Ladun Investment Company (9535.SR) Q1 2025 Earnings Report

Ladun Investment Company delivered a Q1 2025 performance that showcases seasonality typical of project-driven real estate development. Revenue totaled SAR 319.7 million, down 62.8% quarter-over-quarter from the prior quarter and down 18.4% year-over-year, reflecting timing and recognition of project-related revenue. Despite the sharp quarterly revenue pullback, Ladun maintained profitability with a gross margin of 20.3% and an operating margin of 9.6%, yielding EBITDA of SAR 39.2 million and net income of SAR 10.7 million (EPS SAR 0.0213). The quarter’s results underscore a business with positive operating cash generation potential and disciplined cost control, but highlight significant seasonality and cadence risk in a development-focused portfolio. The company’s SAR 500 million capital base and a diversified development profile position it to capitalize on Saudi Vision 2030-driven real estate demand, provided it can convert pipeline activity into more consistent quarterly revenue and improve visibility on project backlogs and receivables.