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Arriyadh Development Co. announces its Interim Financial results for the Period Ending on 2024-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 78.43 | 69.3 | 13.174 | 122.31 | -35.876 |
| Gross Profit (Loss) | 51.1 | 44.3 | 15.349 | 87.12 | -41.345 |
| Operational Profit (Loss) | 34.2 | 30 | 14 | 71.34 | -52.06 |
| Net profit (Loss) | 70.49 | 32.4 | 117.561 | 149.47 | -52.84 |
| Total Comprehensive Income | 70.49 | 32.4 | 117.561 | 149.47 | -52.84 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (After Deducting the Minority Equity) | 2,451 | 2,230 | 9.91 |
| Profit (Loss) per Share | 0.4 | 0.18 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Percentage of the capital (%) | Amount | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | The company’s revenue from main operations has increased significantly during 1st quarter of 2024 by SAR 9 million or 13% as compared to the same period last year to reach SAR 78.4 million, this is mainly due to increase in occupancy rates and increase in prices of some services and units. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The company achieved net profit of SAR 70.5 million, an increase of SAR 38 million or 118 % as compared to the same period last year. this is mainly attributed to: 1.The increase in the main operations revenue by SAR 7 million, that was offset by an increase in cost of revenue by SAR 2 million, which led to an increase in gross profit by SAR 7 million or 16 %. 2.The increase of our share in the associate company “Tanal” by SAR 37 million. 3.The increase in Murabaha deposit revenues by SAR 7 million. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The company achieved revenue from the main operations of SAR 78.4 million, a decrease of 36 % as compared to the previous quarter which includes an exceptional income due to the sale of part of the company’s unutilized lands which are held for sale at a value of SAR 41 million, in line with the company’s strategy to maximize return on assets. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The company achieved net profit of SAR 70.5 million, a decrease of SAR 79 million as compared to the previous quarter. This is mainly attributed to: 1.The sale of part of the company’s unutilized lands which are held for sale at a value of SAR 41 million during the previous quarter, in line with the company’s strategy to maximize return on assets. 2.The decrease of our share in the associate company “Tanal” and other revenue by SAR 38 million or 50%. 3.The increase in zakat expense provision by SAR 7 million or 97%. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Reclassification of Comparison Items | Reclassification of comparative figures compatible with the display tab for the current period. |
| Additional Information | - |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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