KSA’s Arriyadh Development Company sees 60% decrease in net profits for Q2 2022 ...United Arab Emirates

Saudi Arabia’s Arriyadh Development Company said that it has achieved a net profit of $15.28mn during the second quarter of 2022, a decrease of 60% compared to the same period last year. According to its interim financial results, the decrease is mainly due to reduced income from Tanal, its associate company, of 70% due to lower land sales volume. The company also reported a revenue of $16.99mn, compared to $16.76mn for the same quarter in 2021. The total comprehensive income was $15.2mn compared to $39.60mn in Q2 2021. In July 2022, Arabian Centres Company said it would invest up to $346mn into a new mall in Saudi’s Eastern Province. Furthermore, general and administrative expenses increas

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KSA’s Arriyadh Development Company sees 60% decrease in net profits for Q2 2022 ...United Arab Emirates

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