Riyadh Development profit more than doubles to SAR 70.5M in Q1 2024

08/05/2024 Argaam Exclusive
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Riyadh Development Co.’s net profit more than doubled to SAR 70.5 million in Q1 2024 from SAR 32.4 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 69.32 78.43 13.2 %
Gross Income 44.29 51.09 15.3 %
Operating Income 29.95 37.24 24.3 %
Net Income 32.39 70.49 117.6 %
Average Shares 177.78 177.78 -
Earnings Per Share before unusual items 0.18 0.46 154.9 %
EPS (Riyals) 0.18 0.40 117.6 %

The profit surge was driven by a SAR 7 million boost in the main operations revenue partially offset by a SAR 2 million rise in cost of revenue. This resulted in a SAR 7 million, or 16%, increase in gross profit.

 

In addition, the company’s share in its associate Tanal grew by SAR 37 million and an improvement in Murabaha deposit revenues by SAR 7 million.

 

Sequentially, the company’s net profit fell 52.8% from SAR 149.47 million in Q4 2023, on lower share of profit from associates and a higher Zakat provision.

 

Total shareholders’ equity, no minority interest, stood at SAR 2.45 billion as of March 31, 2024, compared to SAR 2.23 billion a year earlier.

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Share Price

Arriyadh Development Co.
33.30
0.10 0.30 %

Arriyadh Development Co. (ARDCO)

1 Day 0.30 % 5 Days 3.26 % 3 Months 5.38 % 6 Months 20.43 % Year 33.95 % 2 Years 86.24 % 5 Years 154.98 % All 590.87 %
Created with Highstock 6.0.710:1010:2510:4010:5511:2511:4011:5512:1012:2012:4512:5513:1013:2513:3514:0014:1514:3014:4014:5015:1033.2033.3033.4033.5033.6033.7033.8033.9034.0034.10
Close : 33.30 | Mar 27, 15:13
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Financial Ratios
Current
Market Cap (M Riyal) 7,789.90
Enterprise Value (EV) (M) 7,448.98
Shares Outstanding ((M)) 233.93
EPS ( Riyal) (TTM) 1.67
Book Value (BV) ( Riyal) 14.31
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 27.06
P/E (TTM) 26.30
Price/book 3.06
Return on Average Assets (%) (TTM) 10.4
Return on Average Equity (%) (TTM) 12.0
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