Financial Results : Dar Al Arkan profit surges to SAR 441.7 mln in 2022; Q4 at SAR 48.7 mln

Dar Al Arkan profit surges to SAR 441.7 mln in 2022; Q4 at SAR 48.7 mln

22/03/2023 Argaam Exclusive

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Dar Al Arkan Real Estate Development Co. reported a net profit of SAR 441.7 million for 2022, compared to SAR 132.5 million a year earlier. 



Financials (M)

Item 2021 2022 Change‬
Revenues 2,493.08 3,925.50 57.5 %
Gross Income 896.73 1,457.59 62.5 %
Operating Income 684.78 1,099.65 60.6 %
Net Income 132.52 441.72 233.3 %
Average Shares 1,080.00 1,080.00 -
EPS (Riyals) 0.12 0.41 233.3 %

The profit growth was mainly due to higher property sales. The increase in operating expenses and finance costs were partially offset by higher non-operating income from Murabaha deposits and other income from sale of investment in associates, which buoyed net income.  

 

The company’s Q4 2022 net profit fell 14% to SAR 48.7 million from SAR 56.4 million in Q4 2021. 

 

The fourth-quarter profit fell 38.7% quarter-on-quarter from SAR 79.42 million. 



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 775.07 885.67 14.3 %
Gross Income 267.94 345.06 28.8 %
Operating Income 196.55 224.51 14.2 %
Net Income 56.40 48.71 (13.6 %)
Average Shares 1,080.00 1,080.00 -
EPS (Riyals) 0.05 0.05 (13.6 %)

Total shareholders’ equity, no minority interest, reached SAR 19.60 billion at the end of 2022 from SAR 19.15 billion a year ago.

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