Riyadh – Mubasher: Arriyadh Development Company on Sunday posted a 4.05% year-on-year drop in net profits during the first nine months of 2018.

Net profit stood at SAR 130 million in the nine-month period ended September, versus SAR 135.5 million in the year-ago period, the company said in a filing to the Saudi Stock Exchange (Tadawul).

Revenues fell by 7.24% in the January-September period of this year, registering SAR 176.8 million, compared to SAR 190.6 million in the same period a year earlier.

Earnings per share (EPS) amounted to SAR 0.89 at the end of September, as compared with SAR 1.02 in the nine-month period of 2017.

In the third quarter of 2018, net profits narrowed down to SAR 41.9 million, 9.5% down from SAR 46.3 million in Q3-17.

Moreover, sales slid by 5.03% year-on-year to SAR 57.16 million in the three-month period ended September, versus SAR 60.19 million.

Arriyadh Development previously reported a 3.04% year-on-year profit drop in Q2-18.

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.

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.