Riyadh –  Arriyadh Development Company witnessed 53.35% lower net profits after Zakat and tax at SAR 122.10 million in the first nine months (9M) of 2023, versus SAR 261.73 million in 9M-22.

Revenues hit SAR 216.87 million as of 30 September 2023, up 14.93% year-on-year (YoY) from SAR 188.70 million, according to the interim financial results.

Meanwhile, the earnings per share (EPS) plummeted to SAR 0.69 in 9M-23 from SAR 1.47 in 9M-22.

Income Statements for Q3-23

In the third quarter (Q3) of 2023, Arriyadh Development achieved net profits after Zakat and tax valued at SAR 46.40 million, down 29.07% YoY from SAR 65.42 million.

The Saudi firm posted an annual leap of 22.45% in revenue to SAR 78 million during the July-September 2023 period, compared to SAR 63.70 million.

On a quarterly basis, the Q3-23 profits increased by 7.23% from the SAR 43.27 million reported in Q2-23, while the revenues climbed by 12.12% from SAR 69.57 million.

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