Riyadh – Mubasher: Arriyadh Development Company on Sunday posted a 3.04% year-on-year drop in net profits during the second quarter of 2018, in addition to posting a 1.23% profit decrease during the first six months of this year.

The firm’s net profits amounted to SAR 44.6 million in the period between April to June, down from SAR 46 million in Q2-17, according to a bourse filing.

Quarter-on-quarter, Arriyadh's profits increased by 2.53%, from SAR 43.5 million.

The Saudi company attributed the second-quarter profit decline to a slump in the operating sector.

Arriyadh Development’s revenues tumbled 9% to SAR 60.92 million in the three-month period ended last June, from SAR 67.11 million in the corresponding period a year earlier.

The Saudi real estate developer’s net profits amounted to SAR 88.1 million during H1-18, down from SAR 89.2 million in H1-17.

Arriyadh ascribed the fall of profits in H1-18 to a drop in the operating sector.

Arriyadh Development’s revenues went down 8% to SAR 119.62 million during the first six months of 2018, from SAR 130.39 million in the corresponding period of 2017.

The stock increased 1.28% to finish Thursday's trading at SAR 17.44.