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

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 %)

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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