Financial Results : Dar Al Arkan’s H1 2022 net profit soars to SAR 313.6 mln; Q2 at SAR 92.6 mln

Dar Al Arkan’s H1 2022 net profit soars to SAR 313.6 mln; Q2 at SAR 92.6 mln

24/08/2022 Argaam Exclusive

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Dar Al Arkan Real Estate Development Co.’s net profit after Zakat and tax skyrocketed to SAR 313.6 million in H1 2022, compared to SAR 50.9 million in the year-ago period.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 1,122.60 2,297.29 104.6 %
Gross Income 412.27 808.27 96.1 %
Operating Income 330.03 656.63 99.0 %
Net Income 50.96 313.60 515.4 %
Average Shares 1,080.00 1,080.00 -
EPS (Riyals) 0.05 0.29 515.4 %

The profit surge was spurred by higher property sales.

 

On the other hand, Dar Al Arkan reported a decline in lease revenue and its profit share from associates, along with an increase in operating expenses (OPEX).

 

The lower non-operating other income from Islamic Murabaha deposit was off-set by a decline in finance cost and other income from sale of investments in associates.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 567.76 677.95 19.4 %
Gross Income 207.73 245.49 18.2 %
Operating Income 162.86 157.54 (3.3 %)
Net Income 22.44 92.58 312.5 %
Average Shares 1,080.00 1,080.00 -
EPS (Riyals) 0.02 0.09 312.5 %

In Q2 2022, the company’s net profit after Zakat and tax surged to SAR 92.6 million, from SAR 22.4 million in the corresponding period of 2021, driven by better property sales.

 

The strong performance came despite increased OPEX and a decline in non-operating other income from Islamic Murabaha deposit.

 

However, the real estate developer’s net profit fell by 58.1% from SAR 221 million in Q1 2022, due to lower property sales.

 

Total shareholders’ equity, after minority interest, increased to SAR 19.473 million by the end of the six-month period, from SAR 19.077 million a year earlier.

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