Riyadh – Mubasher: Arriyadh Development Company has reported a 19.6% year-on-year profit decline during the third quarter of the fiscal year 2019.
The Tadawul-listed company’s net profit after zakat and tax went down to SAR 40.9 million in Q3-19, from SAR 50.9 million the year before, according to a bourse statement.
The company ascribed the decline in its profit to the decline in revenue from leasing sector.
In the first nine months of 2019, profit shrank to SAR 133.8 million, compared to SAR 155.5 million in the year-ago period.
Arriyadh Development’s profit levelled down to SAR 50.04 million in Q2-19 versus SAR 53.12 million in Q2-18.
