Arriyadh Development reports 19% profit slump in 2019

12/03/2020 Argaam Exclusive

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Arriyadh Development Co.
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Arriyadh Development Co. (ARDCO)

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Arriyadh Development Co. reported a net profit after zakat and tax of SAR 165.8 million for the fiscal year of 2019, a 19% year-on-year (YoY) decline, the company said in a bourse statement.

 

The profit drop was attributed to lower lease prices on fierce competition, higher general and administrative expenses (G&As) and increased debt provisions.

 

The Saudi company also cited increased depreciation and financing charges due to the application of IFRS 16.



Financials (M)

Item 2018 2019 Change‬
Revenues 282.99 - -
Gross Income 215.36 - -
Operating Income 202.58 - -
Net Income 203.93 - -
Average Shares 177.78 - -
EPS (Riyals) 1.15 - -

Q4 2019 net earnings slid by 34% YoY to SAR 32 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2018 Q4 2019 Change‬
Revenues 65.85 - -
Gross Income 50.34 - -
Operating Income 47.98 - -
Net Income 48.38 - -
Average Shares 177.78 - -
EPS (Riyals) 0.27 - -

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