Arabian Contracting profits jump 718% in 2021

Arabian Contracting Services Co. reported a net profit jump of 718% to SR 206 million in 2021 from SR 25 million in 2020, according to its financial result statement published on Tadawul.

The company revealed operational profit hike by 408% to SR 261 million in 2021 from SR 51 million a year earlier.

Gross profits surged by 233% to SR 330 million last year from SR 99 million, while profit per share (EPS) soared to SR 4.12 from SR 0.5.

Higher net profits were spurred by gradual return to normal life after long time of Covid-19 related travel restrictions, issuance of tourist visas, opening of Umrah, return of schools and universities, and launch of Riyadh season during the fourth quarter of 2021.

Moreover, Arabian Contracting Services Co. financial results were supported by digital transformation process besides increasing of the new projects and advertising space.