Financial Results : Dar Al-Arkan’s net profit slumps 94% to SAR 18.8 mln in 2020

Dar Al-Arkan’s net profit slumps 94% to SAR 18.8 mln in 2020

24/03/2021 Argaam Exclusive

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Dar Al-Arkan Real Estate Development Co.’s net profit after Zakat and tax tumbled 94% year-on-year (YoY) to SAR 18.8 million for 2020. The annual results were hit by lower property sales and lease revenue, along with an increase in finance costs.



Financials (M)

Item 2019 2020 Change‬
Revenues 3,491.86 1,944.85 (44.3 %)
Gross Income 824.44 674.65 (18.2 %)
Operating Income 649.65 503.32 (22.5 %)
Net Income 304.59 18.79 (93.8 %)
Average Shares 1,080.00 1,080.00 -
EPS (Riyals) 0.28 0.02 (93.8 %)

In Q4 2020, the real estate developer reported a 79% plunge YoY in net profit after Zakat and tax to SAR 14.6 million.

 

Shareholders’ equity, excluding minority interest, inched up 0.087% YoY to SAR 19.026 billion in 2020.



Current Quarter Comparison (M)

Compared With The
Item Q4 2019 Q4 2020 Change‬
Revenues 840.92 496.26 (41.0 %)
Gross Income 212.87 196.93 (7.5 %)
Operating Income 163.38 149.66 (8.4 %)
Net Income 69.26 14.60 (78.9 %)
Average Shares 1,080.00 1,080.00 -
EPS (Riyals) 0.06 0.01 (78.9 %)

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