Dar Alarkan profits leap to SAR 146.5 million in Q2 by 58%

Dar Alarkan Real Estate Development Co. net profit after zakat and tax grew to SAR 146.5 million during the second quarter, compared to SAR 92.5 million in the same quarter of last year, by 58%. This came after the announcement on Monday of the interim financial results for the period ended on June 30 (6 months).

The operational profit amounted to SAR 258 million during the second quarter, compared to SAR 158 million in the same quarter of the previous year, a growth of 64%.

The net profit after zakat and tax during the 6-month period amounted to SAR 264 million, compared to SAR 314 million in the same period last year, a decline of 16%.

Earnings per share in the current period reached SAR 0.24, compared to SAR 0.29 in the same period last year.

The increase in net income is mainly due to higher property sale. The increase in finance cost and the lower non-operating income from Islamic Murabaha deposits were fully offset with the decrease in operating expenses, increase in lease revenue and the increase in share of income from associates and impacted the net income.

The increase in net income is due to increased property sale. The lower non-operating income from Murabaha deposits and the decrease in income from associates were partially off-set with the decrease in finance cost and positively impacted to the net income.

The decrease in net income is mainly due to lower property sale. The increase in finance cost is fully off-set with the decrease in operating cost, higher non-operating income from Islamic Murabaha deposits, increase in lease revenue and the increase in share of income from associates and positively impacted the net income.