Riyadh - Mubasher: Riyadh Development Company logged consolidated net profits valued at SAR 108.86 million for the first six months (6M) of 2026, up 1.08% year-on-year (YoY) from SAR 107.70 million.
The company’s revenue for the half-year period grew by 24.82% to SAR 177.78 million, driven by the sale of non-strategic land and a SAR 2 million rise in core activity income.
For the second quarter (Q2), net profit fell by 11.05% to SAR 58.38 million compared to SAR 65.63 million in the prior-year quarter.
The decline occurred despite a SAR 1 million increase in quarterly revenue, which reached SAR 73.88 million. Management attributed the lower quarterly earnings to a SAR 20 million provision for a legal dispute involving a 2004 lease agreement.
Operating profit for the first half dropped by 37.36% to SAR 38 million, impacted by the SAR 19 million white land tax provision and the aforementioned legal costs.
Total shareholders' equity stood at SAR 4.18 billion, up 4.50% from SAR 4 billion a year earlier. Earnings per share (EPS) for the six-month period were SAR 0.47, compared to SAR 0.49 in the previous year.
In Q1-26, the group’s net profits climbed by 19.99% YoY to SAR 50.48 million from SAR 42.07 million.
