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Al Majdiah posts SAR 261.9M profit in 2025; Q4 at SAR 12.9M
Dar Al Majed Real Estate Co. (Al Majdiah) reported a net profit of SAR 261.9 million in 2025, up from SAR 213.6 million a year earlier.
Financials (Million Riyal)
| Item | 2024 | 2025 | Change |
|---|---|---|---|
| Revenues | 1,402.31 | 1,223.88 | (12.7 %) |
| Gross Income | 357.10 | 386.95 | 8.4 % |
| Operating Income | 267.34 | 288.14 | 7.8 % |
| Net Income | 213.55 | 261.92 | 22.6 % |
| Average Shares | 300.00 | 300.00 | - |
| Earnings Per Share before unusual items (Riyals) | 0.67 | 0.68 | 1.0 % |
| EPS (Riyal) | 0.71 | 0.87 | 22.6 % |
The company attributed the increase to a 39.5% rise in land sale profits, a 56.6% increase in rental income, and a 42.2% growth in other revenues.
It also recorded gains of SAR 53.1 million from the valuation of real estate investments, compared with losses of SAR 100,000 in the previous year.
However, total revenue declined 12.7% year-on-year (YoY) in 2025 to SAR 1.22 billion, from SAR 1.4 billion in 2024. The decline came despite a 29% increase in units sold, as revenue from off-plan sales is recognized based on the percentage of completion.
Current Quarter Comparison (Million Riyal)
| Item | Q4 2024 | Q4 2025 | Change |
|---|---|---|---|
| Revenues | 395.01 | 313.80 | (20.6 %) |
| Gross Income | 103.19 | 87.39 | (15.3 %) |
| Operating Income | 70.11 | 56.38 | (19.6 %) |
| Net Income | 32.05 | 12.86 | (59.9 %) |
| Average Shares | 300.00 | 300.00 | - |
| Earnings Per Share before unusual items (Riyal) | 0.11 | 0.03 | (68.8 %) |
| EPS (Riyal) | 0.11 | 0.04 | (59.9 %) |
In the fourth quarter of 2025, Al Majdiah’s net profit fell 60% to about SAR 12.9 million, from SAR 32 million in the same quarter of 2024.
On a quarterly basis, profit dropped 65% from SAR 36.84 million recorded in Q3 2025.
Total shareholders’ equity, after minority interest, reached SAR 1.08 billion as of Dec. 31, 2025, up from SAR 876.29 million a year earlier.
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Share Price
| Current | |
| Market Cap (M Riyal) | 1,506.00 |
| Enterprise Value (EV) (M Riyal) | 2,766.98 |
| Shares Outstanding ((M)) | 300.00 |
| Recurring EPS ( Riyal) (TTM) | 0.31 |
| Book Value (BV) ( Riyal) | 3.77 |
| Par Value ( Riyal) | 1.00 |
| Recurring P/E (TTM) | 16.00 |
| P/E (TTM) | 14.51 |
| Price/book | 1.33 |
| Dividend Yield (%) (Last Year) | - |
| Return on Average Assets (%) (TTM) | 3.3 |
| Return on Average Equity (%) (TTM) | 9.2 |
| EV/adj EBITDA | 15.62 |
| EV/Revenues | 2.75 |
Financial results (Million Riyal)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 % |
| Q3 2025 | 217.03 | (33.2 %) | 81.00 | 0.8 % | 51.81 | (9.9 %) |
| Q4 2025 | 313.80 | (20.6 %) | 87.39 | (15.3 %) | 56.38 | (19.6 %) |
| 2025 | 1,223.88 | (12.7 %) | 386.95 | 8.4 % | 288.14 | 7.8 % |
Profit Performance (Million Riyal)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| Q1 2025 | 101.91 | 110.4 % | 0.34 | 55.89 | 46.02 | 0.15 |
| Q2 2025 | 110.31 | 103.7 % | 0.37 | - | 110.31 | 0.37 |
| Q3 2025 | 36.84 | (53.3 %) | 0.12 | - | 36.84 | 0.12 |
| Q4 2025 | 12.86 | (59.9 %) | 0.04 | 2.85 | 10.01 | 0.03 |
| 2025 | 261.92 | 22.6 % | 0.87 | 58.74 | 203.18 | 0.68 |
Profitability
| Period | Gross Margin | Adjusted EBITDA margin | Net Margin Before Unusual Items |
|---|---|---|---|
| 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 % | 15.72 % |
| Q2 2025 | 28.46 % | 21.88 % | 18.05 % |
| Q3 2025 | 30.86 % | 23.25 % | 17.26 % |
| Q4 2025 | 31.62 % | 23.71 % | 16.60 % |
| 2025 | 31.62 % | 23.71 % | 16.60 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2025 | 300.00 | 0.89 | 0.66 | 3.31 |
| Q2 2025 | 300.00 | 1.08 | 0.85 | 3.68 |
| Q3 2025 | 300.00 | 0.94 | 0.75 | 3.76 |
| Q4 2025 | 300.00 | 0.87 | 0.68 | 3.63 |
Multiple Ratios (End of Period Price)
| Period | P/E | Recurring P/E | Price/book |
|---|---|---|---|
| Q1 2025 | - | - | - |
| Q2 2025 | - | - | - |
| Q3 2025 | 13.66 | 17.05 | 3.41 |
| Q4 2025 | 11.50 | 14.82 | 2.77 |
Business Segments (Million Riyal)
Q4 2025
| Period | Sale of off-plan property units | Sale of property units | Rental income | Maintenance income | Real estate development and commission | Property Investment | Sale of land plots | Real estate commission income | Real estate development income |
|---|---|---|---|---|---|---|---|---|---|
| Q1 2025 | 102.45 | 75.24 | 2.82 | 4.14 | - | - | 72.31 | 4.82 | 6.65 |
| Q2 2025 | 127.27 | 14.75 | 2.19 | 4.14 | - | - | 242.19 | 29.27 | 4.82 |
| Q3 2025 | 180.88 | 4.97 | 5.24 | 4.14 | - | - | - | 14.55 | 7.26 |
| Q4 2025 | 287.47 | 6.59 | 6.06 | 4.14 | - | - | - | 1.41 | 8.12 |
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