Saudi: Arriyadh Development logs lower profits in H1-23; dividends unveiled

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Riyadh – The net profits after Zakat and tax of Arriyadh Development Company reached SAR 75.67 million in the first half (H1) of 2023, down 61.45% year-on-year (YoY) from SAR 196.30 million.

Revenues enlarged by 11.10% to SAR 138.88 million as of 30 June 2023 from SAR 125 million in H1-22, according to the initial income statements.

The earnings per share (EPS) hit SAR 0.43 during the first six months (6M) of 2023, versus SAR 1.10 in the year-ago period.

Financial Results for Q2-23

In the second quarter (Q2) of 2023, the real estate developer generated 24.62% YoY lower net profits after Zakat and tax at SAR 43.27 million, compared to SAR 57.40 million.

The Saudi firm posted revenues amounting to SAR 69.57 million in the April-June 2023 period, an annual rise of 8.87% from SAR 63.90 million.

On a quarterly basis, the Q2-23 net profits climbed by 33.35% from SAR 32.40 million in Q1-23, while the revenues edged up by 0.39% from SAR 69.30 million.

Dividends for H1-23

The board of Arriyadh Development agreed to pay cash dividends worth SAR 44.44 million, equivalent to 2.50% of the capital, for the six-month period that ended on 30 June 2023.

The company will disburse a dividend of SAR 0.25 per share for 177.77 million eligible shares.

Eligibility and payment dates for the dividends will be 10 and 31 August 2023, respectively.