Riyadh Development Co.’s net profit more than doubled to SAR 70.5 million in Q1 2024 from SAR 32.4 million a year earlier.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 69.32 | 78.43 | 13.2 % |
| Gross Income | 44.29 | 51.09 | 15.3 % |
| Operating Income | 29.95 | 34.18 | 14.1 % |
| Net Income | 32.39 | 70.49 | 117.6 % |
| Average Shares | 177.78 | 177.78 | - |
| EPS (Riyals) | 0.18 | 0.40 | 117.6 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 122.31 | 78.43 | (35.9 %) |
| Gross Income | 87.12 | 51.09 | (41.4 %) |
| Operating Income | 71.34 | 34.18 | (52.1 %) |
| Net Income | 149.47 | 70.49 | (52.8 %) |
| Average Shares | 177.78 | 177.78 | - |
| EPS (Riyals) | 0.84 | 0.40 | (52.8 %) |
The profit surge was driven by a SAR 7 million boost in the main operations revenue partially offset by a SAR 2 million rise in cost of revenue. This resulted in a SAR 7 million, or 16%, increase in gross profit.
In addition, the company’s share in its associate Tanal grew by SAR 37 million and an improvement in Murabaha deposit revenues by SAR 7 million.
Sequentially, the company’s net profit fell 52.8% from SAR 149.47 million in Q4 2023, on lower share of profit from associates and a higher Zakat provision.
Total shareholders’ equity, no minority interest, stood at SAR 2.45 billion as of March 31, 2024, compared to SAR 2.23 billion a year earlier.
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