Riyadh – Mubasher: Arriyadh Development’s profits fell 19.8% year-on-year in the first quarter of 2017.
Profits reached SAR 43.4 million ($11.57 million) in Q1-17, down from SAR 54.1 million ($14.43 million) in Q1-16.
The decrease in net profits was attributed to the growth of sale of lands in the same quarter of the previous year, according to a bourse filing on Sunday.
Revenues levelled down 13% to SAR 63.3 million in Q1-17 compared to SAR 73.1 million in the year-ago period.
