The shares of the Riyadh Development Company, which is included in the Saudi market, “Tadawul”, increased by 0.29% during trading today, to circulate at the price of 34.10 riyals, after the annual financial results and recommending a cash distribution.
The company’s share’s price increased after announcing an increase in net profits during the year 2024 by 9.1%, while she explained that the net profit after zakat and tax amounted to about 296.2 million riyals, compared to 271.5 million riyals in 2023.
The company pointed out that the reasons for this rise are due to several factors, the most prominent of which is the increase in the revenues of centers and markets by 24 million riyals, and the company’s increase in the company’s colleague’s profits “Tan” at a value of 27 million riyals, in addition to achieving profits from the contribution of the in -kind contribution to the construction center in the company ” Deira Development for Real Estate Development and Investment “at a value of 17 million riyals.
The company also benefited from the opposite of a possible commitment of 27 million riyals, and the increase in the revenues of the deposits of Al -Marabihah by 20 million riyals, despite not selling lands during the current year compared to the previous year.
On the other hand, the results of the current year included exceptional and frequent expenses, such as the fees of financial and legal consultants for the company’s capital increase project of 12 million riyals, and the formation of allocations for possible issues by 10 million riyals, in addition to the increase in the zakat expense by about 10 million riyals compared to the previous year .
In light of these results, the company’s board of directors recommended distributing cash profits to the company’s shareholders for the second half of 2024, within the framework of its strategy that aims to achieve a balance between the distribution of profits and sustainable growth.
