Riyadh Development Company reported a 114.61% year-on-year (YoY) leap in net profit to SAR 162.40 million during the first half (H1) of 2024, compared to SAR 75.67 million.

The revenues amounted to SAR 155.47 million in H1-24, marking an annual rise of 11.94% from SAR 138.88 million, according to the financial results.

Earnings per share (EPS) increased to SAR 0.92 as of 30 June 2024 from SAR 0.43 in the year-ago period.

Financial Results for Q2-24

In the second quarter (Q2) of 2024, the net profits stood at SAR 91.92 million, up 112.43% YoY from SAR 43.27 million.

Revenues climbed by 10.73% to SAR 77.04 million in the three-month period that ended on 30 June 2024 from SAR 69.57 million in Q2-23.

Quarter-on-quarter (QoQ), the net profits in Q2-24 jumped by 30.40% from SAR 70.49 million in Q1-24, while the revenues declined by 1.77% from SAR 78.43 million.

Dividends

The company’s board approved cash dividends amounting to SAR 44.44 million, representing 2.50% of the share nominal value, for H1-24.

Riyadh Development will pay a dividend of SAR 0.25 per share for 177.77 million eligible shares.

Eligibility and disbursement dates for the dividends will be 1 and 19 September 2024, respectively.

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