Dar Al Arkan Real Estate Development Co. reported a net profit after Zakat and tax of SAR 51 million for the first half of 2021, an over twofold increase compared to SAR 22.8 million a year earlier.
The profit growth was driven by higher property sales.
However, the decrease in lease revenue, higher finance costs, lower share of income from associates and the decline in other non-operating income from Islamic Murabaha deposits curtailed the higher net income generated from property sales.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Revenues | 1,057.36 | 1,122.60 | 6.2 % |
| Gross Income | 316.08 | 412.27 | 30.4 % |
| Operating Income | 234.32 | 330.03 | 40.8 % |
| Net Income | 22.78 | 50.96 | 123.7 % |
| Average Shares | 1,080.00 | 1,080.00 | - |
| EPS (Riyals) | 0.02 | 0.05 | 123.7 % |
In Q2 2021, Dar Al Arkan’s net profit after Zakat increased more than two times to SAR 22.4 million from SAR 10.3 million in the year-earlier period, thanks to higher property sales.
On a quarterly basis, net profit dropped 21.3% from SAR 28.5 million, due to lower lease revenue and an increase in operating expenses, which fully offset the rise in property sales and impacted the net income.
| Item | Q2 2020 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 464.34 | 567.76 | 22.3 % |
| Gross Income | 156.05 | 207.73 | 33.1 % |
| Operating Income | 120.59 | 162.86 | 35.1 % |
| Net Income | 10.37 | 22.44 | 116.5 % |
| Average Shares | 1,080.00 | 1,080.00 | - |
| EPS (Riyals) | 0.01 | 0.02 | 116.5 % |
| Item | Q1 2021 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 554.84 | 567.76 | 2.3 % |
| Gross Income | 204.54 | 207.73 | 1.6 % |
| Operating Income | 167.17 | 162.86 | (2.6 %) |
| Net Income | 28.52 | 22.44 | (21.3 %) |
| Average Shares | 1,080.00 | 1,080.00 | - |
| EPS (Riyals) | 0.03 | 0.02 | (21.3 %) |
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