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Arabian Centres records 17.5% lower profits in Q1

Arabian Centres records 17.5% lower profits in Q1
The company's revenues increased by 7.312%
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Riyadh - Mubasher: Arabian Centres Company (ACC) reported net profits after zakat and tax of SAR 126.3 million during the first quarter (Q1) of fiscal year 2021/2022, down 17.5% from SAR 153.1 million in the year-ago period.

Lower profits are attributed to lower gross profitability on account of the higher cost of revenues, lower other income, and higher general and administrative expenses, according to a bourse filing on Thursday.

The company's revenues increased by 7.312% to SAR 510.7 million in the three-month period ended 30 June 2021 from SAR 475.9 million in the same period of the earlier year.

The earnings per share (EPS) stood at SAR 0.27 in the current period, versus SAR 0.32 in the similar period of the earlier year.