According to the financial results for the quarter ended March 31, last year. <According to the financial results for the quarter ended March 31, 7 of the 13 companies recorded an increase in profits in the first quarter of 2024, compared to the same period of 2023, led by Al Tameer, whose profits jumped to SAR 70.5 million during the first quarter of 2024, an increase of 117.5% from the profits of the same quarter of the previous year, which were 32.4 million riyals, followed by Smo Real Estate Company, which recorded profits of 19 million riyals compared to 9 million riyals, up 114%, followed by Taiba with profits of 110.5 million riyals compared to 62 million riyals, up 78%.
On the other hand, 3 companies recorded profits of 70.5 million riyals during the first quarter of 2024, up 117% from the same period in 2023. <On the other hand, 3 companies real estate development recorded a decline in profits during the first quarter of this year 2024, compared to the same period in 2023, led by Real Estate with a decline of 67.4%, and its profits recorded 2.9 million riyals in the first quarter of 2024, compared to 8.9 million riyals profit in the same quarter of the previous year, followed by Al-Andalus, which recorded profits of 4.72 million riyals compared to 14.26 million riyals, down 66.9%, then Sinomi Centers, which recorded profits of 185.6 million riyals compared to 388 million riyals, down 52.16%.
On the other hand, Real Estate Company recorded profits of 2.9 million riyals in Q1 2024, compared to 8.9 million riyals in the same period of 2023, a decrease of 67.4%. On the other hand, Emaar and Knowledge City recorded losses of 352 million riyals and 14 million riyals for the two companies, respectively, while The Red Sea Company turned to profits after recording losses in Q1 2023.
On the other hand, Emaar and Knowledge City recorded losses of 352 million riyals and 14 million riyals respectively.
