RIYADH: Shares of Arriyadh Development Co. fell 3.23 percent at SR22.74 as of Tuesday's closing bell, after its first-half profits dropped 22.9 percent to SR196 million ($52 million).
This is compared to SR254 million profit the company made in the same period last year, the Riyadh-based developer reported in a bourse filing.
Its results stemmed from a 22-percent reduction in income from the associate company’s business, resulting from lower land sales.
Also weighed on the profit was the increase of 1 percent in general and administrative expenses due to current lawsuit provisions of SR10.3 million.
