Arriyadh Development Co. — Interim / Quarterly Report 2024

Oct 24, 2024

Arriyadh Development Co. announces its Interim Financial results for the Period Ending on 2024-09-30 ( Nine Months )

4150 · 24/10/2024 15:49:15 · Announcement #83110 · View on Saudi Exchange

Arriyadh Development Co. announces its Interim Financial results for the Period Ending on 2024-09-30 ( Nine Months )

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	79.6	78	2.051	77.04	3.322
Gross Profit (Loss)	46.3	44.7	3.579	48.89	-5.297
Operational Profit (Loss)	20.17	26.74	-24.569	33.74	-40.219
Net profit (Loss)	44.2	46.4	-4.741	91.92	-51.914
Total Comprehensive Income	44.2	46.4	-4.741	91.92	-51.914
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	235.09	216.87	8.401
Gross Profit (Loss)	146.33	129.1	13.346
Operational Profit (Loss)	88.1	75.77	16.272
Net profit (Loss)	206.6	122.1	69.205
Total Comprehensive Income	206.6	122.1	69.205
Total Shareholders Equity (after Deducting Minority Equity)	2,454	2,231	9.995
Profit (Loss) per Share	1.16	0.69
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Amount	Percentage of the capital (%)
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value	-	-
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is	The company’s revenue from main operations has increased during the 3rd quarter of 2024 by SAR 1.6 million or 2% as compared to the same period last year to reach SAR 79.6 million. this is mainly due to increase in occupancy rates and increase in prices of some services and units.
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 company achieved a net profit of SAR 44.2 million , a decrease of SAR 2.2 million or 5%, as compared to the same period last year. this is mainly attributed to the increase in zakat provision as well as the doubtful debt provision.
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is	The company achieved revenue from the main operations of SAR 79.6 million, an increase of 3 % as compared to the previous quarter.
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is	The company achieved net profit of SAR 44.2 million, a decrease of SAR 47.7 million or 52 % as compared to the previous quarter. this is mainly attributed to:

1. An increase in other revenue during the 2nd quarter of 2024 by SAR 27 mil-lion due to the reversal of a potential liability provision.

2.A decrease in of our share in the associate company “Tanal” by SAR 7 mil-lion.

3.An increase in maintenance, electricity, and other operation costs by SAR 5 million.

4.A increase in doubtful debts provision by SAR 6 million.

5. An increase in zakat expense provision by SAR 1 million.The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is The company’s revenue from main operations has increased significantly during current period of 2024 by SAR 18 million or 8% as compared to the same period last year to reach SAR 235 million, this is mainly due to increase in occupancy rates and increase in prices of some services and units.The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is The company achieved net profit of SAR 207 million, an increase of SAR 85 million or 69% as compared to the same period last year. This is mainly attributed to:

1.The increase in the main operations revenue by SAR 18 million.

2.The increase of our share in the associate company “Tanal” by SAR 44 million.

1. The increase in other revenue by SAR 27 million due to the reversal of a potential liability provision.

3.The increase in Murabaha deposit revenues by SAR 16 million.

This is despite of the increase of zakat expense provision by SAR 16 million.Statement of the type of external auditor's report Unmodified conclusionComment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) NoneReclassification of Comparison Items Reclassification of comparative figures compatible with the display tab for the current period.Additional Information -

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.