On 2026-08-03 08:59:28 (Saudi Time), Dar Al Majed Real Estate Company announced its Interim financial results for the six months ended on June 30, 2026.

Year-on-Year Performance Drivers

For the six-month period ended 30 June 2026, Dar Al Majed Real Estate Company reported sales/revenue of SAR 49.64 million (496,445,723 / 1,000,000 = SAR 49.64 million), declining 28.367% YoY from SAR 69.30 million, primarily because the prior period included SAR 314.5 million in land sale revenue that was not repeated in the current period; excluding land sales, revenue actually grew 31.1%, driven by a 33.3% increase in real estate unit sales to SAR 426.2 million and a 159% surge in rental revenue to SAR 13.0 million. Net profit attributable to shareholders fell 62.148% YoY to SAR 8.03 million (80,327,218 / 1,000,000) from SAR 21.22 million, largely due to the absence of the high-margin land sale profit (which contributed significantly in the prior period); however, excluding land sale profits and investment property revaluation gains, underlying net profit rose 46.3%, supported by a 23.4% increase in profit from property unit sales to SAR 87.7 million, a 184.4% increase in rental profit to SAR 11.4 million, and a 30.9% reduction in combined general, administrative, selling, and marketing expenses to SAR 26.4 million, reflecting improved operating efficiency.

Quarter-on-Quarter Performance Drivers

QoQ revenue rose 38.4% to SAR 288.24 million (SAR 288,235,844 / 1,000,000 = 288.24 million) from SAR 208.21 million in the previous quarter, driven primarily by higher revenue from the sale of property units and rental revenue, reflecting improved operating performance. Net profit attributable to shareholders increased 7.8% QoQ by SAR 3.00 million, reaching SAR 41.66 million compared to SAR 38.66 million in the prior quarter, also driven by stronger property unit sales and rental revenue.

Other Items

The external auditor issued an unmodified conclusion on the interim financial results for the six-month period ended 30 June 2026, with no additional comments, reservations, disclaimers, or adverse opinions noted. No material risks such as going concern uncertainties or debt covenant breaches were disclosed. Profits resulting from the change in investment properties' fair value amounted to SAR 7,069,242, representing 2.4% of capital. Certain comparative figures for the previous period have been reclassified to conform with the current period presentation, with no impact on net profit, retained earnings, or the condensed consolidated financial position. Total shareholders' equity (after deducting minority equity) stood at SAR 1,155,546,084 as of 30 June 2026, up 4.8% from SAR 1,102,612,432 in the same period of the prior year. Earnings per share for the current period were SAR 0.27, compared to SAR 0.71 in the same period of the previous year. Year-on-year, the current quarter saw revenue decline 32.119% to SAR 288,235,844 versus SAR 424,623,539, though the company noted that excluding SAR 242.2 million in land sale revenue recognized in the prior-year quarter, revenue actually increased by 58%, driven by an 81.1% increase in property unit sales revenue to SAR 257.1 million and a 224.8% increase in lease revenue to SAR 7.1 million.

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