Dar Al Arkan Real Estate Development Co. reported a net profit of SAR 441.7 million for 2022, compared to SAR 132.5 million a year earlier.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 2,493.08 | 3,925.50 | 57.5 % |
| Gross Income | 896.73 | 1,457.59 | 62.5 % |
| Operating Income | 684.78 | 1,099.65 | 60.6 % |
| Net Income | 132.52 | 441.72 | 233.3 % |
| Average Shares | 1,080.00 | 1,080.00 | - |
| EPS (Riyals) | 0.12 | 0.41 | 233.3 % |
The profit growth was mainly due to higher property sales. The increase in operating expenses and finance costs were partially offset by higher non-operating income from Murabaha deposits and other income from sale of investment in associates, which buoyed net income.
The company’s Q4 2022 net profit fell 14% to SAR 48.7 million from SAR 56.4 million in Q4 2021.
The fourth-quarter profit fell 38.7% quarter-on-quarter from SAR 79.42 million.
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 775.07 | 885.67 | 14.3 % |
| Gross Income | 267.94 | 345.06 | 28.8 % |
| Operating Income | 196.55 | 224.51 | 14.2 % |
| Net Income | 56.40 | 48.71 | (13.6 %) |
| Average Shares | 1,080.00 | 1,080.00 | - |
| EPS (Riyals) | 0.05 | 0.05 | (13.6 %) |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 742.54 | 885.67 | 19.3 % |
| Gross Income | 304.26 | 345.06 | 13.4 % |
| Operating Income | 218.52 | 224.51 | 2.7 % |
| Net Income | 79.42 | 48.71 | (38.7 %) |
| Average Shares | 1,080.00 | 1,080.00 | - |
| EPS (Riyals) | 0.07 | 0.05 | (38.7 %) |
Total shareholders’ equity, no minority interest, reached SAR 19.60 billion at the end of 2022 from SAR 19.15 billion a year ago.
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