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Arriyadh Development FY18 profit slips 8% on lower revenues

2019-02-24 12:07:53 GMT (Economies.com)
 

Arriyadh Development Company on Sunday posted its financial results for the fiscal year 2018, which mirrored a decline by 8.3%, according to a statement to Tadawul.

 

Net profits after Zakat and tax went down to SAR 203.9 million, from SAR 222.3 million in FY17.

 

Moreover, operating profit declined to SAR 205.6 million, from SAR 235 million in the same period a year ago.

 

The real estate developer said the profit slide was attributed to a decrease in operating revenues, as well as other revenues, while the lease segment recorded an increase.

 

FY18 revenues went down by 10% year-on-year to SAR 283 million, from SAR 314 million.

 

Meanwhile, the company posted a 4.05% drop in net profits during the first nine months of 2018 to SAR 130 million, versus SAR 135.5 million in the year-ago period.

 
 
 
  Symbol Last Change Chg.%
1.2059
0.0033
0.2773%
1.3868
-0.0085
0.6099%
Tadawul
10127.90
18.31
0.18%
26.056
0.265
1.028%
61.860
-1.318
2.086%
65.52
0.11
0.17%
1783.755
12.305
0.695%
 
 
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