Arriyadh Development's net profit declines 3% to SAR 89.7 mln in H1 2020

22/07/2020 Argaam Exclusive

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Arriyadh Development Co. (ARDCO) reported a net profit after Zakat and tax of SAR 89.7 million for the first half of 2020, a slump of 3% year-on-year (YoY), driven by lower operating revenue, despite of higher profit share from associates.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	125.83	114.45	(9.0 %)
Gross Income	92.73	81.50	(12.1 %)
Operating Income	86.47	73.03	(15.6 %)
Net Income	92.88	89.70	(3.4 %)
Average Shares	177.78	177.78	0.0 %
EPS (Riyals)	0.52	0.50	(3.4 %)

The company’s net profit after Zakat and tax for the second quarter stood at SAR 54.6 million, rising 9% YoY, due to higher profit share from associates.

On a quarter-on-quarter basis, the profit for the current quarter jumped by 55.44%.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	64.30	57.41	(10.7 %)
Gross Income	47.63	41.22	(13.5 %)
Operating Income	44.52	37.62	(15.5 %)
Net Income	50.04	54.56	9.0 %
Average Shares	177.78	177.78	0.0 %
EPS (Riyals)	0.28	0.31	9.0 %

Item	Q1 2020	Q2 2020	Change‬
Revenues	57.04	57.41	0.6 %
Gross Income	40.29	41.22	2.3 %
Operating Income	35.40	37.62	6.3 %
Net Income	35.14	54.56	55.3 %
Average Shares	177.78	177.78	-
EPS (Riyals)	0.20	0.31	55.3 %

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