Financial Results : Arriyadh Development's net profit up 25% to SAR 139 mln in Q1 2022

Arriyadh Development's net profit up 25% to SAR 139 mln in Q1 2022

20/04/2022 Argaam Exclusive

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Arriyadh Development Co. (ARDCO) reported a net profit after Zakat and tax of SAR 139 million for Q1 2022, a 25% increase from a profit of SAR 111 million in Q1 2021.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 63.14 61.11 (3.2 %)
Gross Income 46.27 40.09 (13.4 %)
Operating Income 41.83 32.21 (23.0 %)
Net Income 111.03 138.91 25.1 %
Average Shares 177.78 177.78 0.0 %
EPS (Riyals) 0.62 0.78 25.1 %

The increase in net profit is attributed to a 34% year-on-year (YoY) rise in the company’s share in the profits of the associate company, in addition to the higher Murabaha income.

 

When compared to previous quarter, ARDCO turned to a profit in Q1 2022 from a net loss of SAR 6.9 million in Q4 2021.

 

Total shareholders’ equity, excluding minority interest, stood at SAR 2.168 billion as of March 31, 2022, from SAR 2.099 billion a year earlier.

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