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Aljazira's H1 profits drop to 10.6M
Al-Jada First Real Estate Development Company has announced financial results showing an 86.4% decline in profits during the first half of 2026, with net profit reaching 10.64 million SAR compared to 78.13 million SAR in the same period last year. The absence of exceptional income from the real estate brokerage sector and a decline in contracting activities contributed to a 54.27% decrease in total sales and revenues, with revenues from the contracting sector dropping from 90.6 million SAR to 22.6 million SAR. Conversely, the company recorded a 146% increase in real estate sales revenue and a 29.1% rise in rental income. Overall gross profit significantly declined due to changes in revenue mix, while higher financing costs and unrealized gains on investment properties further contributed to the decrease in profits. Despite this, equity increased by 13%, and total assets grew to over 1.73 billion SAR, supported by new investment properties and higher fair values of its projects. The company is shifting its strategy toward strengthening cash flows, developing recurring income streams, and advancing joint development projects, with a focus on accelerating asset sales and sustainable real estate investments.
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