Dar Al Arkan H1 2023 profit falls 16% to SAR 264.1 mln; Q2 at SAR 146.5 mln

14/08/2023 Argaam Exclusive

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Dar Al Arkan Real Estate Development Co.’s net profit dropped 16% to SAR 264.1 million in H1 2023, compared to SAR 313.6 million in the year-ago period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	2,297.29	1,590.56	(30.8 %)
Gross Income	808.27	616.43	(23.7 %)
Operating Income	656.63	502.91	(23.4 %)
Net Income	313.60	264.10	(15.8 %)
Average Shares	1,080.00	1,080.00	-
EPS (Riyals)	0.29	0.24	(15.8 %)

The profit decline was mainly due to lower property sales. The company also reported an increase in finance costs, which was fully offset by higher non-operating other income from Islamic Murabaha deposits.

On the other hand, the real estate developer recorded an increase in lease revenue, and growth in the share of income from associates.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	677.95	826.23	21.9 %
Gross Income	245.49	315.59	28.6 %
Operating Income	157.54	257.82	63.6 %
Net Income	92.58	146.48	58.2 %
Average Shares	1,080.00	1,080.00	-
EPS (Riyals)	0.09	0.14	58.2 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	764.32	826.23	8.1 %
Gross Income	300.84	315.59	4.9 %
Operating Income	245.09	257.82	5.2 %
Net Income	117.63	146.48	24.5 %
Average Shares	1,080.00	1,080.00	-
EPS (Riyals)	0.11	0.14	24.5 %

In Q2 2023, the company’s net profit reached SAR 146.5 million, up 58.2% from SAR 92.58 million in the corresponding period of 2022, driven by better property sales and lease revenue, along with higher income from associates.

The real estate developer’s Q2 net profit also rose 24.5% from SAR 117.63 million in Q1 2023, thanks to increased property sales.

Total shareholders’ equity, with no minority interest, increased to SAR 19.85 billion by the end of the six-month period, from SAR 19.47 billion a year earlier.

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