Dar Al Arkan Real Estate Development Co. reported a net profit after Zakat and tax of SAR 22.8 million for the first half of 2020, a 77% year-on-year (YoY) decline, compared to SAR 100.47 million in the same period last year.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 1,751.53 | 1,057.36 | (39.6 %) |
| Gross Income | 361.00 | 316.08 | (12.4 %) |
| Operating Income | 274.89 | 234.32 | (14.8 %) |
| Net Income | 100.47 | 22.78 | (77.3 %) |
| Average Shares | 1,080.00 | 1,080.00 | - |
| EPS (Riyals) | 0.09 | 0.02 | (77.3 %) |
The fall in net profit was attributed to lower real estate sales, decline in rental revenues and higher financing charges, which were partially offset by lower operating costs and increase in other revenues
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 927.85 | 464.34 | (50.0 %) |
| Gross Income | 201.72 | 156.05 | (22.6 %) |
| Operating Income | 157.64 | 120.59 | (23.5 %) |
| Net Income | 74.96 | 10.37 | (86.2 %) |
| Average Shares | 1,080.00 | 1,080.00 | - |
| EPS (Riyals) | 0.07 | 0.01 | (86.2 %) |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 593.02 | 464.34 | (21.7 %) |
| Gross Income | 160.03 | 156.05 | (2.5 %) |
| Operating Income | 113.73 | 120.59 | 6.0 % |
| Net Income | 12.42 | 10.37 | (16.5 %) |
| Average Shares | 1,080.00 | 1,080.00 | - |
| EPS (Riyals) | 0.01 | 0.01 | (16.5 %) |
The company reported a net profit of SAR 10.4 million in Q2 2020, an 86% YoY decline from a profit of SAR 74.9 million a year earlier on lower property sales.
When compared to previous quarter, the company’s profit fell 16.5% in Q2.
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