Riyad Development Company's net profit decreased by 18.7% to reach 165.8 million riyals in 2019, compared to a net profit of 203.93 million riyals during 2018.
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According to ArabiaNet, the company said, in a statement to the Saudi financial market, that its revenue fell 11.78% to 249.7 million riyals.
The company attributed the decline in profits to the lower prices for renting some units as a result of the competition, with the aim of preserving customers, increasing general and administrative expenses during the current period as a result of increasing expenses for provision for doubtful debts, and increasing depreciation and financing costs.
In a related development, the company said that its board of directors recommended distributing about 88.9 million riyals to shareholders, at 50 halala per share, for the profits of the second half of last year.
