Financial Results : Arriyadh Development’s H1 2022 net profit falls 23% to SAR 196.3 mln, Q2 down 60% to SAR 57.4 mln

Arriyadh Development’s H1 2022 net profit falls 23% to SAR 196.3 mln, Q2 down 60% to SAR 57.4 mln

02/08/2022 Argaam Exclusive

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Arriyadh Development Co. (ARDCO) reported a net profit after Zakat and tax of SAR 196.3 million for the first half of 2022, a decline of 23%, from SAR 254.4 million in the same period last year. 



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 126.15 125.00 (0.9 %)
Gross Income 91.35 83.37 (8.7 %)
Operating Income 80.12 56.22 (29.8 %)
Net Income 254.44 196.30 (22.8 %)
Average Shares 177.78 177.78 0.0 %
EPS (Riyals) 1.43 1.10 (22.8 %)

The profit decline was attributed by the developer to a reduced income from associate, Tanal, due to lower land sales volume. In addition, the general and administrative expenses increased by 142%, and the cost of revenue was up 20%. However, profit of Islamic Murabaha deposits soared 520% on higher interest rates and increased Murabaha deposits.

 

The firm reported a net profit after Zakat and tax of SAR 57.40 million for Q2 2022, down 60% year-on-year (YoY), on low income from associate, Tanal, as well as high general and administrative expenses.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 63.01 63.90 1.4 %
Gross Income 45.07 43.28 (4.0 %)
Operating Income 38.30 24.01 (37.3 %)
Net Income 143.41 57.40 (60.0 %)
Average Shares 177.78 177.78 0.0 %
EPS (Riyals) 0.81 0.32 (60.0 %)

On a quarter-on-quarter basis, Q2 2022 net profit dropped 58.7% from SAR 138.91 million.

 

Total shareholders’ equity, after minority interest, reached SAR 2.137 billion at the end of June 30, 2022, compared to SAR 2.132 billion a year before.

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