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Al-Majidiyah Q2 profits fall 62.2%
The article explains that Dar Al Majeed Real Estate Company's profits declined by 62.23% in the second quarter of 2026, reaching 41.66 million Riyals compared to 110.31 million Riyals in the same period of the previous year, due to the recognition of land sale profits in the last year. Excluding the impact of land sales, the company recorded an 8.8% increase in net profit, supported by higher revenues from property unit sales and rentals, despite a 32.12% decrease in annual revenues to 288.24 million Riyals. In the first half of 2026, the company's profits dropped by 62.15%, with revenues falling by 28.37%, but adjusted profits increased by 46.3% after excluding land sale revenues and valuation gains. The analysis indicates that operating performance has improved despite an overall decline in profits and revenues.
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