Dar Al Arkan Real Estate Development Co.’s net profit dropped 16% to SAR 264.1 million in H1 2023, compared to SAR 313.6 million in the year-ago period.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 2,297.29 | 1,590.56 | (30.8 %) |
| Gross Income | 808.27 | 616.43 | (23.7 %) |
| Operating Income | 656.63 | 502.91 | (23.4 %) |
| Net Income | 313.60 | 264.10 | (15.8 %) |
| Average Shares | 1,080.00 | 1,080.00 | - |
| EPS (Riyals) | 0.29 | 0.24 | (15.8 %) |
The profit decline was mainly due to lower property sales. The company also reported an increase in finance costs, which was fully offset by higher non-operating other income from Islamic Murabaha deposits.
On the other hand, the real estate developer recorded an increase in lease revenue, and growth in the share of income from associates.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 677.95 | 826.23 | 21.9 % |
| Gross Income | 245.49 | 315.59 | 28.6 % |
| Operating Income | 157.54 | 257.82 | 63.6 % |
| Net Income | 92.58 | 146.48 | 58.2 % |
| Average Shares | 1,080.00 | 1,080.00 | - |
| EPS (Riyals) | 0.09 | 0.14 | 58.2 % |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 764.32 | 826.23 | 8.1 % |
| Gross Income | 300.84 | 315.59 | 4.9 % |
| Operating Income | 245.09 | 257.82 | 5.2 % |
| Net Income | 117.63 | 146.48 | 24.5 % |
| Average Shares | 1,080.00 | 1,080.00 | - |
| EPS (Riyals) | 0.11 | 0.14 | 24.5 % |
In Q2 2023, the company’s net profit reached SAR 146.5 million, up 58.2% from SAR 92.58 million in the corresponding period of 2022, driven by better property sales and lease revenue, along with higher income from associates.
The real estate developer’s Q2 net profit also rose 24.5% from SAR 117.63 million in Q1 2023, thanks to increased property sales.
Total shareholders’ equity, with no minority interest, increased to SAR 19.85 billion by the end of the six-month period, from SAR 19.47 billion a year earlier.
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