Arriyadh Development 2021 net profit up 40% to SAR 318.3 mln; Q4 loss at SAR 6.9 mln

20/02/2022 Argaam Exclusive

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Arriyadh Development Co. (ARDCO) reported a net profit after Zakat and tax of SAR 318.3 million in 2021, up 40% from SAR 227.9 million a year earlier.

Financials (M)

Item	2020	2021	Change‬
Revenues	237.73	250.91	5.5 %
Gross Income	168.62	172.83	2.5 %
Operating Income	146.58	135.79	(7.4 %)
Net Income	227.93	318.31	39.7 %
Average Shares	177.78	177.78	-
EPS (Riyals)	1.28	1.79	39.7 %

The strong performance was spurred by an increase in the company’s profit share from its associates and operating and rental revenues.

This was despite the increase in general and administrative expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	63.54	62.85	(1.1 %)
Gross Income	43.56	40.00	(8.2 %)
Operating Income	34.10	22.23	(34.8 %)
Net Income	83.14	(6.93)	(108.3 %)
Average Shares	177.78	177.78	-
EPS (Riyals)	0.47	(0.04)	(108.3 %)

Item	Q3 2021	Q4 2021	Change‬
Revenues	61.91	62.85	1.5 %
Gross Income	41.49	40.00	(3.6 %)
Operating Income	33.44	22.23	(33.5 %)
Net Income	70.79	(6.93)	(109.8 %)
Average Shares	177.78	177.78	-
EPS (Riyals)	0.40	(0.04)	(109.8 %)

The company turned to a net loss after Zakat and tax of SAR 6.9 million in Q4 2021 from a net profit of SAR 83.1 million in the same period a year ago.

Total shareholders’ equity, excluding minority interest, amounted to SAR 2.02 billion in 2021 from SAR 1.98 billion in the same period a year earlier.

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