Riyadh – Mubasher: Arriyadh Development Company reported a 16.73% year-on-year profit decline in the first quarter of 2019.
The Saudi firm’s net profits retreated to SAR 42.8 million in Q1-19, compared to SAR 51.4 million in the year-ago period, according to a statement to the Saudi Stock Exchange (Tadawul) on Sunday.
The Q1 profit drop was ascribed to lower revenues of the rental sector, while the operating sector’s revenues were not affected and other revenues improved.
The company’s revenues went down 14.2% year-on-year to SAR 61.5 million from SAR 71.7 million in Q1-18.
Quarter-on-quarter, the Saudi firm’s net profits plunged by 42% from SAR 73.93 million in Q4-18.
