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.
| 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.
| 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 %) |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 61.11 | 63.90 | 4.6 % |
| Gross Income | 40.09 | 43.28 | 8.0 % |
| Operating Income | 32.21 | 24.01 | (25.5 %) |
| Net Income | 138.91 | 57.40 | (58.7 %) |
| Average Shares | 177.78 | 177.78 | - |
| EPS (Riyals) | 0.78 | 0.32 | (58.7 %) |
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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