Financial Results : Dar Al Arkan’s Q1 2024 profit jumps 31% to SAR 153.6M

Dar Al Arkan’s Q1 2024 profit jumps 31% to SAR 153.6M

19/05/2024 Argaam Exclusive

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Dar Al Arkan Real Estate Development Co. posted a 31% rise in Q1 2024 net profit to SAR 153.6 million, compared to SAR 117.6 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 764.32 864.92 13.2 %
Gross Income 300.84 355.80 18.3 %
Operating Income 245.09 305.22 24.5 %
Net Income 117.63 153.59 30.6 %
Average Shares 1,080.00 1,080.00 -
EPS (Riyals) 0.11 0.14 30.6 %

The growth in net earnings was buoyed by higher sales revenue amid better real estate sales.

 

Moreover, the company reported a decline in operating costs and an increase in other non-operating income from Murabaha deposits.

 

On a sequential basis, the real estate developer’s net profit dropped by 21.1% from SAR 194.7 million in Q4 2023.

 

Total shareholders’ equity, no minority interest, rose to SAR 20.43 billion by March 31, 2024, from SAR 19.71 billion a year earlier.

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