Arriyadh Development profit down 20% to SAR 261.7 mln in 9M 2022; Q3 at SAR 65.4 mln

01/11/2022 Argaam Exclusive

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Arriyadh Development Co. (ARDCO) reported a net profit after Zakat and tax of SAR 261.7 million in the first nine months of 2022, a 20% decline from SAR 325.2 million in the year-ago period.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	188.06	188.71	0.3 %
Gross Income	132.83	124.02	(6.6 %)
Operating Income	113.56	78.05	(31.3 %)
Net Income	325.23	261.73	(19.5 %)
Average Shares	177.78	177.78	0.0 %
EPS (Riyals)	1.83	1.47	(19.5 %)

The profit decline was attributed to lower income from Tanal Investment and Real Estate Development Co., an associate firm, by 17% on a decline in land sales despite higher average selling prices. In addition, the general and administrative expenses increased by 139%, mainly due to current lawsuit provisions of SAR 10.3 million, as well as the approved expenses by the board of directors for the transformation and institutional development.

The cost of revenue increased by 17% due to the essential maintenance works to improve the company’s assets, as well as improving operational efficiencies.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	61.91	63.71	2.9 %
Gross Income	41.49	40.65	(2.0 %)
Operating Income	33.44	21.83	(34.7 %)
Net Income	70.79	65.42	(7.6 %)
Average Shares	177.78	177.78	0.0 %
EPS (Riyals)	0.40	0.37	(7.6 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	63.90	63.71	(0.3 %)
Gross Income	43.28	40.65	(6.1 %)
Operating Income	24.01	21.83	(9.1 %)
Net Income	57.40	65.42	14.0 %
Average Shares	177.78	177.78	-
EPS (Riyals)	0.32	0.37	14.0 %

In Q3 2022, net profit fell 8% to SAR 65.4 million from SAR 70.8 million in the year before.

Sequentially, the company’s net profit rose 14% from SAR 57.4 million in Q2 2022.

Total Shareholders’ equity, after minority interest, grew to SAR 2.158 billion as of Sept. 30, 2022, from SAR 2.032 billion in the year-earlier period.

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