Dar Al Arkan Real Estate Development Co. reported a spike in net profit after Zakat and tax to SAR 393 million in the first nine months of 2022, from SAR 76.1 million in the year-earlier period.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 1,718.01 | 3,039.83 | 76.9 % |
| Gross Income | 628.79 | 1,112.53 | 76.9 % |
| Operating Income | 488.23 | 875.15 | 79.2 % |
| Net Income | 76.13 | 393.01 | 416.3 % |
| Average Shares | 1,080.00 | 1,080.00 | - |
| EPS (Riyals) | 0.07 | 0.36 | 416.3 % |
The profit surge was primarily driven by higher property sales. The decline in lease revenue, increase in operating expenses and lower non-operating income from Islamic Murabaha deposits were offset by lower finance costs, better income from associates and the other income from sale of investment in associates.
In Q3 2022, the company’s net profit after Zakat and tax more than tripled to SAR 79.4 million, from SAR 25.17 million in Q3 2021, thanks to better property sales.
Compared to Q2 2022, net profit dropped 14.2% from SAR 92.58 million on an increase in finance costs and income from sale of investment in associates in the previous quarter.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 595.41 | 742.54 | 24.7 % |
| Gross Income | 216.52 | 304.26 | 40.5 % |
| Operating Income | 158.20 | 218.52 | 38.1 % |
| Net Income | 25.17 | 79.42 | 215.6 % |
| Average Shares | 1,080.00 | 1,080.00 | - |
| EPS (Riyals) | 0.02 | 0.07 | 215.6 % |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 677.95 | 742.54 | 9.5 % |
| Gross Income | 245.49 | 304.26 | 23.9 % |
| Operating Income | 157.54 | 218.52 | 38.7 % |
| Net Income | 92.58 | 79.42 | (14.2 %) |
| Average Shares | 1,080.00 | 1,080.00 | - |
| EPS (Riyals) | 0.09 | 0.07 | (14.2 %) |
Total shareholders’ equity, no minority interest, jumped to SAR 19.552 billion as of Sept. 30, 2022, from SAR 19.102 billion a year earlier.
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