Dar Al Arkan 9M 2022 profit soars to SAR 393 mln, Q3 at SAR 79.4 mln

08/11/2022 Argaam Exclusive

View other reports

Dar Al Arkan Real Estate Development Co. reported a spike in net profit after Zakat and tax to SAR 393 million in the first nine months of 2022, from SAR 76.1 million in the year-earlier period.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	1,718.01	3,039.83	76.9 %
Gross Income	628.79	1,112.53	76.9 %
Operating Income	488.23	875.15	79.2 %
Net Income	76.13	393.01	416.3 %
Average Shares	1,080.00	1,080.00	-
EPS (Riyals)	0.07	0.36	416.3 %

The profit surge was primarily driven by higher property sales. The decline in lease revenue, increase in operating expenses and lower non-operating income from Islamic Murabaha deposits were offset by lower finance costs, better income from associates and the other income from sale of investment in associates.

In Q3 2022, the company’s net profit after Zakat and tax more than tripled to SAR 79.4 million, from SAR 25.17 million in Q3 2021, thanks to better property sales.

Compared to Q2 2022, net profit dropped 14.2% from SAR 92.58 million on an increase in finance costs and income from sale of investment in associates in the previous quarter.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	595.41	742.54	24.7 %
Gross Income	216.52	304.26	40.5 %
Operating Income	158.20	218.52	38.1 %
Net Income	25.17	79.42	215.6 %
Average Shares	1,080.00	1,080.00	-
EPS (Riyals)	0.02	0.07	215.6 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	677.95	742.54	9.5 %
Gross Income	245.49	304.26	23.9 %
Operating Income	157.54	218.52	38.7 %
Net Income	92.58	79.42	(14.2 %)
Average Shares	1,080.00	1,080.00	-
EPS (Riyals)	0.09	0.07	(14.2 %)

Total shareholders’ equity, no minority interest, jumped to SAR 19.552 billion as of Sept. 30, 2022, from SAR 19.102 billion a year earlier.

View more financial results

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×