Dar Alarkan reports profit jump of 605% in 2021

Dar Alarkan Real Estate Development Co. said that its profits after zakat and tax leaped 605% to SR 133 million during the year of 2021 compared to SR 19 million in 2020.

The Saudi company added in its financial result statement published on Tadawul that operational profit rose by 36% to SR 685 million from SR 503 million, while gross profit surged 33% to SR 897 million from SR 675 million.

Profit per share (EPS) also soared to SR 0.12 from SR 0.02.

The increase of Dar Alarkan net profit was mainly driven by higher property sale. The decrease in lease revenue, increase in operating cost, increase in finance cost and the lower non-operating income from Islamic Murabaha deposit were off-set with increase in share of income from associates and impacted the net income.