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Arriyadh Development Q3 profit falls 9.5% on lower revenues

2018-10-21 08:38:34 GMT (Economies.com)
 

Arriyadh Development Company on Sunday posted its financial results for the third quarter of 2018, which mirrored a decline by 9.5% in net profit after Zakat and tax.

 

Net profits went down to SAR 41.9 million, from SAR 46.3 million in Q3-17, according to the company’s filing on Tadawul.

 

Moreover, operating profit declined to SAR 41.2 million, from SAR 45 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 was unhurt.

 

Q3 revenues went down by 61 year-on-year to SAR 57.2 million, from SAR 60.2 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.

 

The real estate developer’s net profits amounted to SAR 88.1 million during H1-18, down from SAR 89.2 million in H1-17.

 
 
 
  Symbol Last Change Chg.%
1.2054
0.0028
0.2312%
1.3888
-0.0064
0.4623%
Tadawul
10127.90
18.31
0.18%
26.062
0.271
1.049%
61.888
-1.290
2.042%
65.72
0.34
0.52%
1782.880
11.430
0.645%
 
 
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