Dar Al Arkan 9M 2023 profit rises 6% to SAR 416 mln, Q3 at SAR 151.9 mln

05/11/2023 Argaam Exclusive

View other reports

Dar Al Arkan Real Estate Development Co. said net profit rose 6% to SAR 416 million in the first nine months of 2022, compared to SAR 393 million a year ago.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	3,039.83	2,306.25	(24.1 %)
Gross Income	1,112.53	901.78	(18.9 %)
Operating Income	875.15	737.22	(15.8 %)
Net Income	393.01	416.01	5.9 %
Average Shares	1,080.00	1,080.00	-
EPS (Riyals)	0.36	0.39	5.9 %

The higher income was driven by a decline in operating expenses, an upsurge in lease revenue, and an increase in the share of income from associates.

Although there was an escalation in finance costs, this was partially offset by higher non-operating income from the Murabaha deposit, leading to a favorable impact on the net income.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	742.54	715.70	(3.6 %)
Gross Income	304.26	285.35	(6.2 %)
Operating Income	218.52	234.31	7.2 %
Net Income	79.42	151.91	91.3 %
Average Shares	1,080.00	1,080.00	-
EPS (Riyals)	0.07	0.14	91.3 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	826.23	715.70	(13.4 %)
Gross Income	315.59	285.35	(9.6 %)
Operating Income	257.82	234.31	(9.1 %)
Net Income	146.48	151.91	3.7 %
Average Shares	1,080.00	1,080.00	-
EPS (Riyals)	0.14	0.14	3.7 %

In Q3 2023, the developer's net earnings climbed to SAR 151.9 million, recording a 91% surge from SAR 79.42 million in Q3 2022. This growth was supported by a decrease in operating expenses, an increase in lease revenue, and a higher share of profit from associates.

On a quarterly basis, net profit grew 3.7% from SAR 146.48 million in Q2 2023.

Total shareholders’ equity, no minority interest, reached SAR 20.10 billion as of Sept. 30, 2023, compared to SAR 19.55 billion in the prior-year period.

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.

×