Arriyadh Development Co. (ARDCO) reported a net profit after Zakat and tax of SAR 139 million for Q1 2022, a 25% increase from a profit of SAR 111 million in Q1 2021.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 63.14 | 61.11 | (3.2 %) |
| Gross Income | 46.27 | 40.09 | (13.4 %) |
| Operating Income | 41.83 | 32.21 | (23.0 %) |
| Net Income | 111.03 | 138.91 | 25.1 % |
| Average Shares | 177.78 | 177.78 | 0.0 % |
| EPS (Riyals) | 0.62 | 0.78 | 25.1 % |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 62.85 | 61.11 | (2.8 %) |
| Gross Income | 40.00 | 40.09 | 0.2 % |
| Operating Income | 22.23 | 32.21 | 44.9 % |
| Net Income | (6.93) | 138.91 | 2105.9 % |
| Average Shares | 177.78 | 177.78 | 0.0 % |
| EPS (Riyals) | (0.04) | 0.78 | 2105.9 % |
The increase in net profit is attributed to a 34% year-on-year (YoY) rise in the company’s share in the profits of the associate company, in addition to the higher Murabaha income.
When compared to previous quarter, ARDCO turned to a profit in Q1 2022 from a net loss of SAR 6.9 million in Q4 2021.
Total shareholders’ equity, excluding minority interest, stood at SAR 2.168 billion as of March 31, 2022, from SAR 2.099 billion a year earlier.
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