Riyadh Development earns SAR 271.5M in 2023, SAR 149.4M in Q4

10/03/2024 Argaam Exclusive

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Arriyadh Development Co. (ARDCO)

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Riyadh Development Co. posted a net profit of SAR 271.5 million in 2023, down from SAR 300.4 million in 2022.



Financials (M)

Item 2022 2023 Change‬
Revenues 258.90 339.19 31.0 %
Gross Income 170.19 216.21 27.0 %
Operating Income 108.00 147.11 36.2 %
Net Income 300.36 271.54 (9.6 %)
Average Shares 177.78 177.78 -
EPS (Riyals) 1.69 1.53 (9.6 %)

The annual profit was spurred by a 31% year-on-year (YoY) rise in revenues from core operations in 2023 to SAR 339.2 million. This was offset by an increase of SAR 34 million in the cost of sales. Gross profit rose by SAR 46 million.

 

In Q4 2023, the company’s net profit saw a spike of 286.8% to SAR 149.4 million from SAR 38.6 million in Q4 2022.

 

Net earnings surged 222% from SAR 46.4 million in Q3 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 70.19 122.31 74.3 %
Gross Income 46.16 87.12 88.7 %
Operating Income 29.95 71.34 138.2 %
Net Income 38.63 149.47 286.9 %
Average Shares 177.78 177.78 -
EPS (Riyals) 0.22 0.84 286.9 %

Total shareholders’ equity, no minority interest, amounted to SAR 2.38 billion as of Dec. 31, 2023, compared to SAR 2.19 billion in the prior-year period. 

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