Dar Al Arkan Real Estate Development Co. reported a net profit after Zakat and tax of SAR 221 million for Q1 2022, compared to SAR 28.5 million in the year-ago period.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 554.84 | 1,619.34 | 191.9 % |
| Gross Income | 204.54 | 562.78 | 175.1 % |
| Operating Income | 167.17 | 499.09 | 198.5 % |
| Net Income | 28.52 | 221.02 | 675.0 % |
| Average Shares | 1,080.00 | 1,080.00 | - |
| EPS (Riyals) | 0.03 | 0.20 | 675.0 % |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 775.07 | 1,619.34 | 108.9 % |
| Gross Income | 267.94 | 562.78 | 110.0 % |
| Operating Income | 196.55 | 499.09 | 153.9 % |
| Net Income | 56.40 | 221.02 | 291.9 % |
| Average Shares | 1,080.00 | 1,080.00 | - |
| EPS (Riyals) | 0.05 | 0.20 | 291.9 % |
The profit surge was buoyed by higher property sales.
On the other hand, the increase in operating expenses, along with a decrease in lease revenue, profit share from associates and non-operating income from Islamic Murabaha deposit, were fully offset by a decline in finance costs.
Compared to Q4 2021, net profit after Zakat and tax nearly quadrupled from SAR 56.4 million.
Total shareholders’ equity, after minority interest, rose 1.71% to SAR 19.380 billion in Q1 2022, from SAR 19.054 billion a year earlier.
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