Dar Al-Arkan profits jump 216% in Q3 to SR79 mln

The net profit after zakat and tax for Dar Al-Arkan Real Estate Development Company jumped to SR79 million during the third quarter, compared to SR25 million in the same quarter of last year, at a rate of 216%.
This came after on Tuesday’s announcement of the preliminary financial results for the period ending on September 30, 2022 (9 months).
The operational profit amounted to SR219 million in the third quarter, compared to SR158 million in the same quarter of the previous year, an increase of 38%.
As for the gross profit, it amounted to SR304 million in the third quarter, compared to SR217 million in the same quarter of the previous year, a growth of 41%.
The net profit after zakat and tax in the 9-month period amounted to SR393 million, compared to SR76 million in the same period last year, an increase of 416%.
Profits per share in the current period amounted to SR0.36, compared to SR0.07 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 sales. The increase in operating expenses, increase in finance cost and the lower non-operating income from the Islamic Murabaha deposit were off-set by the increase in lease revenue, and increase in the share of income from associates and impacted the net income.
The reason for 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 an increase in finance cost and income from the sale of investment in associates in the previous quarter. The increase in lease revenue, the increase in income from associates and the decrease in operating expenses together impacted positively the net income.
The reason for 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, increase in operating expenses and lower non-operating income from Islamic Murabaha deposits were off set with the decrease in finance cost, increase in income from associates and the other income from sale of investment in associates and impacted the net income.