Riyadh – Mubasher: Arriyadh Development Company reported a net profit after tax and Zakat worth SAR 165.8 million during 2019, compared to SAR 203.93 million in 2018, down by 18.7%.
The Saudi firm attributed the declining annual earnings to lower rental prices due to competition, in addition to higher general and administrative expenses, according to a stock exchange statement on Thursday. Furthermore, the drop was due to higher depreciation and financing costs.
During the fourth quarter (Q4) of last year, the net profit amounted to SAR 32 million, 33.93% lower than SAR 48.43 million in Q4-18.
During its meeting, the board of directors recommended distributing SAR 88.9 million or SAR 0.5 per share as cash dividends to shareholders for the second half (H2) of 2019.
The maturity date will be determined once the ordinary general meeting (OGM) approves the proposed dividends.
It is worthy to mention that 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.
