Arriyadh Development Third-Quarter Profit Falls 13% on Higher Costs, Tax

Arriyadh Development said its third- quarter earnings fell to 21 million riyals from 24 million riyals a year earlier on costs and an Islamic tax, according to a statement to the Saudi bourse website today.

Arriyadh appointed Ali Al-Hassoun as managing director following the resignation of Khalid al-Dugaither, it said in a separate statement.

To contact the reporter on this story: Glen Carey in Riyadh at gcarey8@bloomberg.net

To contact the editor responsible for this story: Inal Ersan at iersan@bloomberg.net

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