Revenue increase through the land sale is attributed by Arriyadh Development Company (ADC) for its net profit increase to SR 115 million in Q1, 2013 compared to SR 93.3 million for the same quarter last year, an increase of 23 percent, and compared to SR71.2 million for Q4, 2012 with an increase of 62 percent, according to the announcement of its interim financial results for the quarter ended March 31, 2013.
The company’s gross profit during the first quarter was SR 121.3 million compared to SR 97.1 million for the same quarter last year with an increase of 25 percent.
The company’s net profit during the first quarter was SR115 million compared to SR 93.3 million for the same quarter last year with an increase of 23 percent and compared to SR 71.2 million for the last quarter with an increase of 62 percent.
The company’s gross profit during the first quarter was SR 121.3 million compared to SR 97.1 million for the same quarter last year with an increase of 25 percent.
The company’s income from operation during the first quarter was SR 116 million compared to SR91 million for the same quarter last year with an increase of 27 percent.
The earning per share during the three months was SR 1.15 compared to SR 0.93 for the same period last year with an increase of 23 percent.
The reasons for the increase in profit of Q1, 2013 compared to Q1 2012 are mainly due revenue and operating growth, and increased revenue through the sale of land and also decrease of operation costs.
The main reason for the increase in Q1, 2013 profit compared to Q4, 2012 is mainly due to the sale of land increasing its revenue increase.
Arriyadh Development Co. earnings up 23%
