Riyadh – Mubasher: The net profits of Dar Al Majed Real Estate Company (Al Majdiah) fell by 71.16% in the third quarter (Q3) of 2026, with earnings falling to SAR 10.62 million from SAR 36.84 million in Q3-25.
The company attributed the decrease to lower profit margins on unit sales resulting from increased promotional discounts used to stimulate market activity.
Quarterly revenue reached SAR 195.23 million, down 10.04% from SAR 217.03 million in the prior-year period. Operating profit for the quarter dropped by 70.51% to SAR 14.71 million.
For the first nine months (9M) of 2026, net profit hit SAR 90.95 million, an annual plunge of 63.48% from SAR 249.06 million.
The company noted that the previous year's results were bolstered by SAR 314.50 million in land sales and SAR 47 million in non-recurring valuation gains, which did not repeat in the current period.
Total revenue for the nine months stood at SAR 691.68 million, a 24% year-on-year decrease. Earnings per share (EPS) plunged to SAR 0.30 from SAR 0.83.
Total shareholders' equity was recorded at SAR 1.13 billion, while bank loans reached SAR 1.29 billion by the end of September 2026.
Al Majdiah recorded net profits valued at SAR 80.33 million in the first half (H1) of 2026.
