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Masar profit surges 97.2% to SAR 983.4M in 2025; Q4 at SAR 70.5M
16/03/2026
Argaam Exclusive
Umm Al Qura for Development and Construction Co. (Masar) reported a net profit surge of 97.2% to SAR 983.4 million in 2025, compared to SAR 498.6 million a year earlier.
Financials (Million Riyal)
| Item | 2024 | 2025 | Change |
|---|---|---|---|
| Revenues | 1,823.89 | 2,903.23 | 59.2 % |
| Gross Income | 840.06 | 1,358.36 | 61.7 % |
| Operating Income | 574.51 | 975.74 | 69.8 % |
| Net Income | 498.61 | 983.39 | 97.2 % |
| Average Shares | 1,307.86 | 1,438.65 | 10.0 % |
| Earnings Per Share before unusual items (Riyals) | 0.44 | 0.67 | 51.7 % |
| EPS (Riyal) | 0.38 | 0.68 | 79.3 % |
This was primarily spurred by the increase in revenue from sale of land plots.
Current Quarter Comparison (Million Riyal)
| Item | Q4 2024 | Q4 2025 | Change |
|---|---|---|---|
| Revenues | 796.46 | 466.24 | (41.5 %) |
| Gross Income | 358.24 | 234.22 | (34.6 %) |
| Operating Income | 253.10 | 69.65 | (72.5 %) |
| Net Income | 189.55 | 70.49 | (62.8 %) |
| Average Shares | 1,307.86 | 1,438.65 | 10.0 % |
| Earnings Per Share before unusual items (Riyal) | 0.21 | 0.04 | (82.5 %) |
| EPS (Riyal) | 0.14 | 0.05 | (66.2 %) |
Q4 2025 profit dropped 62.8% to SAR 70.5 million, compared to SAR 189.5 million in the prior-year period.
On a sequential basis, net profit plummeted 86.4% from SAR 516.6 million in Q3 2025.
Total shareholders’ equity (no minority interest) amounted to SAR 15.86 billion as of Dec. 31, 2025, compared to SAR 12.96 billion in the year-earlier period.
Attached Documents
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Share Price
| Current | |
| Market Cap (M Riyal) | 23,651.41 |
| Enterprise Value (EV) (M Riyal) | 30,225.62 |
| Shares Outstanding ((M)) | 1,438.65 |
| Recurring EPS ( Riyal) (TTM) | 0.58 |
| Book Value (BV) ( Riyal) | 11.67 |
| Par Value ( Riyal) | 10.00 |
| Recurring P/E (TTM) | 28.31 |
| P/E (TTM) | 23.69 |
| Price/book | 1.41 |
| Dividend Yield (%) (Last Year) | - |
| Return on Average Assets (%) (TTM) | 3.8 |
| Return on Average Equity (%) (TTM) | 6.1 |
| EV/adj EBITDA | 27.83 |
| EV/Revenues | 9.75 |
Financial results (Million Riyal)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2025 | 501.98 | 172.2 % | 231.42 | 219.3 % | 151.26 | 1156.6 % |
| Q2 2025 | 669.18 | 16.1 % | 323.31 | 27.4 % | 236.87 | 15.5 % |
| Q3 2025 | 1,265.82 | 374.7 % | 569.41 | 266.0 % | 517.96 | 396.7 % |
| Q4 2025 | 466.24 | (41.5 %) | 234.22 | (34.6 %) | 69.65 | (72.5 %) |
| 2025 | 2,903.23 | 59.2 % | 1,358.36 | 61.7 % | 975.74 | 69.8 % |
Profit Performance (Million Riyal)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| Q1 2025 | 159.66 | 3222.7 % | 0.11 | - | 159.66 | 0.11 |
| Q2 2025 | 236.68 | 26.3 % | 0.16 | - | 236.68 | 0.16 |
| Q3 2025 | 516.57 | 341.9 % | 0.36 | - | 516.57 | 0.36 |
| Q4 2025 | 70.49 | (62.8 %) | 0.05 | 18.83 | 51.66 | 0.04 |
| 2025 | 983.39 | 97.2 % | 0.68 | 18.83 | 964.56 | 0.67 |
Profitability
| Period | Gross Margin | Adjusted EBITDA margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2024 | - | - | - |
| Q2 2024 | - | - | - |
| Q3 2024 | 45.76 % | 29.57 % | 22.20 % |
| Q4 2024 | 46.06 % | 32.08 % | 31.70 % |
| 2024 | 46.06 % | 32.08 % | 31.70 % |
| Q1 2025 | 46.65 % | 33.83 % | 34.23 % |
| Q2 2025 | 47.82 % | 33.84 % | 35.01 % |
| Q3 2025 | 45.85 % | 36.21 % | 36.56 % |
| Q4 2025 | 46.79 % | 34.09 % | 33.22 % |
| 2025 | 46.79 % | 34.09 % | 33.22 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2025 | 1,438.65 | 0.45 | 0.51 | 10.45 |
| Q2 2025 | 1,438.65 | 0.49 | 0.54 | 10.62 |
| Q3 2025 | 1,438.65 | 0.77 | 0.82 | 10.98 |
| Q4 2025 | 1,438.65 | 0.68 | 0.67 | 11.03 |
Multiple Ratios (End of Period Price)
| Period | P/E | Recurring P/E | Price/book |
|---|---|---|---|
| Q1 2025 | 52.66 | 46.95 | 2.29 |
| Q2 2025 | 51.01 | 45.83 | 2.35 |
| Q3 2025 | 32.23 | 30.06 | 2.25 |
| Q4 2025 | 25.15 | 25.64 | 1.56 |
Business Segments (Million Riyal)
Q4 2025
| Period | Selling land | Land rental income |
|---|---|---|
| Q1 2025 | 498.83 | 3.15 |
| Q2 2025 | 666.04 | 3.15 |
| Q3 2025 | 1,262.68 | 3.15 |
| Q4 2025 | 463.09 | 3.15 |
Analysts Estimates (Million Riyal)
| Item | Profit (Expected) | Profit (Actual) | Change |
|---|---|---|---|
| Average | 83.00 | 70.49 |
Estimates vs Actual (Million Riyal)
| Item | Profit (Expected) | Profit (Actual) | Change | Profit Before Unusual Items | Change |
|---|---|---|---|---|---|
| GIB Capital | 83.00 | 70.49 | 51.66 |
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