Riyadh – Mubasher: The financial statements of Arriyadh Development Company (ADCO) on Wednesday revealed a 65.89% decrease in net profits for the second quarter of 2017, compared to the year-ago period.
The Saudi firm achieved SAR 45.3 million in Q2-17, compared to SAR 132.8 million in Q2-16, according to a filing to the Saudi Stock Exchange (Tadawul).
The drop in Arriyadh Development’s profits was attributed to the company’s participation in a real estate investment traded fund (REIT) in Riyadh with Alinma Investment Company.
The company’s sales slid 93% to SAR 67.11 million in Q2-17, compared to SAR 1.04 billion in the same period in the year earlier.
Arriyadh’s profits fell 52.54% in H1-17 to SAR 88.7 million, compared to SAR 186.9 million in H1-16.
The Saudi firm’s net profits declined 19.8% to SAR 43.4 million in Q1-17, compared to SAR 54.1 million in Q1-16.
Arriyadh Development’s stock closed at SAR 19.86, gaining 0.76% on Wednesday.
