Dar Al Arkan net profit surges to SAR 132.5 mln in 2021; Q4 up to SAR 56.4 mln

29/03/2022 Argaam Exclusive

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Dar Al Arkan Real Estate Development Co. reported a net profit after Zakat and tax of SAR 132.5 million for 2021, a more than six-fold rise from a net profit of SAR 18.8 million a year earlier.

Financials (M)

Item	2020	2021	Change‬
Revenues	1,944.85	2,493.08	28.2 %
Gross Income	674.65	896.73	32.9 %
Operating Income	503.32	684.78	36.1 %
Net Income	18.79	132.52	605.1 %
Average Shares	1,080.00	1,080.00	-
EPS (Riyals)	0.02	0.12	605.1 %

The profit surge was attributed to higher property sales and profit share from associates. This was partially offset by lower lease revenue, higher operating cost, higher finance cost and lower non-operating income from Islamic Murabaha deposit.

The company’s Q4 2021 net profit after Zakat and tax climbed 286% to SAR 56.4 million, from SAR 14.6 million.

Sequentially, profit rose 124% from SAR 25.2 million in Q3 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	496.26	775.07	56.2 %
Gross Income	196.93	267.94	36.1 %
Operating Income	149.66	196.55	31.3 %
Net Income	14.60	56.40	286.2 %
Average Shares	1,080.00	1,080.00	-
EPS (Riyals)	0.01	0.05	286.2 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	595.41	775.07	30.2 %
Gross Income	216.52	267.94	23.7 %
Operating Income	158.20	196.55	24.2 %
Net Income	25.17	56.40	124.1 %
Average Shares	1,080.00	1,080.00	-
EPS (Riyals)	0.02	0.05	124.1 %

Total shareholders’ equity, excluding minority interest, grew 0.7% to SAR 19.159 billion from SAR 19.026 billion a year ago.

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