Arriyadh Development's net profit jumps 60% to SAR 227.9 mln in 2020

10/03/2021 Argaam Exclusive

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Arriyadh Development Co. (ARDCO) reported a net profit after Zakat and tax of SAR 227.9 million in 2020, up 60% compared to a net profit of SAR 142.9 million a year earlier.

The strong performance was spurred by an increase in the company’s profit share from its associates, although two of its operating centers were hit by the COVID-19 precautionary measures.

Financials (M)

Item	2019	2020	Change‬
Revenues	249.70	237.73	(4.8 %)
Gross Income	184.82	168.62	(8.8 %)
Operating Income	154.84	146.58	(5.3 %)
Net Income	142.94	227.93	59.5 %
Average Shares	177.78	177.78	0.0 %
EPS (Riyals)	0.80	1.28	59.5 %

The fourth-quarter net profit after Zakat and tax surged to SAR 83.1 million, compared to a net profit of SAR 9.1 million in Q4 2019.

Total shareholders’ equity, excluding minority interest, grew by 2.75% year-on-year to SAR 1.98 billion in 2020.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	62.66	63.54	1.4 %
Gross Income	47.46	43.56	(8.2 %)
Operating Income	27.61	34.10	23.5 %
Net Income	9.16	83.14	808.0 %
Average Shares	177.78	177.78	0.0 %
EPS (Riyals)	0.05	0.47	808.0 %

Item	Q3 2020	Q4 2020	Change‬
Revenues	59.74	63.54	6.4 %
Gross Income	43.56	43.56	0.0 %
Operating Income	39.46	34.10	(13.6 %)
Net Income	55.09	83.14	50.9 %
Average Shares	177.78	177.78	-
EPS (Riyals)	0.31	0.47	50.9 %

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