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Dar Al Arkan Real Estate Development Co.’s Q4 2021 net profit of SAR 56.4 million topped SNB Capital’s estimate of SAR 28.5 million.

 

The deviation of expectations from actual results was mainly driven by higher land sales. The contribution of the residential units has not yet appeared, SNB Capital said in a recent report.

 

The financial impact of Dubai projects and Shams Al-Riyadh development are expected to show this year, which is positive for the company. Moreover, the significant contribution of development projects will support margin expansion going forward.

 

SNB Capital remained “Neutral” on the stock, setting its target price at SAR 11.1 per share.

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