Dar Al Arkan net profit more than doubles to SAR 51 mln in H1 2021

17/08/2021 Argaam Exclusive

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Dar Al Arkan Real Estate Development Co. reported a net profit after Zakat and tax of SAR 51 million for the first half of 2021, an over twofold increase compared to SAR 22.8 million a year earlier.

The profit growth was driven by higher property sales.

However, the decrease in lease revenue, higher finance costs, lower share of income from associates and the decline in other non-operating income from Islamic Murabaha deposits curtailed the higher net income generated from property sales.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	1,057.36	1,122.60	6.2 %
Gross Income	316.08	412.27	30.4 %
Operating Income	234.32	330.03	40.8 %
Net Income	22.78	50.96	123.7 %
Average Shares	1,080.00	1,080.00	-
EPS (Riyals)	0.02	0.05	123.7 %

In Q2 2021, Dar Al Arkan’s net profit after Zakat increased more than two times to SAR 22.4 million from SAR 10.3 million in the year-earlier period, thanks to higher property sales.

On a quarterly basis, net profit dropped 21.3% from SAR 28.5 million, due to lower lease revenue and an increase in operating expenses, which fully offset the rise in property sales and impacted the net income.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	464.34	567.76	22.3 %
Gross Income	156.05	207.73	33.1 %
Operating Income	120.59	162.86	35.1 %
Net Income	10.37	22.44	116.5 %
Average Shares	1,080.00	1,080.00	-
EPS (Riyals)	0.01	0.02	116.5 %

Item	Q1 2021	Q2 2021	Change‬
Revenues	554.84	567.76	2.3 %
Gross Income	204.54	207.73	1.6 %
Operating Income	167.17	162.86	(2.6 %)
Net Income	28.52	22.44	(21.3 %)
Average Shares	1,080.00	1,080.00	-
EPS (Riyals)	0.03	0.02	(21.3 %)

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