Saudi Al-Majdiyah quarterly profit declines

Dar Al-Majd Real Estate Company in Saudi Arabia saw a 62% decrease in profits in the second quarter of the year, primarily due to gains from land sales amounting to 72 million SAR during the same period last year, which impacted the results. Excluding the effect of land sales, net profit attributable to shareholders increased by 8.8% to reach 41.6 million SAR, with profits from property unit sales rising by 23.4% and rental profits increasing by 184.4%. Despite higher revenues from sales and rentals, total revenue declined by 32.1% year-over-year. The net profit for the first half of the year stood at 46.3%, after adjustments, with a 31% reduction in administrative and marketing expenses.

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