Arriyadh Development Co. (ARDCO) reported a net profit after Zakat and tax of SAR 111 million for the first quarter of 2021, an increase of over twofold from SAR 35.1 million in the year-ago period.
| Item | Q1 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 57.04 | 63.14 | 10.7 % |
| Gross Income | 40.29 | 46.27 | 14.9 % |
| Operating Income | 35.40 | 41.83 | 18.1 % |
| Net Income | 35.14 | 111.03 | 216.0 % |
| Average Shares | 177.78 | 177.78 | - |
| EPS (Riyals) | 0.20 | 0.62 | 216.0 % |
| Item | Q4 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 63.54 | 63.14 | (0.6 %) |
| Gross Income | 43.56 | 46.27 | 6.2 % |
| Operating Income | 34.10 | 41.83 | 22.7 % |
| Net Income | 83.14 | 111.03 | 33.5 % |
| Average Shares | 177.78 | 177.78 | - |
| EPS (Riyals) | 0.47 | 0.62 | 33.5 % |
The positive performance was driven by an increase in the operating and leasing segment revenues and the company's higher profit share from associates.
When compared to Q4 2020, the company’s net profit after Zakat and tax jumped by 33.6% from SAR 83.1 million, backed by the company's higher profit share from associates, along with a decline in general and administrative expenses.
Shareholders’ equity, excluding minority interest, rose 6% to SAR 2.099 billion by the end of Q1 2021, compared to SAR 1.978 billion in the year-ago period.
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