Dar Al Arkan’s net profit surges to SAR 76.1 mln in 9M 2021

08/11/2021 Argaam Exclusive

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Dar Al Arkan Real Estate Development Co.’s net profit after Zakat and tax soared to SAR 76.1 million for the first nine months of 2021, from SAR 4.2 million in the year earlier period.  



Financials (M)

Item 9m 2020 9m 2021 Change‬
Revenues 1,448.60 1,718.01 18.6 %
Gross Income 477.72 628.79 31.6 %
Operating Income 353.66 488.23 38.1 %
Net Income 4.19 76.13 1716.0 %
Average Shares 1,080.00 1,080.00 -
Earnings Per Share before unusual items (Riyals) 0.00 0.07 1716.0 %
EPS (Riyals) 0.00 0.07 1716.0 %

This profit surge was driven by higher property sales.  Meanwhile, lower lease revenue, higher operating cost and lower non-operating income from Murabaha deposit were fully offset by higher profit share from associates. 



Current Quarter Comparison (M)

Compared With The
Item Q3 2020 Q3 2021 Change‬
Revenues 391.24 595.41 52.2 %
Gross Income 161.64 216.52 34.0 %
Operating Income 119.34 158.20 32.6 %
Net Income (18.59) 25.17 235.4 %
Average Shares 1,080.00 1,080.00 -
Earnings Per Share before unusual items (Riyals) (0.02) 0.02 235.4 %
EPS (Riyals) (0.02) 0.02 235.4 %

The real estate developer reported a net profit after Zakat and tax of SAR 25.2 million in Q3 2021, versus a net loss after Zakat and tax of SAR 18.59 million in year earlier period, on higher property sales.  

 

On a sequential basis, net profit increased by 12.2%.  

 

Total shareholders’ equity (after deducting minority equity) inched up 0.46% YoY to SAR 19.1 billion for the nine-month period. 

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Share Price

Dar Alarkan Real Estate Development Co.
21.40
0.54 2.59 %

Dar Alarkan Real Estate Development Co. (DAR ALARKAN)

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Financial Ratios
Current
Market Cap (M Riyal) 23,112.00
Enterprise Value (EV) (M) 27,817.19
Shares Outstanding ((M)) 1,080.00
EPS ( Riyal) (TTM) 0.75
Book Value (BV) ( Riyal) 19.53
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 28.61
P/E (TTM) 28.61
Price/book 1.10
Return on Average Assets (%) (TTM) 2.3
Return on Average Equity (%) (TTM) 3.0
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