Am Al-Qura profits fall to 216M Riyals
Al Qaryan Company for Development and Construction reported an 8.7% year-over-year decrease in net profit for the second quarter of 2026, amounting to 216.1 million Riyals compared to 236.68 million Riyals in the same period last year. The decline was driven by increased financing expenses and the suspension of capitalization of borrowing costs related to infrastructure project financing, despite a 36.86% rise in revenues due to increased land sales. In the first half of the year, the company's profits decreased by 34.14%, while revenues declined by 15%, although operating profit increased by 7.38%.
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