Arriyadh Development’s net profit soars to SAR 325.2 mln in 9M 2021

21/10/2021 Argaam Exclusive

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Arriyadh Development Co. (ARDCO) reported a net profit after Zakat and tax of SAR 325.2 million for the first nine months of 2021, more than double from SAR 144.8 million in the same period last year.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	174.19	188.06	8.0 %
Gross Income	125.07	132.83	6.2 %
Operating Income	112.48	113.56	1.0 %
Net Income	144.79	325.23	124.6 %
Average Shares	177.78	177.78	-
EPS (Riyals)	0.81	1.83	124.6 %

The rise was attributed to higher revenue from operating and leasing sectors, along with an increase in the company’s profits from an associate firm. This was offset by a rise in general and administrative expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	59.74	61.91	3.6 %
Gross Income	43.56	41.49	(4.8 %)
Operating Income	39.46	33.44	(15.2 %)
Net Income	55.09	70.79	28.5 %
Average Shares	177.78	177.78	-
EPS (Riyals)	0.31	0.40	28.5 %

Item	Q2 2021	Q3 2021	Change‬
Revenues	63.01	61.91	(1.7 %)
Gross Income	45.07	41.49	(8.0 %)
Operating Income	38.30	33.44	(12.7 %)
Net Income	143.41	70.79	(50.6 %)
Average Shares	177.78	177.78	-
EPS (Riyals)	0.81	0.40	(50.6 %)

In Q3 2021, the net profit after Zakat and tax rose 29% year-on-year (YoY) to SAR 70.8 million, due to higher revenue.

On a sequential basis, Q3 net profit slumped 50.6% from SAR 143.4 million.

Shareholders’ equity, after minority interest, amounted to SAR 2.032 billion as of Sept. 30, 2021, from SAR 2.002 billion a year earlier.

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