Arabian Centres Co. reported a net profit after Zakat and tax of SAR 327.2 million in the first nine months ended 31, 2021, a 9% decrease from SAR 359.7 million a year earlier.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 1,410.11 | 1,518.32 | 7.7 % |
| Gross Income | 802.37 | 1,231.99 | 53.5 % |
| Operating Income | 546.00 | 969.17 | 77.5 % |
| Net Income | 357.21 | 600.25 | 68.0 % |
| Average Shares | 475.00 | 475.00 | - |
| EPS (Riyals) | 0.75 | 1.26 | 68.0 % |
The company attributed the profit drop to higher cost of revenue; depreciation expense on investment properties and right-of-use assets; and higher general and administrative (G&A) expenses.
The company also recorded a loss share from an equity-accounted investee, and higher interest expenses on lease liabilities.
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 469.41 | 510.60 | 8.8 % |
| Gross Income | 248.94 | 410.90 | 65.1 % |
| Operating Income | 152.81 | 308.28 | 101.7 % |
| Net Income | 95.42 | 382.08 | 300.4 % |
| Average Shares | 475.00 | 475.00 | - |
| EPS (Riyals) | 0.20 | 0.80 | 300.4 % |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 497.04 | 510.60 | 2.7 % |
| Gross Income | 406.75 | 410.90 | 1.0 % |
| Operating Income | 319.77 | 308.28 | (3.6 %) |
| Net Income | 91.57 | 382.08 | 317.3 % |
| Average Shares | 475.00 | 475.00 | - |
| EPS (Riyals) | 0.19 | 0.80 | 317.3 % |
In Q3 2021, the company’s net profit after Zakat and tax rose 15% year-on-year (YoY) to SAR 110.1 million, due lifted by higher revenue and gross profit along with a decline in the cost of revenue.
When compared to the previous quarter, net profit jumped 21.3%.
Shareholders equity, excluding minority interest, reached SAR 6.024 billion in the nine-month period, compared to SAR 5.923 billion in the year-ago period.
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