Asas Makeen Reports SAR 40.79M Net Profit in the Six Months 2026
ASAS MAKEEN 9640.SA | 0.00 |
On 2026-08-13 16:06:42 (Saudi Time), ASAS Makeen Real Estate Development and Investment Co.(9640.SA) announced its Interim financial results for the six months ended on June 30, 2026.
| Element List | Current Period | Similar period for previous year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 213,284,200 | 134,113,507 | 59.032 | ||
| Net Profit (Loss) Attributable to Shareholders of the Issuer | 40,789,070 | 57,984,226 | -29.654 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 510,347,221 | 397,220,017 | 28.479 | ||
| Profit (Loss) per Share | 1.36 | 1.93 | |||
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | 40,178,525 | 13 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | The Company’s revenue increased during the first half of 2026 to SAR 213.3 million, compared with SAR 134.1 million in the corresponding period of the previous year, representing an increase of SAR 79.2 million, or 59%.
This increase was mainly attributable to the rise in revenue from the Contracting and Development for Third Parties segment to SAR 124.9 million, compared with SAR 38.3 million in the corresponding period of the previous year, representing an increase of 226%, driven by progress in the execution of works and higher completion rates across ongoing projects. Revenue from administrative services and property leasing also increased to SAR 5.6 million, compared with SAR 2.0 million in the corresponding period of the previous year, representing an increase of 178%, mainly due to higher rental income from investment properties. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The Company’s net profit for the current period amounted to SAR 40.8 million, compared with SAR 58.0 million in the corresponding period of the previous year, representing a decrease of SAR 17.2 million, or 30%.
This decrease was mainly attributable to the lower profit margin on real estate sales during the current period compared with the corresponding period of the previous year, including discounts granted on a number of real estate units, which adversely affected sales profitability, in addition to higher financing costs related to bank facilities during the period. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Reclassification of Comparison Items | The comparative figures for the corresponding period of the previous year were retrospectively restated following a change in the accounting policy for the subsequent measurement of investment properties from the cost model to the fair value model. Certain comparative figures were also reclassified to conform with the presentation adopted for the current period. |
Year-on-Year Performance Drivers
Sales/Revenue increased 59.032% YoY to SAR 213.28 million (from SAR 134.11 million), primarily driven by a 226% surge in revenue from the Contracting and Development for Third Parties segment to SAR 124.9 million (from SAR 38.3 million), fueled by accelerated project execution and higher completion rates, alongside a 178% rise in administrative services and property leasing revenue to SAR 5.6 million due to higher rental income from investment properties. Despite the strong top-line growth, net profit attributable to shareholders declined 29.654% YoY to SAR 40.79 million (from SAR 57.98 million), mainly due to lower profit margins on real estate sales, discounts granted on certain real estate units that adversely impacted sales profitability, and higher financing costs related to bank facilities during the period.
Other Items
The external auditor issued an unmodified conclusion for the period. Total shareholders' equity (after deducting minority equity) stood at SAR 510,347,221, compared to SAR 397,220,017 in the same period of the previous year, representing an increase of 28.479%. Earnings per share were SAR 1.36, down from SAR 1.93 in the corresponding prior-year period. The company reported profits resulting from the change in investment properties' fair value of SAR 40,178,525, representing 13% of capital. Comparative figures for the prior period were retrospectively restated following a change in accounting policy for the subsequent measurement of investment properties from the cost model to the fair value model, and certain comparative figures were also reclassified to conform with the presentation adopted for the current period.
Original announcement:
Important Notice: The announcement information and market data in this report are sourced directly from the Saudi Exchange (Tadawul). This summary is generated by Sahm’s proprietary AI model for informational purposes only. While we strive for accuracy, it should not be construed as financial advice or an investment recommendation.