Arriyadh Development Co. announces its Interim Financial results for the Period Ending on 2025-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 69.54 | 78.43 | -11.334 | 86.4 | -19.513 |
| Gross Profit (Loss) | 42.6 | 51.1 | -16.634 | 53.67 | -20.626 |
| Operational Profit (Loss) | 25.7 | 34.2 | -24.853 | 12.1 | 112.396 |
| Net profit (Loss) | 42.07 | 70.49 | -40.317 | 89.6 | -53.046 |
| Total Comprehensive Income | 42.07 | 70.49 | -40.317 | 89.6 | -53.046 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Shareholders Equity (after Deducting Minority Equity) | 3,990 | 2,451 | 62.79 |
| Profit (Loss) per Share | 0.2 | 0.4 | |
| 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 | Although the revenue for the markets and centers has increased by SAR 4 million , The total revenue from the main operations has declined by SAR 9 million due to the fact that the results of the corresponding quarter includes revenue from Al-Taamir Wholesale Commercial Center Which was transferred to Deira Development Company as an in-kind contribution starting from December 2024. When excluding Al-Taamir Wholesale Commercial Center revenue, the total revenue from the main operations increases by 5.1%. |
| 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 42.1 million, a decrease of SAR 28 million or 40%, this is mainly due to the fact that the corresponding quarter includes a profit from the sale of lands by the associate company “Tanal” at a value of SAR 37 million.
On the other hand, the Zakat provision has decreased by SAR 10 million in the current quarter, due to the fact that the corresponding quarter includes an additional provisions related to the years from 2015 to 2018. Also, note that the company has obtained the final Zakat assessments up to 2023. |
| 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 69.5 million, a decrease of SAR 17 million, this is mainly attributed to:
1. The results of the previous quarter include revenue of SAR 9 million from Al-Taamir Wholesale Commercial Center Which was transferred to Deira Development Company as an in-kind contribution starting from December 2024. 2. The decrease of Car Auction revenue by SAR 2.7 million during Ramadan season. 3. The results of the previous quarter includes revenue from real estate development management activities at a value of SAR 5.6 million, in which it is expected to be recognized in the second half of 2025 based on project completion milestones. On the other hand, revenue from some of the markets and centers has increased due to growth in occupancy rates. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The company achieved a net profit of SAR 42.1 million, a decrease of 53%, this is mainly attributed to:
1. The results of the previous quarter include a profit from the sale of lands by the associate company “Tanal” at a value of SAR 46 million. 2. The results of the previous quarter include gain of SAR 17 mil-lion from the in-kind contribution of the Tameer Center to Al-Deera Development and Real Estate Investment Company. On the other hand, the general and administrative expenses has decreased by 59% in the current quarter, due to the fact that the previ-ous quarter includes exceptional and non-recurring expenses related to the fees of financial and legal consultants related to the company’s capi-tal increase project which amounted to SAR 12 million, as well as a po-tential lawsuits provisions of SAR 10 million. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Reclassification of Comparison Items | Reclassification of comparative figures compatible with the display tab for the current period. |
| Additional Information | The weighted average number of ordinary shares outstanding during first quarter of 2025 is the number of ordinary shares outstanding at the beginning of the period, adjusted by the number of ordinary shares issued during the period multiplied by a time-weighting factor. The time-weighting factor is the number of days that the shares are outstanding as a proportion of the total number of days in the period According to IAS 33 ( Note No. 17 in the financial statement). |
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