Dar Al Arkan net profit down 77% to SAR 22.8 mln in H1 2020

25/08/2020 Argaam Exclusive

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Dar Al Arkan Real Estate Development Co. reported a net profit after Zakat and tax of SAR 22.8 million for the first half of 2020, a 77% year-on-year (YoY) decline, compared to SAR 100.47 million in the same period last year.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	1,751.53	1,057.36	(39.6 %)
Gross Income	361.00	316.08	(12.4 %)
Operating Income	274.89	234.32	(14.8 %)
Net Income	100.47	22.78	(77.3 %)
Average Shares	1,080.00	1,080.00	-
EPS (Riyals)	0.09	0.02	(77.3 %)

The fall in net profit was attributed to lower real estate sales, decline in rental revenues and higher financing charges, which were partially offset by lower operating costs and increase in other revenues

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	927.85	464.34	(50.0 %)
Gross Income	201.72	156.05	(22.6 %)
Operating Income	157.64	120.59	(23.5 %)
Net Income	74.96	10.37	(86.2 %)
Average Shares	1,080.00	1,080.00	-
EPS (Riyals)	0.07	0.01	(86.2 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	593.02	464.34	(21.7 %)
Gross Income	160.03	156.05	(2.5 %)
Operating Income	113.73	120.59	6.0 %
Net Income	12.42	10.37	(16.5 %)
Average Shares	1,080.00	1,080.00	-
EPS (Riyals)	0.01	0.01	(16.5 %)

The company reported a net profit of SAR 10.4 million in Q2 2020, an 86% YoY decline from a profit of SAR 74.9 million a year earlier on lower property sales.

When compared to previous quarter, the company’s profit fell 16.5% in Q2.

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