Dar Al Arkan’s net profit surges to SAR 76.1 mln in 9M 2021

08/11/2021 Argaam Exclusive

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Dar Al Arkan Real Estate Development Co.’s net profit after Zakat and tax soared to SAR 76.1 million for the first nine months of 2021, from SAR 4.2 million in the year earlier period.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	1,448.60	1,718.01	18.6 %
Gross Income	477.72	628.79	31.6 %
Operating Income	353.66	488.23	38.1 %
Net Income	4.19	76.13	1716.0 %
Average Shares	1,080.00	1,080.00	-
EPS (Riyals)	0.00	0.07	1716.0 %

This profit surge was driven by higher property sales. Meanwhile, lower lease revenue, higher operating cost and lower non-operating income from Murabaha deposit were fully offset by higher profit share from associates.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	391.24	595.41	52.2 %
Gross Income	161.64	216.52	34.0 %
Operating Income	119.34	158.20	32.6 %
Net Income	(18.59)	25.17	235.4 %
Average Shares	1,080.00	1,080.00	-
EPS (Riyals)	(0.02)	0.02	235.4 %

Item	Q2 2021	Q3 2021	Change‬
Revenues	567.76	595.41	4.9 %
Gross Income	207.73	216.52	4.2 %
Operating Income	162.86	158.20	(2.9 %)
Net Income	22.44	25.17	12.1 %
Average Shares	1,080.00	1,080.00	-
EPS (Riyals)	0.02	0.02	12.1 %

The real estate developer reported a net profit after Zakat and tax of SAR 25.2 million in Q3 2021, versus a net loss after Zakat and tax of SAR 18.59 million in year earlier period, on higher property sales.

On a sequential basis, net profit increased by 12.2%.

Total shareholders’ equity (after deducting minority equity) inched up 0.46% YoY to SAR 19.1 billion for the nine-month period.

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