Dar Al Arkan H1 2024 profit jumps 21% to SAR 318.7M; Q2 at SAR 165.1M

06/08/2024 Argaam Exclusive

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Dar Al Arkan Real Estate Development Co. reported a net profit of SAR 318.7 million in the first half of 2024, a rise of 21% from SAR 264.1 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	1,590.56	1,826.48	14.8 %
Gross Income	616.43	739.53	20.0 %
Operating Income	502.91	622.71	23.8 %
Net Income	264.10	318.71	20.7 %
Average Shares	1,080.00	1,080.00	-
EPS (Riyals)	0.24	0.30	20.7 %

The profit growth was driven by a rise in revenue on an annual basis amid better real estate sales and project management consultation.

On the other hand, the company reported higher operating expenses (OpEx) and finance costs, which were offset by a rise in other non-operating income from Murabaha deposits.

The second-quarter net earnings jumped 13% to SAR 165.1 million, from SAR 146.4 million in Q2 2023, thanks to better revenue due to higher real estate sales despite increased OpEx.

Higher finance costs and lower revenue from associates also weighed on the second-quarter earnings.

The real estate developer’s net profit also rose 7.5% quarter-on-quarter (QoQ) from SAR 153.5 million in Q1 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	826.23	961.56	16.4 %
Gross Income	315.59	383.74	21.6 %
Operating Income	257.82	317.49	23.1 %
Net Income	146.48	165.12	12.7 %
Average Shares	1,080.00	1,080.00	-
EPS (Riyals)	0.14	0.15	12.7 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	864.92	961.56	11.2 %
Gross Income	355.80	383.74	7.9 %
Operating Income	305.22	317.49	4.0 %
Net Income	153.59	165.12	7.5 %
Average Shares	1,080.00	1,080.00	-
EPS (Riyals)	0.14	0.15	7.5 %

Shareholders’ equity, after minority interest, rose to SAR 20.57 billion by June 30, 2024, up from SAR 19.85 billion in the prior-year period.

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