Riyadh – Mubasher: The net profits of Riyadh Development Company, formerly known as Arriyadh Development, soared by 117.56% to SAR 70.49 million in the first quarter (Q1) of 2024 from SAR 32.40 million in Q1-23.
The earnings per share (EPS) rose to SAR 0.40 at the end of March 2024 compared to SAR 0.18 in the same period last year, according to the interim financial results.
Riyadh Development generated revenues amounting to SAR 78.43 million during January-March 2024, signalling a 13.17% year-on-year (YoY) increase from SAR 69.30 million.
On a quarterly basis, the net profits in Q1-24 were 52.84% lower than SAR 149.47 million in Q4-23, while the revenues declined by 35.87% from SAR 122.31 million.
In 2023, Riyadh Development reported net profits worth SAR 271.50 million and revenues of SAR 339.20 million. The company’s shareholders decided to pay 5% of the share nominal value as dividends.
