Riyadh - Mubasher: Arabian Centres Company (ACC) reported a 24.26% drop in its net profits to SAR 486.7 million in the year ended on 31 March 2021, compared to SAR 642.6 million a year earlier.
The decline in profits was mainly ascribed to lower revenues as a result of "the extension of special, nonrecurring discounts aimed at addressing the impact of COVID-19 on ACC’s tenants...and a reduction in the rental rates applied to contracts renewed during the fiscal year (FY) 2021," the company said in a bourse disclosure on Tuesday.
However, "the decrease in revenues was limited by the resilience of occupancy rates at the company’s properties."
The revenues slid to SAR 1.856 billion during the year ended on 31 March, compared to SAR 2.197 billion a year earlier.
During the first nine months ended on 31 December 2020, the company's profits fell by 34.1% annually to SAR 359.7 million.
