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Riyadh, Saudi Arabia: Dar Al Majed Real Estate Company ("Al Majdiah" or the "Company", 4326 on the Saudi Exchange), a leading Saudi real estate developer and master community builder, today announces its financial results for the full year ended 31 December 2025 ("FY 2025"). The Company delivered FY 2025 net profit attributable to shareholders of $261.9 million, representing a 22.6% year-on-year (YoY) increase, alongside a significant improvement in margins.
Performance was mainly driven by a 39.5% YoY increase in profits from the sale of lands and a $53.1 million positive swing in investment properties valuation in FY 2025, compared to a loss in FY 2024. The Company also maintained a healthy revenue backlog, providing strong revenue visibility and supporting its next phase of growth.
Abdulsalam AlMajed, Acting Chief Executive Officer, commented:
“2025 marks a defining chapter in Al Majdiah’s evolution. Following our successful listing on Tadawul in September, we are proud to present our first full year of results as a public company. Our results demonstrate the strength of a platform built over two decades and refined into a fully integrated master developer.
Our near record profitability reflects disciplined execution and the structural advantage of our diversified ownership models, lifecycle management capabilities, and balanced portfolio strategy. This performance was achieved despite the increasing contribution from off-plan sales, which delayed revenue recognition and created a temporary timing effect against costs. We continue to scale across the full real estate value spectrum, from land sourcing and development to post-handover services, while expanding our product mix and geographic footprint, including our entry into Jeddah.
During the year, we advanced the largest active development pipeline in our history, strengthened our partnerships and fund platforms, and continued building recurring income streams through our rental and facility management initiatives. With a robust pipeline of 29 projects under various ownership structures, we enter 2026 with strong visibility and a clear roadmap for sustainable, capital-disciplined growth.
As we begin our journey as a listed company, our focus remains on disciplined capital allocation, portfolio diversification, and delivering long-term value to our shareholders, partners, and the communities we serve.”
Key Highlights
- FY 2025 gross profit increased 23.3% YoY to $440.1 million with margin expanding to 36.0% compared to 25.5% in FY 2024. This was supported by strong margins on land sales, valuation gains on investment properties, and improved rental profitability.
- EBITDA grew 20.3% YoY to $359.5 million, with EBITDA margin rising to 29.4% from 20.6%, demonstrating resilient profitability, in addition to a $10.0 million positive contribution from performance fees.
- Net profit1 increased 22.6% YoY to $261.9 million in FY 2025, reflecting strong profitability primarily driven by the sale of lands, alongside gains from investment properties valuation.
- Operating cash flow turned positive at $36.1 million, driven by improved working capital management, including trade and other payables optimization and property inventory conversion into sales.
- The Company entered Jeddah during the year with a project pipeline in Al Mohammadiya and Alfalah.
1: Attributable to shareholder of the parent company
Financial Performance
The following table summarizes Al Majdiah's consolidated income statement for FY 2025 and
FY 2024:
| $ Million | FY 2025 | FY 2024 | Change (YoY) |
| Revenue from Sale of Property Units | 799.6 | 893.8 | -10.5% |
| Revenue from Sale of Land | 314.5 | 392.7 | -19.9% |
| Revenue from Real Estate Commission | 50.0 | 53.3 | -6.2% |
| Revenue from Real Estate Development | 26.8 | 34.7 | -22.6% |
| Rental Revenue | 16.3 | 11.2 | +45.4% |
| Maintenance Revenue | 16.5 | 16.5 | 0% |
| Total Revenue | 1,223.9 | 1,402.3 | -12.7% |
| Gross Profit1 | 440.1 | 357.0 | +23.3% |
| Gross Margin | 36.0% | 25.5% | +10.5pp |
| EBITDA | 359.5 | 288.7 | +24.5% |
| EBITDA Margin | 29.4% | 20.6% | +8.8pp |
| Net Profit2 | 261.9 | 213.6 | +22.6% |
| Net Margin | 23.5% | 21.1% | +2.3pp |
| Earnings Per Share (SAR) | 0.87 | 0.71 | +22.6% |
| Net Debt / EBITDA3 | 4.7x | 5.1x | -0.4x |
1: Includes gains (losses) from investment properties valuation | 2: Attributable to shareholder of the parent company | 3: LTM EBITDA
- Total revenue for FY 2025 decreased by 12.7% year-over-year to $1,223.9 million from $1,402.3 million in FY 2024. Despite a ~29.0% YoY growth in unit sales, revenue declined due to higher contribution from off-plan sales in FY 2025, under which revenue is recognized based on the percentage of project completion rather than at contract signing. By contrast, FY 2024 sales were primarily completed-unit transactions, resulting in earlier revenue recognition. As a result, revenue from the sale of property units decreased by 10.5% YoY.
- FY 2025 gross profit increased 22.6% to $440.1 million compared to $357.0 million in FY 2024, with gross margin expanding to 36.0% from 25.5%, primarily driven by strong margins generated from the sale of lands acquired at a competitive cost base. Gross profit from the sale of lands surged 39.5% YoY to $118.5 million in FY 2025 from $85.0 million in the prior year, with margin expanding from 21.6% to 37.7%. In addition, Al Majdiah recorded a $53.1 million gain from investment properties valuation (income-generating). Rental gross profit further contributed to the Company’s profitability, as it increased by 56.6% YoY.
- The Company recorded EBITDA growth of 24.5% YoY to $359.5 million in FY 2025, compared to $288.7 million in FY 2024. EBITDA margin expanded significantly to 29.4% from 21.3% in the prior year, driven by the above-mentioned factors. EBITDA performance was achieved despite higher maintenance costs as the management elected to focus on enhancing customer satisfaction, in addition to one-off expenses from brand-building initiatives and IPO-related costs.
- FY 2025 net profit1 increased 22.6% YoY to $261.9 million from $213.6 million in FY 2024, supported by strong profitability from the sale of lands and property units, rental profit, and gains from investment properties valuation (income-generating).
- The Company’s leverage profile improved meaningfully, with Net Debt / EBITDA2 declining to 4.7x at year-end 2025 from 5.1x at year-end 2024, reflecting enhanced operating margins and disciplined capital allocation.
1: Attributable to shareholders of the parent company | 2: LTM EBITDA
Operational and Strategic Highlights
Portfolio and Pipeline
- As at December 31st 2025, Al Majdiah maintains a strong pipeline of 29 projects across multiple ownership structures.
- In 2025, the Company expanded into Jeddah with projects in Al Mohammadiya and upcoming developments in Alfalah and continued its steady growth in Madinah.
Fund-Based Development Platform
- The Company has partnership with 9 real estate investment funds, with a combined target size of approximately $8.6 billion, where Al Majdiah earns development and commission fees while managing balance sheet exposure.
About Dar Al Majed Real Estate Company (Al Majdiah)
Founded in 2014 and listed on the Saudi Exchange (Tadawul: 4326) in September 2025, Dar Al Majed Real Estate Company (Al Majdiah) is a leading Saudi real estate developer and community builder operating across Riyadh, Jeddah, Madinah, and Al Khobar. The Company develops residential communities, including apartment complexes, townhouses and luxury towers, as well as commercial and office assets, through wholly owned assets, joint ventures, fund partnerships, and third-party development projects. With more than 180 completed projects, over 2.5 million square meters developed and more than 70,000 Beneficiary in its communities, Al Majdiah holds LEED and Bureau Veritas quality certifications and is a proud recipient of multiple industry awards.
Investor Relations Contact
Dar Al Majed Real Estate Company | info@Almajdiah.com | www.Almajdiah.com | Tadawul: 4326
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