Arriyadh Development Co. — Annual Report 2017

Mar 4, 2018

Arriyadh Development Co. announces the annual financial results for the period ending on 31-12-2017(Twelve Months)

4150 · 04/03/2018 08:02:43 · Announcement #49594 · View on Saudi Exchange

Arriyadh Development Co. announces the annual financial results for the period ending on 31-12-2017(Twelve Months)

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss)	75.8	37.7	101.06	45.6	66.23
Gross profit (loss)	84.9	53.63	58.31	47.7	77.99
Operational profit (loss)	81.7	47	73.83	45	81.56
All figures are in (Millions) Saudi Arabia, Riyals

Element	Current period	Similar period for previous year	% Change
Net profit (loss)	210.2	261.73	-
Gross profit (loss)	237.98	297.65	-
Operational profit (loss)	225.27	278.57	-
Earning or loss per share, Riyals	1.58	1.96	-
All figures are in (Millions) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year	Due to increase of net profit to improved operating revenues and growth in lands sale revenues with a decrease in general expenses and zakat during this quarter.
Reasons of increase (decrease) for period compared with same period last year	Due to decrease of net profit for their participation in the real estate fund fully its share of land located in the northeast of the city of riyadh with the alinma Investment Company.
Reasons of increase (decrease) for quarter compared with previous quarter	Due to increase of net profit to improved operating revenues and growth in lands sale revenues during the quarter .
Reclassifications in quarterly financial results	It has been reclassification comparative figures compatible with the display tab for the current period.
Other notes	Revenue for the quarter ended dec. 31 amounted to 2017 million riyals 98.9 increase equivalent to 52% compared to sales revenues for the same quarter of the year Past, which totaled 64,89 million riyals. Revenue for the period ended dec. 31, amounted to 2017 million riyals 289.48 decrease equivalent to 77% compared to sales revenue for the same period of the year past, which totaled 1,236 million riyals, The reason For their participation in the real estate fund fully its share of land located in the northeast of the city of Riyadh with the alinma Investment Company. Total comprehensive income for the quarter ended 31 dec. 2017 was SAR100.22 million, a increase of 137% compared a total of SR 42.29 million for the same quarter last year and a incresse 65% compared a total of 60.6 million for the perivious quarter. Total comprehensive income for the period ended 31 dec. 2017 was SAR237.37 million, a decrease of 8% compared a total of SR 258 million for the same period last year. The reason For their participation in the real estate fund fully its share of land located in the northeast of the city of Riyadh with the alinma Investment Company. Total shareholders' equity(there are no minority rights) as at 31 dec. 2017 1,955 million riyals compared to shareholders' equity of 1,895 million as at 31 december 2016, an increase of 3%. the company has adopted the international financial reporting (IFRS) effective 1 january 2017 accordingly certain changes have been made in financial statements of the compny in the measurement,presentation and disclosure method for the current and comparative periods in accordance with the accounting policies adopted and in accordance with the requirements of international financial reporting standards adopted in the kingdom of saudi arabia.

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