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 %)

Item	Q3 2020	Q4 2020	Change‬
Revenues	391.24	496.26	26.8 %
Gross Income	161.64	196.93	21.8 %
Operating Income	119.34	149.66	25.4 %
Net Income	(18.59)	14.60	178.5 %
Average Shares	1,080.00	1,080.00	-
EPS (Riyals)	(0.02)	0.01	178.5 %

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