Arabian Centres considers plans for development of its owned raw land: CFO

Logo of Arabian Centres Co.

Arabian Centres Co. is currently studying and evaluating plans to develop the raw lands owned by it that is not allocated for building commercial centers, Chief Financial Officer, Walead Al-Rebdi, said in a statement.

Arabian Centres is keen to continue to develop its business growth plans and activities in a way that contributes to new and sustainable sources of revenue and maximizes long-term value as the company's renewed strategic goal.

Regarding the financial results for Q3 ended December 2021, he noted that the company recorded a strong growth rate of revenue due to the launch of the new centers, increased occupancy and improved rental discounts.

This came in conjunction with the decline in operating costs during the period which impacted positively on the company’s performance, Al-Rebdi added.

According to data compiled by Argaam, Arabian Centres Co. reported a net profit after Zakat and tax of SAR 327.2 million in the first nine months ended 31, 2021, a 9% decrease from SAR 359.7 million a year earlier. Q3 net profit stood at SAR 110.1 million.