The Board of Directors of the Arabian Centers Company decided to distribute cash dividends for the first half of the current fiscal year ending on September 30, 2020.
According to Arabia Net, the company clarified in a statement that the total amount distributed is estimated at 237.5 million riyals, distributed to 475 million shares, so that the share of the share of the distribution is 0.50 riyals.
The preliminary financial results of the Arabian Centers Company showed that the net profit after zakat and tax decreased by 46.6% during the second quarter of this year, on an annual basis.
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According to the company's financial statements, the net profit after zakat and tax amounted to 111.1 million riyals during the second quarter of this year, compared to 208.2 million riyals net profit in the same quarter of 2019 .
and by comparison on a quarterly basis, the net profit of Arab centers decreased by 27.4% compared to a net profit of 153.1 million riyals during the first quarter of 2019.
The company recorded a net profit after zakat and tax amounting to 264 million riyals with the end of the first nine months in 2020, compared to recording profits of 435 million riyals during the same period of the previous year, Down 39.2%.
The company's fiscal year begins in early April and ends at the end of March of each year.
The company attributed the decrease in net profit in the second quarter on an annual basis, to a decrease in revenues by 16.9% during the second quarter of the fiscal year 2021 AD, equivalent to 94.3 million riyals compared to In the second quarter of the fiscal year 2020, mainly due to the company extending the granting of non-recurring discounts in order to support tenants in facing the negative impact of the repercussions of the spread of the new Corona virus.
The company expected that the total discounts provided to tenants as a result of this crisis would reach 535.9 million riyals, which will be recorded over the period of the lease contracts, noting that one-off deductions of 68.7 million have been recorded SAR during the second quarter of the fiscal year 2021 AD, and 62.7 million riyals during the first quarter of the fiscal year 2021.
and since the last quarter of the fiscal year 2020, the total value of the discounts granted to tenants related to addressing the crisis of the spread of the new Corona virus has reached 151.7 million riyals, which is reflected in the net rental income .
The decrease in gross profit by 30.5% during the second quarter is due to the effect of lower total revenues. The gross profit was also affected by the increase in consumption expenditures during the current quarter, as ...
