Riyadh – Mubasher: Arriyadh Development Company posted a 5.8% year-on-year profit decline during the second quarter of 2019.
The company’s profit went down to SAR 50.04 million in Q2-19 versus SAR 53.12 million in the year-ago period, according to a bourse statement released on Wednesday.
Arriyadh ascribed the decline in its profits to the decrease in the revenue of lease business.
During the first six months of 2019, net profit shrank to SAR 92.88 million, compared to SAR 104.73 million the year before.
The Tadawul-listed firm reported a 16.73% year-on-year profit decline in the first quarter of 2019, registering SAR 42.8 million.
