Riyadh- Mubasher: Arriyadh Development posted a decline of 55.38% in net profits during the fourth quarter of 2016 as compared to the same period a year ago.
Earnings amounted to SAR 37.7 million ($10.05 million) in Q4-16 from SAR 84.5 million ($22.53 million) in Q4-15, according to a bourse statement issued on Sunday.
Similarly, net profits during the fiscal year 2016 shrank by 11% to reach SAR 261.8 million from SAR 294.4 million in FY15.
During Q4-16, revenues reached SAR 64.89 million which came 45% lower from SAR 117.910 million in Q4-15.
During FY16, revenues totalled SAR 1.24 billion, compared to SAR 425.3 million in FY15; a year-on-year surge of 191%.
