Arriyadh Development's net profit rises 8% to SAR 144.8 mln in 9M 2020

25/10/2020 Argaam Exclusive

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Arriyadh Development Co. (ARDCO) reported a net profit after Zakat and tax of SAR 144.8 million for the first nine months of 2020, up 8% compared to a profit of SAR 133.8 million in the same period last year.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	187.04	174.19	(6.9 %)
Gross Income	137.37	125.07	(9.0 %)
Operating Income	127.22	112.48	(11.6 %)
Net Income	133.78	144.79	8.2 %
Average Shares	177.78	177.78	0.0 %
EPS (Riyals)	0.75	0.81	8.2 %

The higher earnings came despite a decrease in operating revenues due to the closure of its Public Transportation Development Centre and International Development Car Auction in line with measures to limit the spread of the coronavirus.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	61.22	59.74	(2.4 %)
Gross Income	44.64	43.56	(2.4 %)
Operating Income	40.75	39.46	(3.2 %)
Net Income	40.90	55.09	34.7 %
Average Shares	177.78	177.78	0.0 %
EPS (Riyals)	0.23	0.31	34.7 %

Item	Q2 2020	Q3 2020	Change‬
Revenues	57.41	59.74	4.1 %
Gross Income	41.22	43.56	5.7 %
Operating Income	37.62	39.46	4.9 %
Net Income	54.56	55.09	1.0 %
Average Shares	177.78	177.78	-
EPS (Riyals)	0.31	0.31	1.0 %

The company’s net profit after Zakat and tax for the third quarter stood at SAR 55.1 million, an increase of 35% YoY, due to higher profit share from associates.

On a quarter-on-quarter basis, the Q3 2020 net profit edged up 1%.

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