Arriyadh Development Co. — Interim / Quarterly Report 2024

Jul 31, 2024

Arriyadh Development Co. announces its Interim Financial results for the Period Ending on 2024-06-30 ( Six Months )

4150 · 31/07/2024 15:39:17 · Announcement #81620 · View on Saudi Exchange

Arriyadh Development Co. announces its Interim Financial results for the Period Ending on 2024-06-30 ( Six Months )

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	77.04	69.57	10.737	78.43	-1.772
Gross Profit (Loss)	48.89	40.09	21.95	51.1	-4.324
Operational Profit (Loss)	33.74	19.07	76.927	34.2	-1.345
Net profit (Loss)	91.92	43.27	112.433	70.49	30.401
Total Comprehensive Income	91.92	43.27	112.433	70.49	30.401
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	155.47	138.88	11.945
Gross Profit (Loss)	99.99	84.39	18.485
Operational Profit (Loss)	67.92	49.03	38.527
Net profit (Loss)	162.4	75.67	114.616
Total Comprehensive Income	162.4	75.67	114.616
Total Shareholders Equity (after Deducting Minority Equity)	2,454	2,229	10.094
Profit (Loss) per Share	0.92	0.43
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 significantly during 2nd quarter of 2024 by SAR 7.5 million or 11% as compared to the same period last year to reach SAR 77 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 net profit of SAR 91.9 million, an increase of SAR 48.6 million or 112 % as compared to the same period last year. this is mainly attributed to:

1.The increase in the main operations revenue by SAR 7.5 million.

2.The increase of our share in the associate company “Tanal” by SAR 4.5 million.

3.The increase in Murabaha deposit revenues by SAR 5 million.

4.Increase in other income by SAR 27 million due to the reversal of a potential liability 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 77 million, a decrease of 2 % 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 91.9 million, an increase of SAR 21.4 million or 30 % as compared to the previous quarter. this is mainly attributed to:

1.Increase in other income by SAR 27 million due to the reversal of a potential liability provision.

2.The decrease in zakat expense provision by SAR 8 million.

This is despite of the decrease in of our share in the associate company “Tanal” by SAR 13 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 the 1st half of 2024 by SAR 16.6 million or 12% as compared to the same period last year to reach SAR 155 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 162.4 million, an increase of SAR 86.7 million or 115% as compared to the same period last year. This is mainly attributed to:

1.The increase in the main operations revenue by SAR 16.6 million.

2.The increase of our share in the associate company “Tanal” by SAR 42 million.

3.Increase in other income by SAR 27 million due to the reversal of a potential liability provision.

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

This is despite of the increase of zakat expense provision by SAR 13 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 -

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