The financial statements of Al-Riyadh Development Company showed an increase in the company's profits in the first quarter of this year by 25.2% on an annual basis.
According to the company's results for the Saudi market (Tadawul), today, Wednesday, profits for the period amounted to 139 million riyals, compared to profits for the first quarter of last year, which amounted to 111 million riyals.< /p>
The company said in a statement to the Stock Exchange that the increase in profits during the comparison periods is due to the increase in its share in the profits of the associate company, which increased by 34% compared to the same quarter of 2021, as well as the increase in Murabaha revenues. Islamic on an annual basis.
This is despite a 3% decrease in operating revenues due to a decrease in the revenues of the international automobile reconstruction auction, and a 25% increase in revenue costs due to spending on periodic and preventive maintenance and the appointment of many Cadres in the company’s centers and markets, as well as an increase in general expenses by 77% due to the appointment of some administrative cadres and maintenance work and the formation of a provision for some cases amounting to 1.084 million riyals.
