Arabian Centres net profit down 17% to SAR 218.5 mln in H1 2021/22

Arabian Centres Co. (ACC) posted a net profit after Zakat and tax of SAR 218.5 million for the six-month period ended Sept. 30, 2021, a drop of 17% from SAR 261.8 million in the year-earlier period.  

The profit decrease was attributed to a decline in gross profit to SAR 552.6 million in H1 FY 2022 compared to SAR 553.4 million a year earlier. This decrease was driven by higher cost of revenue.

Other income came in lower in H1 FY 2022, compared to H1-FY21, when ACC had booked SAR 73 million in nonrecurring discounts received from the company’s landlords to mitigate the impact of COVID-related centre closures. ACC also reported higher general and administrative expenses (G&A).

In the second quarter of fiscal year 2022, net profit after Zakat and tax saw a decrease of 16% to SAR 90.8 million from SAR 91.1 million a year earlier on a rise in the cost of revenue, increased depreciation expenses, lower other income along with higher G&A.

The second-quarter net profit declined 28% from SAR 126.3 million in Q1 FY2022.

Shareholders’ equity, after minority interest, was down 2.6% to SAR 5.912 billion in the nine-month period, from SAR 6.072 billion a year earlier.

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