“Riyadh Reconstruction” increased to 296.2 million riyals in 2024

The net profit of the Riyadh Development Company in 2024 increased by 6.1% to 296.2 million riyals, compared to 271.5 million riyals in 2023.
According to the company’s statement on Saudi Arabia’s circulation, the profit height mainly is due to:
1- The increase in the revenues of the centers and markets, at a value of 24 million riyals.
2- The company’s share in the company’s colleague’s profits is 27 million riyals.
3- Achieving profits from in-kind contribution to the Reconstruction Center at the Development Company for Development and Real Estate Investment, at a value of 17 million riyals.
4- Reflecting a potential commitment of 27 million riyals.
5- The increase in the revenues of the deposits of Al-Marabihah by 20 million riyals.
This is despite the lack of sale of lands during the current year compared to the previous year.
The results of the current year included exceptional and frequent expenses related to the fees of financial and legal consultants for the company’s capital increase project by 12 million riyals, as well as forming 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.
The Board of Directors of the Riyadh Development Company recommended, today, to distribute cash profits of 0.25 riyals/ share to the company’s shareholders for the second half of the year 2024 AD.
This comes in line with the company’s strategy, which aims to balance the distribution of profits and sustainable growth.
The total amount distributed is 58,482,704.50 riyals, while the number of shares due for profits is 233,930,818 shares.
The share share of the distribution is 25 halalas / share, while the distribution rate to the nominal share value is 2.5%.
The eligibility of the profits will be for the company’s shareholders who are owned by shares at the end of the trading day of the next General Assembly and the company’s records of the company’s records at the Securities Depository Center Company at the end of the second trading day following the date of the association, and the date of the association will be announced later, while the date of the distribution will be announced later.