Dar Al Arkan Real Estate Development Co.’s net profit after Zakat and tax soared to SAR 76.1 million for the first nine months of 2021, from SAR 4.2 million in the year earlier period.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 1,448.60 | 1,718.01 | 18.6 % |
| Gross Income | 477.72 | 628.79 | 31.6 % |
| Operating Income | 353.66 | 488.23 | 38.1 % |
| Net Income | 4.19 | 76.13 | 1716.0 % |
| Average Shares | 1,080.00 | 1,080.00 | - |
| EPS (Riyals) | 0.00 | 0.07 | 1716.0 % |
This profit surge was driven by higher property sales. Meanwhile, lower lease revenue, higher operating cost and lower non-operating income from Murabaha deposit were fully offset by higher profit share from associates.
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 391.24 | 595.41 | 52.2 % |
| Gross Income | 161.64 | 216.52 | 34.0 % |
| Operating Income | 119.34 | 158.20 | 32.6 % |
| Net Income | (18.59) | 25.17 | 235.4 % |
| Average Shares | 1,080.00 | 1,080.00 | - |
| EPS (Riyals) | (0.02) | 0.02 | 235.4 % |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 567.76 | 595.41 | 4.9 % |
| Gross Income | 207.73 | 216.52 | 4.2 % |
| Operating Income | 162.86 | 158.20 | (2.9 %) |
| Net Income | 22.44 | 25.17 | 12.1 % |
| Average Shares | 1,080.00 | 1,080.00 | - |
| EPS (Riyals) | 0.02 | 0.02 | 12.1 % |
The real estate developer reported a net profit after Zakat and tax of SAR 25.2 million in Q3 2021, versus a net loss after Zakat and tax of SAR 18.59 million in year earlier period, on higher property sales.
On a sequential basis, net profit increased by 12.2%.
Total shareholders’ equity (after deducting minority equity) inched up 0.46% YoY to SAR 19.1 billion for the nine-month period.
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