Riyadh – Mubasher: Arriyadh Development Co. on Sunday announced doubling its profits in the final quarter of 2017, whereas its full-year profits had decreased.
The Saudi development company’s profits amounted to SAR 75.8 million ($20.21 million) between October and December, up 101% from SAR 37.7 million ($10 million) in the same period of 2016.
Quarter-on-quarter, Arriyadh Development Co.’s profits grew 66.23% from SAR 45.6 million, according to a filing to the Saudi Stock Exchange (Tadawul).
Gross profit amounted to SAR 84.9 million in Q4-17, up 58.31% from SAR 53.63 million in the prior year period, the company added.
The real estate firm attributed the higher quarterly profits to “improved operating revenues and growth in lands sale revenues with a decrease in general expenses and zakat.”
As for the full-year 2017, Arriyadh Development’s profits fell 19.69% to SAR 210.2 million from SAR 261.73 million in 2016, whereas gross profits fell 20.05% year-on-year to SAR 237.98 million from SAR 297.65 million.
Earnings per share (EPS) amounted to SAR 1.58 in 2017 versus SAR 1.96 in the year before, the statement showed.
Arriyadh Development attributed the annual profit fall to its contribution in a real estate fund.
In separate statement also released on Sunday, Arriyadh Development Co. announced the appointment of Tarek bin Abdulaziz Fares as a board member, representing the district of Riyadh instead of independent board member Ibrahim bin Mohamed Al Sultan.
The appointment was made by the Saudi minister of municipal and rural affairs, the company stated.
Arriyadh Development previously posted a 22.9% year-on-year increase in profits to SAR 45.6 million in Q3-17 from SAR 37.1 million.
