Dar Al-Arkan Real Estate Development Co. reported a net profit after Zakat and tax of SAR 28.5 million for the first quarter of 2021, rising more than twofold from SAR 12.4 million in the same period a year earlier.
| Item | Q1 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 593.02 | 554.84 | (6.4 %) |
| Gross Income | 160.03 | 204.54 | 27.8 % |
| Operating Income | 113.73 | 167.17 | 47.0 % |
| Net Income | 12.42 | 28.52 | 129.7 % |
| Average Shares | 1,080.00 | 1,080.00 | - |
| EPS (Riyals) | 0.01 | 0.03 | 129.7 % |
| Item | Q4 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 496.26 | 554.84 | 11.8 % |
| Gross Income | 196.93 | 204.54 | 3.9 % |
| Operating Income | 149.66 | 167.17 | 11.7 % |
| Net Income | 14.60 | 28.52 | 95.3 % |
| Average Shares | 1,080.00 | 1,080.00 | - |
| EPS (Riyals) | 0.01 | 0.03 | 95.3 % |
The company attributed the profit rise to higher margin achieved on property sale, lower lease revenue, increase in finance cost, and lower share of income from associates and non-operating income from Islamic Murabaha deposit.
It was partially offset by the decrease in operating expenses.
When compared to the previous quarter, the real estate developer’s net profit after Zakat surged in Q1 2021 on higher property sales.
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