Arriyadh Development Co. announces its Annual Financial results for the period ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 339.2 | 258.9 | 31.02 | ||
| Gross Profit (Loss) | 216.2 | 170.2 | 27.03 | ||
| Operational Profit (Loss) | 147.1 | 103.5 | 42.12 | ||
| Net profit (Loss) | 271.5 | 300.4 | -9.62 | ||
| Total Comprehensive Income | 272.1 | 309.7 | -12.14 | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 2,381 | 2,198 | 8.32 | ||
| Profit (Loss) per Share | 1.53 | 1.69 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | The company’s revenue from main operations has increased significantly during 2023 by SAR 80 million or 31% compared to last year to reach SAR 339.2 million, , this is mainly attributed to:
1.Achieving the highest revenues in its history for the markets and centers, by additional SAR 39 million as compared to last year to reach SAR 298 million. This is mainly due to increase in occupancy rates, increase in prices of some services and recording the revenue of the new office building in Almalga for the entire year. 2. The sale of part of the company’s unutilized lands which are held for sale at a value of SAR 41 million, in line with the company’s strategy to maximize return on assets. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Despite the decrease of our share in the associate company “Tanal” by SAR 93 million or 49%, the company achieved profits of SAR 271.5 million, a decrease of SAR 29 million or 10% as compared to last year. The company has managed to minimize the impact of the drop in Tanal’s profit through:
1-Increase in main operations revenue by SAR 80 million, that was offset by an increase in cost of revenue by SAR 34 million, which led to an increase in gross profit by SAR 46 million, 2-Increase in other income by SAR 12 million due to the reversal of a potential liability provision. 3-Increase in Murabaha deposit revenues by SAR 16 million.
This is despite of the increase in zakat expense provision by SAR 7.6 million compared to last year |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | nothing |
| Reclassification of Comparison Items | Reclassification of comparative figures compatible with the display tab for the current period. |
| Additional Information | During 2022, the entire equity investment portfolio in Tadawul, with a total value of approximately SAR 61 million was liquidated which resulted in profits of SAR 27 million on the sale of investments. This profit has been transferred from comprehensive income to retained earnings in accordance with IFRS No.9. |
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