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 %)

Item	Q3 2022	Q4 2022	Change‬
Revenues	742.54	885.67	19.3 %
Gross Income	304.26	345.06	13.4 %
Operating Income	218.52	224.51	2.7 %
Net Income	79.42	48.71	(38.7 %)
Average Shares	1,080.00	1,080.00	-
EPS (Riyals)	0.07	0.05	(38.7 %)

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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