Arabian Centres posts 10% decline in FY2021/22 net profit to SAR 437 mln; Q4 at SAR 106.9 mln

Arabian Centres Co. (ACC) posted a 10% drop in net profit after Zakat and tax to SAR 437 million for the fiscal year ended March 2022, compared to SAR 486.7 million a year earlier. 

The company reported an 8.7% increase year-on-year (YoY) in direct costs to SAR 342.8 million in the current fiscal year. ACC’s other income fell by 81.2% YoY to SAR 27.4 million.

Administrative and promotion expenses jumped by 25.5% YoY to SAR 25.4 million, with general and administrative expenses (G&A) rising 29.7% YoY to SAR 248.3 million for the same period.

ACC also reported a decline in its profit share from an equity-accounted investee, which incurred a loss of SAR 15 million in FY2021/22 against a profit of SAR 1.7 million for the fiscal year ended March 2021. 

The fourth-quarter net profit after Zakat and tax fell 17% to SAR 106.88 million, from SAR 129.45 million in the year-ago period. 

Shareholders’ equity, after minority interest, decreased by 4.5% to SAR 5.780 billion as of March 31, 2022, compared to SAR 6.052 billion a year earlier.