Riyadh, Saudi Arabia— Arriyadh Development Co. has seen a 20 percent decline in its profits to $69.6 million during the first nine months of 2022.
The developer had posted $87 million profit in the corresponding period the year earlier, according to a bourse filing.
Despite the increase in the selling average prices, the decline in profit is mainly due to the 17 percent reduction in income from the associate company’s business, resulting from lower land sales volume.
Also weighed on the profit was the increase of 139 percent in general and administrative expenses due to current lawsuit provisions of SR10.3 million.
Arriyadh Development Company develops real estate. The Company installs infrastructure, and constructs retail, residential, and office buildings. Arriyadh operates in Riyadh.