RIYADH: Saudi retail operator Arabian Centres has reported a 9 percent drop in profits during the last nine months of 2021, compared to a year earlier.
Also known as Almrakez, the company registered a net profit of SR327 million ($87 million), down from SR359 million in the same period a year earlier, according to a bourse filing.
The decline in profits was mainly caused by a 15.4 percent increase in cost of revenue due to pandemic-related shutdowns and restrictions.
The company’s poor performance was also attributed to a rise in expenses, and a fall in other income, the company said in a bourse statement.
Despite the fall in profitability, Almrakez saw an increase in revenues by 7.7 percent year-on-year as activity recovered across ACC’s malls.
Most recently, it was announced that a unit owned by Arabian Centres is establishing a digital consumer microfinance company worth SR55 million.