Dar Al Arkan’s 2023 net profit up 38% to SAR 610.8M; Q4 at SAR 194.8M

20/03/2024 Argaam Exclusive

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Dar Al Arkan Real Estate Development Co. reported a net profit of SAR 610.8 million for 2023, an increase of 38% compared to SAR 441.7 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	3,925.50	2,707.10	(31.0 %)
Gross Income	1,457.59	1,070.41	(26.6 %)
Operating Income	1,099.65	865.31	(21.3 %)
Net Income	441.72	610.76	38.3 %
Average Shares	1,080.00	1,080.00	-
EPS (Riyals)	0.41	0.57	38.3 %

This was fueled by an increase in profit share from associates and higher lease revenue. The real estate developer said higher financing costs were offset by lower operating expenses.

Q4 2023 net profit stood at SAR 194.8 million, compared to SAR 48.71 million in the prior year period.

On a quarterly basis, net profit increased 28.2% from SAR 151.91 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	885.67	400.85	(54.7 %)
Gross Income	345.06	168.62	(51.1 %)
Operating Income	224.51	128.09	(42.9 %)
Net Income	48.71	194.74	299.8 %
Average Shares	1,080.00	1,080.00	-
EPS (Riyals)	0.05	0.18	299.8 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	715.70	400.85	(44.0 %)
Gross Income	285.35	168.62	(40.9 %)
Operating Income	234.31	128.09	(45.3 %)
Net Income	151.91	194.74	28.2 %
Average Shares	1,080.00	1,080.00	-
EPS (Riyals)	0.14	0.18	28.2 %

Total shareholders’ equity, no minority interest, stood at SAR 20.29 billion by Dec. 31, 2023, compared to SAR 19.60 billion a year earlier.

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