Riyadh – Mubasher: Umm Al Qura for Development and Construction Company witnessed net profits amounting to SAR 261.03 million for the first half (H1) of 2026, marking a 34.14% decline from SAR 396.34 million in H1-25.
The company attributed the drop primarily to higher financial charges following the cessation of interest capitalization on infrastructure works for the Masar Destination project.
Total revenue for the six-month period reached SAR 995.52 million, down 15% from SAR 1.17 billion a year earlier. The company noted that while seven land plots were sold in H1-26 compared to five in the previous year, the recent sales were concentrated in zones further from the Grand Mosque, which carry lower average prices.
For the second quarter (Q2) of 2026, net profit fell by 8.70% year-on-year (YoY) to SAR 216.10 million. However, quarterly revenue rose by 36.86% to SAR 915.87 million, driven by the sale of six land plots during the period.
Operating profit for the quarter increased by 44.61% to SAR 359.99 million, supported by gains from improved loan terms and other operating income.
Earnings per share (EPS) for H1 stood at SAR 0.18, compared to SAR 0.29 in the prior-year period.
In Q1-26, the listed real estate developer generated net profits after tax valued at SAR 44.93 million.
