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

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

08/11/2022 Argaam Exclusive

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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 %

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.

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