Financial Results : Dar Al Arkan profit grows 9% to SAR 453.5M in 9M 2024; Q3 at SAR 134.7M

Dar Al Arkan profit grows 9% to SAR 453.5M in 9M 2024; Q3 at SAR 134.7M

07/11/2024 Argaam Exclusive

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Dar Al Arkan Real Estate Development Co. reported a net profit of SAR 453.4 million in the first nine months of 2024, a rise of 9% from SAR 416 million in a year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 2,306.25 2,745.21 19.0 %
Gross Income 901.78 1,151.64 27.7 %
Operating Income 737.22 955.48 29.6 %
Net Income 416.01 453.46 9.0 %
Average Shares 1,080.00 1,080.00 -
EPS (Riyals) 0.39 0.42 9.0 %

The profit growth was driven by a rise in revenue on an annual basis amid better real estate sales and project management consultation. Other non-operating income from Murabaha deposits also increased.

 

On the other hand, the company reported higher operating expenses (OpEx) and finance costs.

 

The third-quarter net earnings dropped 11% to SAR 134.7 million from SAR 151.9 million on increased OpEx and higher losses from investment in associates.

 

Similarly, the company’s net income fell 18.4% from SAR 165.1 million in Q2 2024 hurt by lower revenue on a quarter-on-quarter (QoQ) basis.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 715.70 918.73 28.4 %
Gross Income 285.35 412.11 44.4 %
Operating Income 234.31 332.77 42.0 %
Net Income 151.91 134.75 (11.3 %)
Average Shares 1,080.00 1,080.00 -
EPS (Riyals) 0.14 0.12 (11.3 %)

Total shareholders’ equity, no minority interest, reached SAR 20.72 billion as of Sept. 30, 2024, compared to SAR 20.10 billion in the corresponding period of 2023.

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