Financial Results : Dar Al-Arkan posts 40% profit drop in FY19

Dar Al-Arkan posts 40% profit drop in FY19

25/03/2020 Argaam Exclusive

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Dar Al-Arkan Real Estate Development reported a fall of 40% year-on-year (YoY) in net profit after Zakat and tax to SAR 304.6 million for the fiscal year 2019, on lower property sales.



Financials (M)

Item 2018 2019 Change‬
Revenues 6,412.27 3,491.86 (45.5 %)
Gross Income 1,057.15 824.44 (22.0 %)
Operating Income 888.21 649.65 (26.9 %)
Net Income 508.81 304.59 (40.1 %)
Average Shares 1,080.00 1,080.00 -
EPS (Riyals) 0.47 0.28 (40.1 %)

Meanwhile, higher operating costs and lower income from associates were fully off-set by improved lease revenue, lower finance costs and increased non-operating income.

 

In Q4 2019, the real estate developer’s net profit after Zakat and tax surged to SAR 69.26 million from SAR 32.53 million in year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q4 2018 Q4 2019 Change‬
Revenues 846.09 840.92 (0.6 %)
Gross Income 151.86 212.87 40.2 %
Operating Income 108.89 163.38 50.0 %
Net Income 32.53 69.26 112.9 %
Average Shares 1,080.00 1,080.00 -
EPS (Riyals) 0.03 0.06 112.9 %

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