Dar Al-Arkan Profits Jump 312.5% during Q2 to SR92.5 mln

Dar Al-Arkan Real Estate Development Company revealed that the net profit after zakat and tax in the second quarter increased to SR92.5 million, compared to SR22.4 million in the same quarter of last year, at a rate of 312.5%.
This came after Wednesday’s announcement of the preliminary financial results for the period ending 30.06.2022 (six months).
The operational profit amounted to SR157.5 million in the second quarter, compared to 162.8 million in the same quarter of the previous year, down 3.2%.
The net profit after zakat and tax in the 6-month period amounted to SR313.6 million, compared to SR50.9 million in the same period last year, a growth of 515.3%.
The gross shareholders’ equity “without minority rights” amounted to SR19.4 billion in the current period, compared to SR19.07 billion in the same period last year, an increase of 2%.
Profits per share in the current period amounted to SR0.29, compared to SR0.05 in the same period last year.
The reason for 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 the share of income from associates and the lower non-operating income from Islamic Murabaha deposit were off-set with the decrease in finance cost and the other income from sale of investment in associates and impacted the net income.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is:
The decrease in net income is mainly due to lower property sale. The increase in operating expenses and the decrease in lease revenue were off-set with the decrease in finance cost and the other income from sale of investment in associates and impacted the net income.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is:
The increase in net income is mainly due to higher property sale. The decrease in lease revenue, decrease in share of income from associates, increase in operating cost and the lower non-operating income from Islamic Murabaha deposit were off-set with the decrease in finance cost and the other income from sale of investment in associates and impacted the net income.