Riyadh – Mubasher: Arriyadh Development Co. on Sunday posted a net profit after zakat and tax of SAR 203.93 million in 2018, down 8.3% year-on-year from SAR 222.34 million.
The company attributed its profit fall to the absence of plot sales during the year as well as lower revenues from its operations and other revenues segments, according to a filing to the Saudi Stock Exchange (Tadawul).
Arriyadh Development Co. said the profit decline occurred despite a significant growth in revenues from its leasing sector and no financing costs compared to 2017.
The Saudi-listed development firm’s revenues decreased 9.9% to SAR 283 million in 2018 from SAR 314 million in previous year.
As for the fourth quarter of 2018, Arriyadh Development Co. logged SAR 73.93 million in net profit, down 14.9% from SAR 86.84 million in the corresponding period of 2017.
Arriyadh Development Co. last reported a 4.05% year-on-year decline in net profits to SAR 130 million in the nine-month period ended 30 September 2018, versus SAR 135.5 million.
By 11:20 am Saudi time, Arriyadh Development’s stock surged 8.84% to SAR 20.68.
