Announcement • May 18
Tam Development Company, Annual General Meeting, Jun 29, 2026 Tam Development Company, Annual General Meeting, Jun 29, 2026, at 19:30 Arab Standard Time. Location: riyadh Saudi Arabia Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ر.س66.00, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 14x in the Professional Services industry in Saudi Arabia. Total loss to shareholders of 61% over the past year. New Risk • Apr 08
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Saudi stocks, typically moving 8.0% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.0% average weekly change). Minor Risk Market cap is less than US$100m (ر.س276.3m market cap, or US$73.6m). New Risk • Mar 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Saudi stocks, typically moving 5.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (40% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (5.1% average weekly change). Profit margins are more than 30% lower than last year (13% net profit margin). Market cap is less than US$100m (ر.س237.7m market cap, or US$63.3m). Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ر.س60.00, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 14x in the Professional Services industry in Saudi Arabia. Total loss to shareholders of 69% over the past year. Valuation Update With 7 Day Price Move • Nov 09
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ر.س93.00, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 18x in the Professional Services industry in Saudi Arabia. Total loss to shareholders of 53% over the past year. Reported Earnings • Sep 09
First half 2025 earnings released: EPS: ر.س3.52 (vs ر.س3.47 in 1H 2024) First half 2025 results: EPS: ر.س3.52 (up from ر.س3.47 in 1H 2024). Revenue: ر.س80.0m (down 34% from 1H 2024). Net income: ر.س11.6m (up 1.6% from 1H 2024). Profit margin: 14% (up from 9.5% in 1H 2024). The increase in margin was driven by lower expenses. New Risk • Jul 22
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ر.س366.3m (US$97.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (52% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Profit margins are more than 30% lower than last year (11% net profit margin). Market cap is less than US$100m (ر.س366.3m market cap, or US$97.6m). New Risk • Jul 15
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 11% Last year net profit margin: 22% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (52% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Profit margins are more than 30% lower than last year (11% net profit margin). Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ر.س133, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 17x in the Professional Services industry in Saudi Arabia. Total loss to shareholders of 37% over the past year. New Risk • Jun 15
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Saudi stocks, typically moving 8.7% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.7% average weekly change). High level of non-cash earnings (68% accrual ratio). Minor Risk Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Upcoming Dividend • Jun 09
Upcoming dividend of ر.س0.92 per share Eligible shareholders must have bought the stock before 16 June 2025. Payment date: 29 June 2025. Trailing yield: 0.8%. Lower than top quartile of Saudi dividend payers (5.2%). Lower than average of industry peers (3.0%). Declared Dividend • May 17
Dividend reduced to ر.س0.92 Dividend of ر.س0.92 is 25% lower than last year. Ex-date: 16th June 2025 Payment date: 29th June 2025 Dividend yield will be 0.5%, which is lower than the industry average of 1.8%. Announcement • May 16
Tam Development LLC, Annual General Meeting, Jun 15, 2025 Tam Development LLC, Annual General Meeting, Jun 15, 2025, at 20:30 Arab Standard Time. Location: riyadh Saudi Arabia New Risk • Apr 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Saudi stocks, typically moving 5.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (68% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Share price has been volatile over the past 3 months (5.6% average weekly change). Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ر.س153, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 20x in the Professional Services industry in Saudi Arabia. Total loss to shareholders of 26% over the past year. New Risk • Mar 23
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (68% accrual ratio). Minor Risk Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). New Risk • Oct 18
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (124% accrual ratio). Minor Risk Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Announcement • Jun 13
Tam Development Company Approves Cash Dividends for the Financial Year Ended on December 31, 2023 TAM Development Company at its Extraordinary General Assembly meeting held on June 11, 2024, approved of the Board of Directors- recommendation to distribute cash dividends in the amount of (4,051,620 Saudi riyals) to shareholders for the financial year ending on (December 31, 2023) at a rate of (1.23 riyals) per share, at a rate of (12.3%) of the nominal value of the share. Eligibility will be for shareholders who own shares at the end of trading on the day of the General Assembly and who are registered in the company-s shareholder registry with the Securities Depository Center Company (Edaa) at the end of the second trading day following the entitlement date. The dividend distribution date will be announced later. Announcement • May 22
Tam Development LLC, Annual General Meeting, Jun 11, 2024 Tam Development LLC, Annual General Meeting, Jun 11, 2024, at 20:00 Arab Standard Time. Location: riyadh Saudi Arabia Reported Earnings • Apr 05
Full year 2023 earnings released: EPS: ر.س12.33 (vs ر.س7.81 in FY 2022) Full year 2023 results: EPS: ر.س12.33 (up from ر.س7.81 in FY 2022). Revenue: ر.س188.4m (up 28% from FY 2022). Net income: ر.س40.6m (up 45% from FY 2022). Profit margin: 22% (up from 19% in FY 2022). The increase in margin was driven by higher revenue. New Risk • Mar 21
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.7% average weekly change). Minor Risk Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ر.س194, the stock trades at a trailing P/E ratio of 21.1x. Average trailing P/E is 22x in the Professional Services industry in Asia. New Risk • Jan 25
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Saudi stocks, typically moving 7.5% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Jan 23
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to ر.س162. The fair value is estimated to be ر.س135, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 67% over the last year. Earnings per share has grown by 70%. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ر.س151, the stock trades at a trailing P/E ratio of 16.4x. Average forward P/E is 17x in the Professional Services industry in Asia. New Risk • Dec 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Saudi stocks, typically moving 5.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Buying Opportunity • Aug 09
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ر.س157, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 57% over the last year. Earnings per share has declined by 79%.