Financial Results : Dar Al-Arkan posts 51% profit slide to SAR 12.4 mln in Q1 2020

Dar Al-Arkan posts 51% profit slide to SAR 12.4 mln in Q1 2020

11/06/2020 Argaam Exclusive

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Dar Al-Arkan Real Estate Development Co. reported a net profit after Zakat and tax of SAR 12.4 million for Q1 2020, a slump of 51% year-on-year (YoY), hit by lower property sales.

 

The profit decline was also attributed to higher operating expenses and finance costs, which were partially offset by higher lease revenue and non-operating income.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 823.68 593.02 (28.0 %)
Gross Income 159.28 160.03 0.5 %
Operating Income 117.24 113.73 (3.0 %)
Net Income 25.51 12.42 (51.3 %)
Average Shares 1,080.00 1,080.00 -
EPS (Riyals) 0.02 0.01 (51.3 %)

When compared to the previous quarter, the real estate developer’s net profit after Zakat plummeted 82%, due to lower property sales.

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