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Arriyadh Development Co. announces its Interim Financial Results for the Period Ending on 2022-06-30 ( Six Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 63.9631.4361.14.58
Gross Profit (Loss) 43.2845.07-3.9740.17.93
Operational Profit (Loss) 24.0138.3-37.3132.2-25.43
Net Profit (Loss) after Zakat and Tax 57.4143.41-59.97139-58.7
Total Comprehensive Income 57.14148.87-61.62147.4-61.23
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 125126.15-0.91
Gross Profit (Loss) 83.3791.34-8.72
Operational Profit (Loss) 56.2280.12-29.83
Net Profit (Loss) after Zakat and Tax 196.3254.44-22.85
Total Comprehensive Income 204.55266.69-23.3
Total Share Holders Equity (after Deducting Minority Equity) 2,1372,1320.23
Profit (Loss) per Share 1.11.43
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
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 has achieved a net profit of SAR 57.4 million during the current quarter, a decrease of 60% compared to the same period last year. This is mainly a result of a reduced income from Tanal (associate company) by 70% due to lower land sales volume. In addition, the General & Administrative expenses increased by 184% mainly due to current lawsuits provisions of SAR 10.3 million, as well as the appointment of some senior positions, as per the transformation budget approved by the board directors.

The cost of revenue increased by 15% due to essential maintenance works to upgrade the Company’s assets, as well as the appointment of new talents in operations.

On the other hand, operating revenue increased by 1.5% after the completion of the essential maintenance works.

Also, the profit of Islamic Murabaha deposits increased by 633% due to higher interest rates and increase in Murabaha deposits amount.

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is The Company has achieved a net profit of SAR 57.4 million during the current quarter, a decrease of 59% compared to the previous quarter. This is mainly a result of a reduced income from Tanal (associate company) by 70 due to lower land sales volume %In addition, the General & Administrative expenses increased by 145% mainly due to current lawsuits provisions of SAR 10.3 million, as well as the appointment of some senior positions, as per the transformation budget approved by the board directors.

On the other hand, operating revenue increased by 5% after the completion of essential maintenance works.

Also, the profit of Islamic Murabaha deposits increased by 520% due to higher interest rates and increase in Murabaha deposits amount.

The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is The Company has achieved a net profit of SAR 196.3 million during the current quarter, a decrease of 23% compared to the same period last year. This is mainly a result of a reduced income from Tanal (associate company) by 22%, due to lower land sales volume. In addition, the General & Administrative expenses increased by 1`% mainly due to current lawsuits provisions of SAR 10.3 million, as well as the appointment of some senior positions, as per the transformation budget approved by the board directors.

The cost of revenue increased by 20% due to essential maintenance works to improve the Company’s assets, as well as the appointment of new talents in operations.

Also, the profit of Islamic Murabaha deposits increased by 520% due to higher interest rates and increase in Murabaha deposits amount.

Statement of the type of external auditor's report Unmodified conclusion
Reclassification of Comparison Items It has been reclassification comparative figures compatible with the display tab for the current period.
Additional Information During the current period of 2022, the entire equity investment portfolio in Tadawul, with a total value of approximately SAR 61 million, was liquidated which resulted in profits of SAR 27 million on the sale of investments. This profit has been transferred from comprehensive income to retained earnings in accordance with IFRS No.9.

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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