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Arabian Centres profit up 2.25% in FY18/19

Arabian Centres profit up 2.25% in FY18/19
The increase in profits was mainly driven by higher revenue
ALMRAKEZ
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-0.17% 29.00 -0.05

Riyadh – Mubasher: Arabian Centres Co on Wednesday revealed its profits rose slightly in the fiscal year ended 31 March 2019 by 2.25% year-on-year.

Net profit totalled SAR 804.1 million in fiscal year 2018/2019, versus SAE 786.41 million in the prior fiscal year, according to a filing to the Saudi Stock Exchange (Tadawul).

The increase in profits was mainly driven by higher revenue resulted from the company’s adoption of a strategy to benefit from its affiliated projects, Arabian Centres said.

The improvement added to the discounts policies helped drive higher net rental revenue from tenants and compensate lower contract values for the year, the company added.

Moreover, the company noted that the occupancy rate across all malls increased to 93.4% at the end of FY18/19 from 92.6% in FY17/18.