RIYADH: Arabian Centres Co. saw its net profits decline by 11 percent for its fiscal year ending March 31, 2022.
Also known as Almrakez, the company reported a net profit of SR433.8 million ($116 million), down from SR486.7 million last year, according to a bourse filing.
Almrakez said the decline in profits was mainly caused by a rise in expenses, and a fall in other income.
Despite the fall in profitability, Almrakez saw an increase in revenues by 10 percent year-on-year driven by a recovery in mall activity.
