Dar Al Arkan 9M 2023 profit rises 6% to SAR 416 mln, Q3 at SAR 151.9 mln

Dar Al Arkan Real Estate Development Co. said net profit rose 6% to SAR 416 million in the first nine months of 2022, compared to SAR 393 million a year ago. 

The higher income was driven by a decline in operating expenses, an upsurge in lease revenue, and an increase in the share of income from associates.  

Although there was an escalation in finance costs, this was partially offset by higher non-operating income from the Murabaha deposit, leading to a favorable impact on the net income. 

In Q3 2023, the developer's net earnings climbed to SAR 151.9 million, recording a 91% surge from SAR 79.42 million in Q3 2022. This growth was supported by a decrease in operating expenses, an increase in lease revenue, and a higher share of profit from associates.  

On a quarterly basis, net profit grew 3.7% from SAR 146.48 million in Q2 2023.  

Total shareholders’ equity, no minority interest, reached SAR 20.10 billion as of Sept. 30, 2023, compared to SAR 19.55 billion in the prior-year period. 

View More Financial Results