7.0 % 51.26 7.3 %
Q2 2018 74.37 10.8 % 56.79 4.5 % 53.01 4.3 %
Q3 2018 71.04 18.0 % 53.57 12.3 % 50.13 11.5 %
Q4 2018 65.85 (46.7 %) 50.34 (46.9 %) 47.98 (47.6 %)
Q1 2019 61.53 (14.2 %) 45.10 (17.5 %) 41.96 (18.2 %)
Q2 2019 64.30 (13.5 %) 47.63 (16.1 %) 44.52 (16.0 %)
Q3 2019 61.22 (13.8 %) 44.64 (16.7 %) 40.75 (18.7 %)
Q4 2019 62.66 (4.8 %) 47.46 (5.7 %) 27.61 (42.4 %)
Q1 2020 57.04 (7.3 %) 40.29 (10.7 %) 35.40 (15.6 %)
Q2 2020 57.41 (10.7 %) 41.22 (13.5 %) 37.62 (15.5 %)
Q3 2020 59.74 (2.4 %) 43.56 (2.4 %) 39.46 (3.2 %)
Q4 2020 63.54 1.4 % 43.56 (8.2 %) 34.10 23.5 %
Q1 2021 63.14 10.7 % 46.27 14.9 % 41.83 18.1 %
Q2 2021 63.01 9.8 % 45.07 9.4 % 38.30 1.8 %
Q3 2021 61.91 3.6 % 41.49 (4.8 %) 33.44 (15.2 %)
Q4 2021 62.85 (1.1 %) 40.00 (8.2 %) 22.23 (34.8 %)
Q1 2022 61.11 (3.2 %) 40.09 (13.4 %) 32.21 (23.0 %)
Q2 2022 63.90 1.4 % 43.28 (4.0 %) 24.01 (37.3 %)
Q3 2022 63.71 2.9 % 40.65 (2.0 %) 21.83 (34.7 %)
Q4 2022 70.19 11.7 % 46.16 15.4 % 29.95 34.7 %
Q1 2023 69.32 13.4 % 44.29 10.5 % 29.95 (7.0 %)
Q2 2023 69.57 8.9 % 40.09 (7.4 %) 19.07 (20.6 %)
Q3 2023 78.00 22.4 % 44.71 10.0 % 26.74 22.5 %
Q4 2023 122.31 74.3 % 87.12 88.7 % 71.34 138.2 %
Q1 2024 78.43 13.2 % 51.09 15.3 % 37.24 24.3 %
Q2 2024 77.04 10.7 % 48.89 22.0 % 34.64 81.6 %
Q3 2024 79.62 2.1 % 46.34 3.7 % 21.08 (21.2 %)
Q4 2024 86.43 (29.3 %) 53.63 (38.4 %) 33.93 (52.4 %)
Q1 2025 69.54 (11.3 %) 42.63 (16.6 %) 25.71 (31.0 %)
Q2 2025 72.89 (5.4 %) 51.80 5.9 % 34.95 0.9 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2016 54.15 (23.9 %) 0.30 - 54.15 0.30
Q2 2016 132.80 87.6 % 0.75 - 132.80 0.75
Q3 2016 36.65 (46.0 %) 0.21 - 36.65 0.21
Q4 2016 37.64 (55.5 %) 0.21 - 37.64 0.21
Q1 2017 43.29 (20.1 %) 0.24 - 43.29 0.24
Q2 2017 45.95 (65.4 %) 0.26 - 45.95 0.26
Q3 2017 45.64 24.5 % 0.26 - 45.64 0.26
Q4 2017 88.00 133.8 % 0.49 - 88.00 0.49
Q1 2018 51.41 18.8 % 0.29 - 51.41 0.29
Q2 2018 53.12 15.6 % 0.30 - 53.12 0.30
Q3 2018 50.82 11.3 % 0.29 - 50.82 0.29
Q4 2018 48.38 (45.0 %) 0.27 - 48.38 0.27
Q1 2019 42.84 (16.7 %) 0.24 - 42.84 0.24
Q2 2019 50.04 (5.8 %) 0.28 5.63 44.41 0.25
Q3 2019 40.90 (19.5 %) 0.23 - 40.90 0.23
Q4 2019 9.16 (81.1 %) 0.05 (17.82) 26.98 0.15
Q1 2020 35.14 (18.0 %) 0.20 - 35.14 0.20
Q2 2020 54.56 9.0 % 0.31 - 54.56 0.31
Q3 2020 55.09 34.7 % 0.31 - 55.09 0.31
Q4 2020 83.14 808.0 % 0.47 - 83.14 0.47
Q1 2021 111.03 216.0 % 0.62 - 111.03 0.62
Q2 2021 143.41 162.9 % 0.81 - 143.41 0.81
Q3 2021 70.79 28.5 % 0.40 - 70.79 0.40
Q4 2021 (6.93) (108.3 %) (0.04) (37.27) 30.34 0.17
Q1 2022 138.91 25.1 % 0.78 - 138.91 0.78
Q2 2022 57.40 (60.0 %) 0.32 - 57.40 0.32
Q3 2022 65.42 (7.6 %) 0.37 - 65.42 0.37
Q4 2022 38.63 657.8 % 0.22 (4.51) 43.14 0.24
Q1 2023 32.39 (76.7 %) 0.18 - 32.39 0.18
Q2 2023 43.27 (24.6 %) 0.24 - 43.27 0.24
Q3 2023 46.41 (29.1 %) 0.26 - 46.41 0.26
Q4 2023 149.47 286.9 % 0.84 - 149.47 0.84
Q1 2024 70.49 117.6 % 0.40 (12.05) 82.54 0.46
Q2 2024 91.92 112.4 % 0.52 25.87 66.04 0.37
Q3 2024 44.23 (4.7 %) 0.25 (0.91) 45.14 0.25
Q4 2024 89.57 (40.1 %) 0.50 (4.63) 94.19 0.53
Q1 2025 42.07 (40.3 %) 0.18 - 42.07 0.18
Q2 2025 65.63 (28.6 %) 0.28 - 65.63 0.28

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2016 78.94 % 80.03 % 74.26 %
Q2 2016 28.24 % 28.58 % 26.76 %
Q3 2016 26.43 % 26.75 % 24.54 %
Q4 2016 24.09 % 24.18 % 21.14 %
Q1 2017 23.71 % 23.88 % 20.42 %
Q2 2017 80.60 % 81.97 % 64.27 %
Q3 2017 80.92 % 82.74 % 67.53 %
Q4 2017 78.91 % 83.93 % 70.96 %
Q1 2018 77.95 % 83.49 % 71.62 %
Q2 2018 76.99 % 82.92 % 72.21 %
Q3 2018 76.25 % 82.75 % 71.43 %
Q4 2018 76.10 % 81.81 % 71.99 %
Q1 2019 75.45 % 81.87 % 71.55 %
Q2 2019 74.85 % 82.18 % 70.97 %
Q3 2019 74.22 % 81.66 % 69.80 %
Q4 2019 74.02 % 74.95 % 62.13 %
Q1 2020 73.41 % 73.83 % 60.12 %
Q2 2020 72.84 % 73.33 % 66.12 %
Q3 2020 72.84 % 73.16 % 72.52 %
Q4 2020 70.93 % 77.27 % 95.87 %
Q1 2021 71.61 % 77.87 % 124.60 %
Q2 2021 71.55 % 76.26 % 157.42 %
Q3 2021 70.11 % 73.39 % 162.31 %
Q4 2021 68.88 % 67.87 % 141.71 %
Q1 2022 66.96 % 64.84 % 154.08 %
Q2 2022 66.01 % 59.20 % 119.09 %
Q3 2022 65.20 % 54.46 % 116.11 %
Q4 2022 65.73 % 56.54 % 117.76 %
Q1 2023 65.29 % 54.45 % 74.26 %
Q2 2023 62.76 % 51.95 % 67.53 %
Q3 2023 61.05 % 51.56 % 57.55 %
Q4 2023 63.74 % 56.00 % 80.05 %
Q1 2024 64.02 % 56.73 % 92.36 %
Q2 2024 65.16 % 60.05 % 96.82 %
Q3 2024 65.32 % 58.38 % 96.02 %
Q4 2024 62.19 % 53.31 % 89.55 %
2024 62.19 % 53.31 % 89.55 %
Q1 2025 61.25 % 50.88 % 79.15 %
Q2 2025 63.02 % 51.42 % 80.08 %


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 177.78 1.56 1.66 10.84
Q2 2016 177.78 1.91 2.01 10.61
Q3 2016 177.78 1.73 1.78 10.42
Q4 2016 177.78 1.47 1.47 10.66
Q1 2017 177.78 1.41 1.41 10.90
Q2 2017 177.78 0.92 0.92 10.47
Q3 2017 177.78 0.97 0.97 10.43
Q4 2017 177.78 1.25 1.25 11.05
Q1 2018 177.78 1.30 1.30 11.29
Q2 2018 177.78 1.34 1.34 10.93
Q3 2018 177.78 1.37 1.37 10.66
Q4 2018 177.78 1.15 1.15 11.63
Q1 2019 177.78 1.10 1.10 11.92
Q2 2019 177.78 1.08 1.05 11.57
Q3 2019 177.78 1.02 0.99 11.39
Q4 2019 177.78 0.80 0.87 10.84
Q1 2020 177.78 0.76 0.83 11.13
Q2 2020 177.78 0.79 0.89 10.93
Q3 2020 177.78 0.87 0.97 11.26
Q4 2020 177.78 1.28 1.28 11.14
Q1 2021 177.78 1.71 1.71 11.81
Q2 2021 177.78 2.21 2.21 11.99
Q3 2021 177.78 2.30 2.30 11.43
Q4 2021 177.78 1.79 2.00 11.37
Q1 2022 177.78 1.95 2.16 12.20
Q2 2022 177.78 1.46 1.67 12.02
Q3 2022 177.78 1.43 1.64 12.14
Q4 2022 177.78 1.69 1.71 12.36
Q1 2023 177.78 1.09 1.12 12.54
Q2 2023 177.78 1.01 1.04 12.54
Q3 2023 177.78 0.90 0.93 12.55
Q4 2023 177.78 1.53 1.53 13.39
Q1 2024 177.78 1.74 1.81 13.79
Q2 2024 177.78 2.02 1.94 13.81
Q3 2024 177.78 2.00 1.93 13.80
Q4 2024 177.78 1.67 1.62 14.31
Q1 2025 233.93 1.14 1.06 17.06
Q2 2025 233.93 1.03 1.06 17.09

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2016 12.95 12.15 1.86
Q2 2016 10.50 9.96 1.89
Q3 2016 10.80 10.53 1.80
Q4 2016 15.28 15.28 2.11
Q1 2017 15.03 15.03 1.94
Q2 2017 21.17 21.17 1.86
Q3 2017 18.40 18.40 1.71
Q4 2017 14.69 14.69 1.67
Q1 2018 15.15 15.15 1.74
Q2 2018 13.13 13.13 1.61
Q3 2018 11.56 11.56 1.48
Q4 2018 15.11 15.11 1.49
Q1 2019 18.88 18.88 1.74
Q2 2019 18.15 18.69 1.69
Q3 2019 19.34 19.96 1.74
Q4 2019 24.55 22.62 1.82
Q1 2020 23.35 21.42 1.60
Q2 2020 24.71 21.91 1.78
Q3 2020 25.44 22.80 1.96
Q4 2020 17.63 17.63 2.03
Q1 2021 16.80 16.80 2.43
Q2 2021 14.58 14.58 2.69
Q3 2021 15.75 15.75 3.17
Q4 2021 18.67 16.71 2.94
Q1 2022 18.68 16.87 2.98
Q2 2022 20.25 17.71 2.47
Q3 2022 18.82 16.42 2.22
Q4 2022 14.08 13.87 1.92
Q1 2023 22.06 21.56 1.92
Q2 2023 26.24 25.60 2.12
Q3 2023 30.86 30.02 2.22
Q4 2023 18.19 18.19 2.08
Q1 2024 17.75 17.09 2.24
Q2 2024 14.05 14.61 2.05
Q3 2024 18.39 19.09 2.67
Q4 2024 26.54 27.30 3.09
Q1 2025 29.09 31.48 1.95
Q2 2025 34.19 33.43 2.07

Business Segments (Million)

Compared With The
Period Commercial Centers Sector Public utility sector Sale of Land and Contributions Sector Joint Assets and liabilities
Q1 2016 34.59 21.99 16.55 -
Q2 2016 40.39 22.56 975.63 -
Q3 2016 36.30 22.86 - -
Q4 2016 41.57 23.32 - -
Q1 2017 41.17 22.11 - -
Q2 2017 44.61 22.51 - -
Q3 2017 37.50 22.69 - -
Q4 2017 40.05 47.36 36.11 -
Q1 2018 37.07 34.66 - -
Q2 2018 39.02 35.34 - -
Q3 2018 36.02 35.02 - -
Q4 2018 36.10 29.75 - -
Q1 2019 36.37 25.16 - -
Q2 2019 38.40 25.90 - -
Q3 2019 34.74 26.48 - -
Q4 2019 36.06 26.60 - -
Q1 2020 31.10 25.94 - -
Q2 2020 30.70 26.71 - -
Q3 2020 30.85 28.89 - -
Q4 2020 34.11 29.43 - -
Q1 2021 34.87 28.27 - -
Q2 2021 33.64 29.37 - -
Q3 2021 31.40 30.51 - -
Q4 2021 33.31 29.54 - -
Q1 2022 31.98 29.12 - -
Q2 2022 34.99 28.90 - -
Q3 2022 38.27 25.44 - -
Q4 2022 40.13 30.06 - -
Q1 2023 38.19 31.12 - -
Q2 2023 39.20 30.37 - -
Q3 2023 42.05 35.93 - -
Q4 2023 43.07 37.89 41.36 -
Q1 2024 40.48 37.95 - -
Q2 2024 39.59 37.45 - -
Q3 2024 42.37 37.25 - -
Q4 2024 41.63 39.13 5.67 -
Q1 2025 31.41 38.13 - -
Q2 2025 32.83 40.07 - -

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change
Average 47.00 65.63

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬
Al Rajhi Capital 47.00 65.63


Financial Ratios
Current
Market Cap (M Riyal) 7,658.90
Enterprise Value (EV) (M Riyal) 6,697.30
Shares Outstanding ((M)) 233.93
EPS ( Riyal) (TTM) 1.03
Book Value (BV) ( Riyal) 17.09
Par Value ( Riyal) 10.00
Recurring P/E 31.00
P/E (TTM) 31.72
Price/book 1.92
Return on Average Assets (%) (TTM) 6.8
Return on Average Equity (%) (TTM) 7.5
EV/adj EBITDA 42.22
EV/Revenues 21.71
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Share Price

Arriyadh Development Co.
32.74
(0.32) (0.97 %)

Arriyadh Development Co. (ARDCO)

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