Arriyadh Development Company of Saudi Arabia has reported a 25 percent increase in net profit to $37 million in the first quarter of 2022 despite a drop of 3 percent in operating revenues.
The company made SR139 million ($37 million) in profit, compared to SR111 million for the same period a year earlier, according to bourse filing.
The Riyadh-based firm attributed the increase in profit mainly to the increase in its share of profits from its associate company by 34 percent.
Despite the profit announcement, its share price fell 0.17 percent at SR28.95, at 1:23 p.m. Saudi time.