Saudi: Arriyadh Development’s profits shrink nearly 77% in Q1-23

Riyadh – Arriyadh Development Company logged net profits after Zakat and tax valued at SAR 32.40 million in the first quarter (Q1) of 2023, lower by 76.69% than SAR 139 million in Q1-22.

The revenues amounted to SAR 69.30 million in Q1-23, an annual growth of 13.42% from SAR 61.10 million, according to the interim financial results.

Earnings per share (EPS) hit SAR 0.18 during the January-March 2023 period, compared to SAR 0.78 in the year-ago period.

On a quarterly basis, the Q1-23 net profits plummeted by 16.06% from SAR 38.60 million in Q4-22, while the revenues declined by 1.28% from SAR 70.20 million.

Meanwhile, Arriyadh Development is set to disburse cash dividends worth SAR 44.44 million for the second half (H2) of 2022 on Thursday, 18 May.

Last year, the Saudi firm recorded 5.62% lower net profits after Zakat and tax at SAR 300.40 million, compared to SAR 318.30 million in 2021.

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