Dar Al Arkan’s Q1 Profits Grow by 30.5% to 153.5 Million Riyals

The net profit of Dar Al Arkan Real Estate Development Company grew to 153.5 million riyals during the first quarter, compared to 117.6 million riyals in the same quarter of last year, by 30.5%. This came following today’s announcement of the preliminary financial results for the period ending on March 31, 2024 (three months).

Operating profit reached 305.2 million riyals in the first quarter, compared to 245 million riyals in the same quarter of the previous year, an increase of 24.5%.

Total shareholders’ equity (excluding minority rights) amounted to 20.4 billion riyals in the 3-month period, compared to 19.7 billion riyals in the same period last year, an increase of 3.6%.

Earnings per share in the current period reached 0.14 riyals, compared to 0.11 riyals in the same period last year.

The increase in sales revenue for the current quarter compared to the same quarter of the previous year is mainly due to higher property sale.

The increase in net income is mainly due to the higher property sale; Decrease in operating expenses and the higher non-operating income from Islamic Murabaha deposits were off set with the decrease in income from associates and the increase in finance cost and impacted the net income.

The increase in sales revenue for the current quarter compared to the previous quarter is mainly due to higher property sale.

Despite of higher property sale, the decrease in net income is mainly due to lower income from associates. The increase in finance costs and the lower non-operating income from Islamic Murabaha deposits were partially off-set with the decrease in operating costs and impacted to the net income.