Dar Al Arkan Real Estate Development Co. reported a 47% fall in Q1 2023 net profit to SAR 117.6 million, from SAR 221 million in the year-earlier period on lower property sales.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 1,619.34 | 764.32 | (52.8 %) |
| Gross Income | 562.78 | 300.84 | (46.5 %) |
| Operating Income | 499.09 | 245.09 | (50.9 %) |
| Net Income | 221.02 | 117.63 | (46.8 %) |
| Average Shares | 1,080.00 | 1,080.00 | - |
| EPS (Riyals) | 0.20 | 0.11 | (46.8 %) |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 885.67 | 764.32 | (13.7 %) |
| Gross Income | 345.06 | 300.84 | (12.8 %) |
| Operating Income | 224.51 | 245.09 | 9.2 % |
| Net Income | 48.71 | 117.63 | 141.5 % |
| Average Shares | 1,080.00 | 1,080.00 | - |
| EPS (Riyals) | 0.05 | 0.11 | 141.5 % |
This is in addition to higher financing burdens, despite an uptick in rental income and other non-operating revenues from Islamic Murabaha.
Compared to Q4 2022, the first-quarter net profit surged 141.5% from SAR 48.7 million, amid increased investment revenue in associate companies.
Shareholders’ equity, after minority interest, stood at SAR 19.17 billion as of March 31, 2023, compared to SAR 19.38 billion in the year-earlier period.
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