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.
| 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.
| 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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