Dar Alarkan Achieved Net Profit of SR25 mln during the 3Q

Dar Alarkan Real Estate Development Company achieved a net profit after zakat and tax of SR25.17 million during the third quarter, compared to a loss of SR18.59 million during the same quarter of the previous year.

This came after Dar Alarkan Real Estate Development Co. announced on Monday its interim financial results for the period ending on 2021-09-30 (nine months).

The operational profit amounted to SR158.2 million during the third quarter, compared to SR119.34 million during the same quarter of the previous year, a growth of 33%.

The gross profit amounted to SR2016.52 million during the third quarter, compared to SR161.64 million during the same quarter of the previous year, an increase of 33.9%.

The net profit after zakat and tax during the current period amounted to SR76.13 million, compared to SR4.19 million during the same period of the previous year, an increase of 1716.9%.

Profits per share during the current period amounted to SR0.07 riyals, compared to SR0.004 during the same period of the previous year.

The increase in net income is mainly due to higher property sale. The increase in operating expenses, decrease in lease revenue and the lower non-operating income from Islamic Murabaha deposit were fully off-set with the decrease in finance cost and the increase in share of income from associates and further impacted the net income.

The increase in net income is mainly due to higher property sale. The increase in operating expenses were fully off-set with the decrease in finance cost and the increase in share of income from associates and further impacted the net income.

The increase in net income is mainly due to higher property sale. The decrease in lease revenue, increase in operating cost and the lower non-operating income from Islamic Murabaha deposit were fully off-set with increase in share of income from associates and further impacted the net income.