The Arabian Centers Company achieved a 13.56% decline in profits, bringing net profits to 95.6 million riyals, compared to 110.6 million riyals in the third quarter ending in December 2020, after Revenues decreased by 15.8% to 469.4 million riyals, according to what the company said in its disclosure to the Saudi Stock Exchange Tadawul.
According to Arabia Net, this decline is due to the extinguishing of the non-recurring discounts that the company previously granted to tenants in order to support them in facing the negative impact of the repercussions of the spread of the new Corona virus.
The total value of discounts granted to tenants related to addressing the crisis of the spread of the new Corona virus has reached 214.2 million riyals since the last quarter of the fiscal year 2020.
> Revenues were also affected by the decrease in rental rates by the lease contracts that the company renewed during the third quarter of the fiscal year 2021, which are concentrated in commercial centers of category (C). < / p>
> Revenues were affected by the slight decline in occupancy rate on a similar basis, from 93.7% during the third quarter of fiscal year 2020 AD to 90.2% during the third quarter of fiscal year 2021. < / p>
and during the nine months, the company's net profit fell 34% to 359.7 million riyals, compared to 545.8 million riyals during the first nine months of the last fiscal year
