Riyadh – Mubasher: Arriyadh Development Co. on Tuesday reported a 0.5% year-on-year rise in its net profits during the first quarter of 2018, compared to the year-ago period.

The Saudi development firm’s net profits amounted to SAR 43.5 million in Q1-18, compared to SAR 43.3 million in the same quarter a year earlier, according to a statement to the Saudi Stock Exchange (Tadawul).

The company attributed the growth in its first-quarter net profits during Q1-18 to a decrease in financing expenses, in addition to an improvement in the leasing sector.

Sales revenues tumbled 7% to SAR 58.71 million in the first three months ended 31 March 2018, compared to SAR 63.27 million in the corresponding period in the year before.

Quarter-on-quarter, the firm’s profits retreated 42.6% to SAR 43.5 million in Q1-18 versus SAR 75.8 million during Q4-17.

The stock edged up 0.45%, to close Monday’s session at SAR 20.18.