According to the company’s statement on the Saudi Stock Exchange website, the net profit is the highest in the company’s history, mainly due to a 21.6% increase in gross profits as a result of higher completion rates in ongoing projects and the commencement of new projects.
The reasons included: a 19.2% growth in operating profits to reach 405.8 million riyals this year compared to 340.2 million riyals in the previous year, despite the increase in operating costs during the current year compared to the previous year.
It is worth noting that the company achieved profits from the exclusion of investments in an associate company amounting to 32.6 million riyals during the current year as a result of the sale of part of the units owned by the company in a real estate fund, while the share in returns on investments that are accounted for by the equity method decreased in the current year as a result of the liquidation of one of the real estate funds during the previous year and the company recording its share of the liquidation profits amounting to 50.6 million riyals during the previous year.
