Financial Results : Dar Al Arkan 2024 profit rises 32% to SAR 807.8M; Q4 at SAR 354.4M

Dar Al Arkan 2024 profit rises 32% to SAR 807.8M; Q4 at SAR 354.4M

19/03/2025 Argaam Exclusive

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Dar Al Arkan Real Estate Development Co. reported a net profit of SAR 807.8 million for 2024, a 32% growth from SAR 610.8 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 2,707.10 3,759.02 38.9 %
Gross Income 1,070.41 1,600.01 49.5 %
Operating Income 865.31 1,334.11 54.2 %
Net Income 610.76 807.83 32.3 %
Average Shares 1,080.00 1,080.00 -
Earnings Per Share before unusual items (Riyals) 0.57 0.72 28.1 %
EPS (Riyal) 0.57 0.75 32.3 %

Revenue increased by 38.9% year-on-year (YoY) to SAR 3.75 billion in 2024 driven by higher real estate sales and rental income.

 

The company attributed the increase to stronger sales revenue, supported by higher property sales, along with growth in rental income and a rise in non-operating income from Islamic Murabaha investments.

 

This came despite rising operating costs, higher financing expenses, and lower returns from investments in associates.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 400.85 1,013.81 152.9 %
Gross Income 168.62 448.37 165.9 %
Operating Income 128.09 378.63 195.6 %
Net Income 194.74 354.38 82.0 %
Average Shares 1,080.00 1,080.00 -
Earnings Per Share before unusual items (Riyal) 0.18 0.30 69.0 %
EPS (Riyal) 0.18 0.33 82.0 %
Dar Al Arkan's net profit rose by 82% to SAR 354.38 million in Q4 2024 from SAR 194.74 million in Q3 2023.
On a sequential basis, net profit grew 163% from SAR 134.75 million in Q3 2024.

 

Total shareholders’ equity, excluding minority interest, stood at SAR 21.09 billion by Dec. 31, 2024, compared to SAR 20.29 billion a year earlier.

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