Riyadh – Mubasher: Arriyadh Development Company generated net profits of SAR 54.56 million in the second quarter (Q2) of 2020, an increase of 9% from SAR 50.04 million logged in the corresponding quarter in 2019.

Revenue retreated by 10.7% on a yearly basis to stand at SAR 57.41 million by June-end, according to a bourse filing on Wednesday.

The company's share of the profits realised from investing in the sister company contributed the most to the profit increase over the second quarter. This came despite the slump in operating revenues as two of the firm’s operating centres were shut down as part of the precautions adopted against COVID-19.