Arriyadh Development Co. — Interim / Quarterly Report 2022

Apr 20, 2022

Arriyadh Development Co. announces its Interim Financial Results for the Period Ending on 2022-03-31 ( Three Months )

4150 · 20/04/2022 09:09:18 · Announcement #67818 · View on Saudi Exchange

Arriyadh Development Co. announces its Interim Financial Results for the Period Ending on 2022-03-31 ( Three Months )

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	61.1	63.1	-3.169	62.8	-2.707
Gross Profit (Loss)	40.1	46.3	-13.39	40	0.25
Operational Profit (Loss)	32.2	41.8	-22.966	-15	-
Net Profit (Loss) after Zakat and Tax	139	111	25.225	-6.9	-
Total Comprehensive Income	147.4	117.8	25.127	-10.3	-
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Total Share Holders Equity (after Deducting Minority Equity)	2,168	2,099	3.287
Profit (Loss) per Share	0.78	0.62
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	The net profit for the current quarter increased by 25% to reach approximately 139 million riyals compared to the same quarter of the previous year.

Due to the increase in the company’s share in the profits of the associate company by 34% compared to the same quarter of the previous year,also an increase in Islamic Murabaha income compared to the same quarter of the previous year.

Despite the decrease in operating revenues by 3% due to the decrease in attameer international car auction revenues, and the increase in revenue costs by 25% due to spending on periodic and preventive maintenance and hiring new employees in the company’s centers and markets, also an increase in general expenses by 77% due to the hairing of some administrative employees, maintenance works and the formation of a provision its amount 1,084,000 SRThe reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is The increase in net profit for the current quarter compared to the previous quarter is due to the increase in the company’s share in the profits of the associate company by 728% and the increase in Islamic Murabaha income , with a decrease In general and administrative expenses this quarter compared to the previous quarter due to the formation of provisions for some cases during the previous quarter.despite the stability of the overall operating profit this quarter compared to the previous quarter.Statement of the type of external auditor's report Unmodified conclusionReclassification of Comparison Items It has been reclassification comparative figures compatible with the display tab for the current period.Additional Information On March 3, 2022, approximately 95% of the investment portfolio, with a total value of 63 million riyals, was liquidated, which resulted in profits from the sale of investments worth 25,4 million riyals.transferred from comprehensive income to retained earnings in accordance with IFRS “Financial Instruments”.

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