The Saudi real estate sector regained its profitability during the fourth quarter of last year, as Saudi real estate companies listed on Tadawul turned to profitability in the last 3 months of 2023 on an annual basis.

The Saudi real estate sector achieved a consolidated profit of 741.54 million riyals in the fourth quarter of last year, compared to a net loss of 52.51 million riyals in the fourth quarter of 2022. The sector achieved a consolidated profit of SAR 741.54 million in the fourth quarter of last year, compared to a net loss of SAR 52.51 million in the fourth quarter of 2022.

While on a year-on-year basis, Saudi real estate companies listed on Tadawul were profitable in the last 3 months of 2023 on an annualized basis.

While on a quarterly basis, the profits of the real estate sector decreased by 23.6% in the fourth quarter of 2023 compared to the previous quarter of the same year, amounting to 971.04 million riyals.

In terms of revenue, it recorded a growth of 18.03% in the fourth quarter of 2023 to reach SAR 4.09 billion, compared to SAR 3.47 billion in the same quarter of the previous year.

Revenues of the real estate sector increased by 18.03% in the fourth quarter of 2023, compared to SAR 971.04 million in the same quarter of the previous year. Saudi real estate sector revenues increased by 24.3% during the fourth quarter of 2023, compared to the value of 3.29 billion riyals in the third quarter of the same year.

Revenues of Saudi real estate sector increased by 24.3% during the fourth quarter of 2023.