Dar Alarkan Profits Jump 675% during 1Q to SR221 mln

The net profit after zakat and tax for Dar Alarkan Real Estate Development jumped to SR221 million during the first quarter, compared to SR29 million during the same quarter of the previous year, at a rate of 675%.

This came after Dar Alarkan announcement on Wednesday the consolidated preliminary financial results for the period ending on 31.03.2022 (three months).

The operational profit amounted to SR449 million during the first quarter, compared to SR167 million during the same quarter of the previous year, an increase of 199%.

The gross profit amounted to SR563 million during the first quarter, compared to SR205 million during the same quarter of the previous year, an increase of 175%.

Profits per share during the current period amounted to SR0.2, compared to SR0.03 during the same period of the previous year.

The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is:

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

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is:

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