Umm Al Qura logs SAR 45m net profits in Q1-26 interim financials

MASAR
4325 -0.99% 16.04 -0.16

Riyadh – Mubasher: Umm Al Qura for Development and Construction Company posted 71.85% year-on-year (YoY) lower net profits after tax valued at SAR 44.93 million in the first quarter (Q1) of 2026.

The registered profits were compared with SAR 159.66 million, according to the interim financial results.

Net sales dropped by 84.13% to SAR 79.65 million in January-March 2026 from SAR 501.98 million in Q1-25, whereas the earnings per share (EPS) declined to SAR 0.03 from SAR 0.12.

Quarter, the net profits in Q1-26 fell by 36.26% from SAR 70.49 million in Q4-25, while the revenues shrank by 82.91% from SAR 466.24 million.

CEO of Umm Al Qura, Yasser AbuAteek, commented: “Despite the sale of only one land plot during the period, Q1-26 reflects a positive profitability for the company. The decline in revenues compared to prior and comparable periods is consistent with the nature of land sales, which are characterized by timing-related volatility linked to deal completion.”

“This is particularly relevant given the presence of approximately 10 active reservation agreements for previously announced plots, which are expected to convert into completed sales during the year,” AbuAteek indicated.

He added: “On the operational front, the company achieved a key milestone with the commencement of trial operations of the ‘Masar’ destination during the Holy Month of Ramadan, marking an important step toward asset activation and long-term value creation.”

In 2025, the Saudi group's net profits witnessed an annual hike of 97.23% to SAR 983.39 million.

Source: Mubasher Source: {{details.article.source}}