Riyadh – Mubasher: Ash Sharqiyah Development Company reported a significant rise of 258% in net profit for the fourth quarter of 2015, as it reached SAR 770,000, versus SAR 215,000 in the same period of 2014.
The company’s profit in 2015 hit SAR 9 million compared to SAR 2.5 million in 2014.
The rise was attributed to cost reductions from SAE 5.7 million to SAR 4.04 million, netting the company a profit of SAR 1.7 million in Q4-15, compared to SAR 1.1 million in Q4-14, despite a decline in sale to SAR 5.7 million from SAR 6.8 million as harvesting stopped for 15 days because of rains.
The annual hike was owed to a 19% decline in costs from SAR 18.25 million to SAR 14.87 million.
