Arriyadh reports flat earnings Y-o-Y of 44mn in 1Q18
Arriyadh Development (Arriyadh) announced its financial headlines for 1Q18. Sales revenue fell 7% Y-o-Y to SAR56.7mn. Gross profit came in at SAR46.6mn (-8.6% Y-o-Y, -45.1% Q-o-Q), while operating profit came in at SAR43.4mn (-9.6% Y-o-Y, 46.9% Q-o-Q) and net profit at SAR43.5mn (+0.5% Y-o-Y, -42.6% Q-o-Q). The company attributed the slight Y-o-Y uptick in earnings to lower financing costs and improved performance from the leasing segment. The sequential drop was attributed to the absence of land sales during the quarter.
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