Saudi's Arriyadh Development witnesses 25% higher profits in Q1-22 initial financials

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Riyadh – Arriyadh Development Company has posted a 25.22% year-on-year (YoY) hike in net profits after Zakat and tax to SAR 139 million during the first quarter (Q1) of 2022, compared to SAR 111 million.

During the January-March period in 2022, the revenues stood at SAR 61.10 million, an annual decline of 3.16% from SAR 63.10 million, according to the interim financials for the period ended on 31 March 2022.

In the first three months (3M) of 2022, the earnings per share (EPS) rose to SAR 0.78 from SAR 0.62 during the same period a year earlier.

On a quarterly basis, the company’s revenues in Q1-22 dropped by 2.70% from SAR 62.80 million in Q4-21, while the company turned to profits against net losses of SAR 6.90 million.

In 2021, the Saudi listed company registered net profits after Zakat and tax worth SAR 318.30 million, up 39.67% from SAR 227.90 million in 2020.