Arriyadh Development Co. — Earnings Release 2024

Feb 25, 2025

Riyadh Development Company announces its annual financial results ending on 31/12/2024

4150 · 25/02/2025 15:39:10 · Announcement #85431 · View on Saudi Exchange

Riyadh Development Company announces its annual financial results ending on 31/12/2024

Element List	Current Year	Previous Year	%Change
Sales/Revenue	321.5	339.2	-5.22
Gross Profit (Loss)	200	216.2	-7.49
Operational Profit (Loss)	100.2	147.1	-31.88
Net profit (Loss)	296.2	271.5	9.1
Total Comprehensive Income	296.3	272.1	8.89
Total Shareholders Equity (after Deducting Minority Equity)	2,544	2,381	6.84
Profit (Loss) per Share	1.67	1.53
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Amount	Percentage of the capital (%)
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value	-	-
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year	The company achieved the highest revenues for the markets and centers in its history, reaching 322 million riyals, an increase of 8% compared to the previous year. However, revenues declined by 5.2%, due to the fact that the results of the previous year included revenues from the sale of some of the company’s unutilized lands at a value of 41 million riyals, while the revenues for the current year do not include any sales of the company’s lands.
The reason of the increase (decrease) in the net profit during the current year compared to the last year is	The company achieved net profit of SAR 296 million, an increase of SAR 25 million or 9 % as compared to last year. This is mainly attributed to:

1-Increase in revenues of centers and markets by SAR 24 million.

2-The increase of our share in the associate company “Tanal” by SAR 27 million.

3-Achieving profits of 17 million riyals from the in-kind contribution of Al-Tameer center in Al-Deera Development Company for Real Estate Development and Investment.

4-The reversal of a potential liability provision by SAR 27 million.

5-Increase in Murabaha deposit revenues by SAR 20 million.

This was achieved despite no land being sold during the current year compared to the previous year.

The results of the current year also included exceptional and non-recurring expenses related to the fees of financial and legal consultants related to the company’s capital increase project which amounted to SAR 12 million, as well as a potential lawsuits provisions of SAR 10 million, in addition to an increase in zakat expense provision by 10 million riyals compared to the previous year. Statement of the type of external auditor's report Unmodified opinion Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) None. Reclassification of Comparison Items Reclassification of comparative figures compatible with the display tab for the current period. Additional Information During the year 2024, the Saudi Heritage Hospitality Company (Nuzul) was liquidated, and the provision for the revaluation of investments classified at fair value through other comprehensive income, which had previously been established in previous years, was transferred to retained earnings.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.