‎“Dar Al-Arkan” profits jumped 233% during 2022, to SR442 mln

The net profit after zakat and tax of Dar Al-Arkan Real Estate Development Company jumped to 442 million riyals during the year 2022 AD, compared to 133 million riyals in the year 2021 AD, at a rate of 233%. This came after today’s announcement of the annual financial results ending in 31-12-2022.

Operational profit amounted to 1.9 billion riyals during the year ending in 2022, compared to 685 million riyals in the previous year, an increase of 61%.

As for the total profit, it amounted to 1.45 billion riyals in the current year, compared to 897 million riyals in the previous year, an increase of 63%.

Earnings per share in the current year amounted to 0.41 riyals, compared to 0.12 riyals in the previous year.

The increase in net profit is mainly due to the increase in real estate sales. The rise in operating costs, in addition to the rise in financing burdens, was partially offset by the rise in other non-operating revenues realized from Islamic Murabaha, in addition to the income realized from selling investments in other companies, which had an impact on the net profit.