Masar Q4 profits fall 9% amid higher financing costs

Al Qary Developments and Reconstruction Company "Masar" saw its profits decline by 8.7% in the second quarter of the year, reaching 216 million Riyals. This was due to increased financing expenses following the suspension of capitalization of borrowing costs related to infrastructure projects. Nevertheless, revenues increased by 37%, totaling 916 million Riyals, supported by higher land sales, with six parcels sold during the quarter, bringing the total land either sold or included in projects to 81 out of 203 parcels. The CEO confirmed that demand for "Wasat Masar" lands remains strong, and the reservation base continues to support future revenues. He pointed out that the "Wasat Masar" project, which falls within the permissible zones for non-Saudis, enhances investment opportunities and will lead to an expanded investor base, although the financial impact of this development is currently undefined.

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