Ladun Investment logs SAR 81 mln net profit in 2021; Q4 at SAR 11 mln

Ladun Investment Co. realized a net profit of SAR 81 million by the end of 2021, compared to SAR 25 million a year earlier.

The profit growth was backed by a 46.1% year-on-year (YoY) rise in revenue, as well as a 16% YoY growth in operating income.

Ladun Investment realized gains from selling financial assets during 2021 at SAR 1.7 million, against net losses of SAR 7.5 million in the year-ago period.

The company also exited its stake in a subsidiary, recording gains of SAR 57.6 million.

This came despite higher financing costs by 66%, in addition to a rise in Zakat expenses.

On a quarterly basis, the company cited the profit growth to a 96% YoY hike in revenue, in addition to higher operating income.

Shareholders’ equity, after minority interest, rose to SAR 516.690 million from SAR 446.040 million a year earlier.

In 2021, Ladun Investment raised its capital to SAR 500 million from SAR 368.11 million. The capital hike was fully financed from the statutory reserve and the partial use of retained earnings.

During the current period, the company focuses on three main businesses: real estate, construction and services.

In the same period a year ago, Ladun Investment considered the restaurant business its fourth business, which was eliminated this year after exiting 3Bees Co. in Q1 2021.