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.
| 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.
| 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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