Saudi Real Estate Company (Al Akaria) said net profit for 2024 nearly quadrupled amid a rise in property sales and rental income.
Profit surged to SAR215 million last year from SAR68 million in 2023 due to higher profit share from associates and a drop in zakat expenses.
Revenue rose 10 percent year on year to SAR2 billion, driven by improved real estate sales, increased revenues from leasing and facility management, and the expansion of infrastructure projects.
Khalid Alsehaibany, acting CEO of Al Akaria, said that the company will expand by launching new projects in integrated residential and commercial sectors this year.
Saudi Arabia is poised to become the largest construction market in the world in the next three years. Property consultancy Knight Frank estimates it could be worth $182 billion by 2028, 30 percent greater than the $140 billion recorded in 2023.
Al Akaria’s Fai Sedra 1 residential project in Riyadh, comprising 138 units, is expected to be completed in the first quarter of 2026.
The company is moving ahead to appoint the main contractor for Fai Sedra 2 project, consisting 310 housing units. The project is anticipated to be completed by the end of 2027.
The Al-Reef Residential Community in the Diplomatic Quarter and Tilal Commercial Centre in Al Malqa district of Riyadh are expected to be completed in 2026.
“We are in the final stages of design and contractor appointments for several new projects,” Alsehaibany said, adding these include Al-Narjis Office in Riyadh and Porta Jeddah mixed-use development.