Arriyadh Development Co. — Earnings Release 2022

Mar 21, 2023

Arriyadh Development Co. announces its Annual Financial Results for the Period Ending on 2022-12-31

4150 · 21/03/2023 15:33:56 · Announcement #72520 · View on Saudi Exchange

Arriyadh Development Co. announces its Annual Financial Results for the Period Ending on 2022-12-31

Element List	Current Year	Previous Year	%Change
Sales/Revenue	258.9	250.9	3.19
Gross Profit (Loss)	170.2	172.8	-1.5
Operational Profit (Loss)	103.5	98.5	5.08
Net Profit (Loss) after Zakat and Tax	300.4	318.3	-5.62
Total Comprehensive Income	309.7	333.5	-7.14
Total Share Holders Equity (after Deducting Minority Equity)	2,198	2,021	8.76
Profit (Loss) per Share	1.69	1.79
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current year compared to the last year is	The Company has achieved a net profit of SAR 300.4 million during the current period, indicating a 6% drop compared to the same period of the previous year. This is mainly a result of a 16% drop in Tanal’s revenue (Associate Company) due to the drop in land sales volume, although average sale prices have increased.

Cost of Goods Sold increased by 14% as a result of the Company’s spending on maintenance to upgrade its assets and obtain mandatory safety certificates. In addition, the Company expanded operational team, which will enhance operation efficiency.

Zakat expenses increased by 36% compared to the previous year, to reach SAR 12.6 million.

Despite the drop in General and Administrative expenses by 10% compared to the previous year.

Operating revenue increased by SAR 8 million as a result of the acquisition of an office building during the fourth quarter of the year, and improved efficiency and occupancy rates in the company's assets reaching 93%.

Profits from Islamic Murabaha deposits increased by 469% as a result of the increase in both interest rates and volume of the company’s Murabaha deposits compared to previous year. Statement of the type of external auditor's report Unmodified opinion Reclassification of Comparison Items It has been reclassification comparative figures compatible with the display tab for the current period. Additional Information During the current period of 2022, the entire equity investment portfolio in Tadawul, with a total value of approximately SAR 61 million was liquidated which resulted in profits of SAR 27 million on the sale of investments. This profit has been transferred from comprehensive income to retained earnings in accordance with IFRS No.9.

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