‎“Dar Al-Arkan” sells lands for SR712.8 mln during Q3‎

A monitoring conducted by Maaal newspaper revealed that the Dar Al-Arkan Company registered 712.8 million riyals of land sales during the third quarter of this year, an increase of 29.8%, compared to land sales in the same quarter of the previous year, which was about 549 million riyals, while it increased by 36.7% compared to sales for the second quarter of 2022, which worth SR 521.5 million.

According to the company’s financial statements published on the financial market website “Tadawul”, the total profit margin for the company’s land sales at the end of the three months ending in September 2022 amounted to 39.7%, compared to 35.4%, a profit margin achieved in the comparative quarter of last year and compared to 32.8% profit margin in the second quarter of this year, recording the highest profit margin in two years, specifically since the third quarter of 2020.

It is noteworthy that the profits of Dar Al-Arkan Company jumped to 79.4 million riyals, a rate of 215.5% from its profits in the third quarter of 2021, which was 25.2 million riyals.

According to the company, the increase in net profit is mainly due to the increase in real estate sales. The rise in operating expenses, and the increase in financing costs, in addition to the decrease in other non-operating income from Islamic Murabaha, was offset by the increase in rental income in addition to the company’s share of the income realized from investment in associates and had an impact on the net profit. ‎