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.
| 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.
| 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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