Arriyadh Development reports 19% profit slump in 2019

12/03/2020 Argaam Exclusive

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Arriyadh Development Co. reported a net profit after zakat and tax of SAR 165.8 million for the fiscal year of 2019, a 19% year-on-year (YoY) decline, the company said in a bourse statement.

The profit drop was attributed to lower lease prices on fierce competition, higher general and administrative expenses (G&As) and increased debt provisions.

The Saudi company also cited increased depreciation and financing charges due to the application of IFRS 16.

Financials (M)

Item	2018	2019	Change‬
Revenues	282.99	249.70	(11.8 %)
Gross Income	215.36	184.82	(14.2 %)
Operating Income	202.58	154.84	(23.6 %)
Net Income	203.93	142.94	(29.9 %)
Average Shares	177.78	177.78	-
EPS (Riyals)	1.15	0.80	(29.9 %)

Q4 2019 net earnings slid by 34% YoY to SAR 32 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2018	Q4 2019	Change‬
Revenues	65.85	62.66	(4.8 %)
Gross Income	50.34	47.46	(5.7 %)
Operating Income	47.98	27.61	(42.4 %)
Net Income	48.38	9.16	(81.1 %)
Average Shares	177.78	177.78	-
EPS (Riyals)	0.27	0.05	(81.1 %)

Item	Q3 2019	Q4 2019	Change‬
Revenues	61.22	62.66	2.4 %
Gross Income	44.64	47.46	6.3 %
Operating Income	40.75	27.61	(32.2 %)
Net Income	40.90	9.16	(77.6 %)
Average Shares	177.78	177.78	-
EPS (Riyals)	0.23	0.05	(77.6 %)

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