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Riyadh, Saudi Arabia
The preliminary financial results of "Riyadh Construction" revealed that its net profit during the third quarter of 2026 decreased by 73.8% year-on-year, while the net profit decreased compared to a quarterly basis by 35.42%.
The net profit attributable to the shareholders of the source amounted to about 37.7 million riyals at the end of the third quarter of 2026, compared to 143.8 million riyals in the comparative quarter of last year, while the net profit in the second quarter of this year amounted to about 58.4 million riyals, according to the company’s disclosure, on Thursday, on “Tadawul”.
The company attributed this decline mainly to the sale of part of the company’s non-strategic land, and the company’s high share in the profits of associates during the same quarter.
The net profit attributable to the shareholders of the source amounted to SAR 37.7 million at the end of the third quarter
The company also achieved revenues from the main business of 77.6 million riyals, a decrease of 90.3 million riyals, equivalent to 53.78%, mainly due to the sale of a part of the company’s non-strategic land worth 97 million riyals, during the same quarter, despite the increase in the revenues of centers and markets, during the current quarter of 6.2 million riyals, equivalent to 9%.
As for the company’s profits during the first nine months of this year, it amounted to about 146.5 million riyals, compared to 251.5 million riyals, a decrease of 41.75%.
The company attributed the decrease in net profit as a result of the increase in land sales during the same period, and the decrease in the company’s share of the profits of associates by 22 million riyals, compared to the same period of the previous year, which included the recognition of profits resulting from the financial leasing contract for Misk schools, the formation of a white land fee allocation of 19 million riyals, a case allocation of 20 million riyals, and an increase in zakat expenses of 8 million riyals, despite the increase in the revenues of centers and markets by 9 million riyals.
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