Riyadh Development boasts SAR 7.5B project backlog: CFO
In an interview with Al Arabiya TV regarding the company's financial results, AlKulaib stated that these projects are expected to deliver a positive impact and will be financed through a combination of the company's cash reserves, which exceed SAR 960 million, and project-specific borrowings.
He added that ARDCO is targeting returns of 10% to 15% from these projects.
He also noted that the company currently operates six commercial centers, with assets valued at SAR 800 million and a market value exceeding SAR 2.5 billion.
AlKulaib pointed out that the company's first real estate development project, the Misk Schools Project, was launched last year. The project generated SAR 5 million in revenue in Q4 2024, SAR 2.5 million in H1 2025, and is expected to contribute an additional SAR 2.5 million in H2 2025.
He also stated that the company has made provisions for bad debts covering 73% of outstanding receivables, which amounted to approximately SAR 50 million as of the end of June.
According to data available with Argaam, ARDCO's net profit declined to SAR 107.7 million in H1 2025, from SAR 162.4 million in H1 2024. Q2 2025 profit amounted to SAR 65.6 million.
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