Financial Results : Dar Al Arkan’s net profit skyrockets to SAR 221 mln in Q1 2022

Dar Al Arkan’s net profit skyrockets to SAR 221 mln in Q1 2022

18/05/2022 Argaam Exclusive

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Dar Al Arkan Real Estate Development Co. reported a net profit after Zakat and tax of SAR 221 million for Q1 2022, compared to SAR 28.5 million in the year-ago period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 554.84 1,619.34 191.9 %
Gross Income 204.54 562.78 175.1 %
Operating Income 167.17 499.09 198.5 %
Net Income 28.52 221.02 675.0 %
Average Shares 1,080.00 1,080.00 -
EPS (Riyals) 0.03 0.20 675.0 %

The profit surge was buoyed by higher property sales.

 

On the other hand, the increase in operating expenses, along with a decrease in lease revenue, profit share from associates and non-operating income from Islamic Murabaha deposit, were fully offset by a decline in finance costs.

 

Compared to Q4 2021, net profit after Zakat and tax nearly quadrupled from SAR 56.4 million. 

 

Total shareholders’ equity, after minority interest, rose 1.71% to SAR 19.380 billion in Q1 2022, from SAR 19.054 billion a year earlier.

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