Dar Al-Arkan’s net profit plunges 98% to SAR 4.19 mln in 9M 2020

10/11/2020 Argaam Exclusive

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Dar Al-Arkan Real Estate Development Co.’s net profit after Zakat and tax declined 98.2% year-on-year (YoY) to SAR 4.19 million for the first nine months of 2020, driven by lower revenue, and higher cost of finance, despite higher non-operating income.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	2,650.93	1,448.60	(45.4 %)
Gross Income	611.57	477.72	(21.9 %)
Operating Income	486.27	353.66	(27.3 %)
Net Income	235.34	4.19	(98.2 %)
Average Shares	1,080.00	1,080.00	-
EPS (Riyals)	0.22	0.00	(98.2 %)

The realty developer sustained SAR 18.6 million in net losses after Zakat and tax for Q3 2020, versus net profit after Zakat and tax of SAR 134.8 million in prior-year period, due to lower sales revenue, and higher cost of finance.

On a sequential basis, Dar Al-Arkan turned to losses in Q3 2020, versus SAR 10.37 million in profit in Q2 2020.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	899.41	391.24	(56.5 %)
Gross Income	250.56	161.64	(35.5 %)
Operating Income	211.39	119.34	(43.5 %)
Net Income	134.87	(18.59)	(113.8 %)
Average Shares	1,080.00	1,080.00	-
EPS (Riyals)	0.12	(0.02)	(113.8 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	464.34	391.24	(15.7 %)
Gross Income	156.05	161.64	3.6 %
Operating Income	120.59	119.34	(1.0 %)
Net Income	10.37	(18.59)	(279.3 %)
Average Shares	1,080.00	1,080.00	-
EPS (Riyals)	0.01	(0.02)	(279.3 %)

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