Arriyadh Development Co. (ARDCO) posted a net profit after Zakat and tax of SAR 35 million for Q1 2020, a decline of 18% year-on-year (YoY), as compared to SAR 43 million in the same quarter last year.
| Item | Q1 2019 | Q1 2020 | Change |
|---|
| Item | Q4 2019 | Q1 2020 | Change |
|---|
The company attributed the decline to lower revenues of the operating segment amid the government’s COVID-19 precautionary measures, as well as higher general and administrative expenses (G&As) due to IFRS 9 implementation and a provision for doubtful debts.
When compared to Q4 2019, net profit after Zakat and tax increased 9.6% on lower G&As despite a decline in operating segment revenues resulting from the COVID-19 measures.
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