Dar Al-Arkan Real Estate Development Co. reported a net profit after Zakat and tax of SAR 12.4 million for Q1 2020, a slump of 51% year-on-year (YoY), hit by lower property sales.
The profit decline was also attributed to higher operating expenses and finance costs, which were partially offset by higher lease revenue and non-operating income.
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 823.68 | 593.02 | (28.0 %) |
| Gross Income | 159.28 | 160.03 | 0.5 % |
| Operating Income | 117.24 | 113.73 | (3.0 %) |
| Net Income | 25.51 | 12.42 | (51.3 %) |
| Average Shares | 1,080.00 | 1,080.00 | - |
| EPS (Riyals) | 0.02 | 0.01 | (51.3 %) |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 840.92 | 593.02 | (29.5 %) |
| Gross Income | 212.87 | 160.03 | (24.8 %) |
| Operating Income | 163.38 | 113.73 | (30.4 %) |
| Net Income | 69.26 | 12.42 | (82.1 %) |
| Average Shares | 1,080.00 | 1,080.00 | - |
| EPS (Riyals) | 0.06 | 0.01 | (82.1 %) |
When compared to the previous quarter, the real estate developer’s net profit after Zakat plummeted 82%, due to lower property sales.
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