Arriyadh Development Profits Rise to SR71 mln during 3Q by 28%

Arriyadh Development Company net profit after zakat and tax rose to SR71 million during the third quarter, compared to SR55 million during the same quarter of the previous year, at a rate of 28%.

This came after the announcement on Thursday of interim financial results for the period ending on 2021-09-30 (Nine Months).

The gross profit amounted to SR42 million during the third quarter, compared to SR44 million during the same quarter of the previous year, a decrease of 5%.

The operating profit amounted to SR33 million during the third quarter, compared to SR39 million during the same quarter of the previous year, a decrease of 15%.

The net profit after zakat and tax during the current period amounted to SR325 million, compared to SR145 million during the same period of the previous year, an increase of 125%.

Profits per share during the current period amounted to SR1.83, compared to SR0.81 during the same period of the previous year.

The increase in the revenues of the operating and leasing sectors and the company’s profits from the results of the associate company’s business, despite the increase in general and administrative expenses.

The decrease in the company’s profit share from the associate company’s business results due to the decrease in land sales this quarter compared to the previous quarter.

The increase in the revenues of the operating and leasing sectors and the company’s profits from the results of the associate company’s business,despite the increase in general and administrative expenses.

On the reclassification of comparison items, the company said “It has been reclassification comparative figures compatible with the display tab for the current period.”

Additional Information

Effective January 1, 2019, the Company adopted IFRS 16 (Leases)

Sales revenues for the period ended sep. 30, 2021, amounted toSR188 million, an increase of 8% compared to sales revenues for the same period of last year which amounted to SR174,19 million.

The company’s profits from the associate’s business results amounted to 213,66 million riyals for the period ending on sep. 30, 2021.an increase of 531% compared to profit for the same period of last year which amounted to 33,87 million riyals.