Financial Results : Dar Al Arkan profit up 55% to SAR 703.6M in 9M 2025; Q3 at SAR 255.6M

Dar Al Arkan profit up 55% to SAR 703.6M in 9M 2025; Q3 at SAR 255.6M

10/11/2025 Argaam Exclusive

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Dar Al Arkan Real Estate Development Co. reported a net profit of SAR 703.6 million in the first nine months of 2025, a rise of 55% from SAR 453.5 million in a year-earlier period.



Financials (M)

Item 9m 2024 9m 2025 Change‬
Revenues 2,745.21 2,801.39 2.0 %
Gross Income 1,151.64 1,415.42 22.9 %
Operating Income 955.48 1,233.57 29.1 %
Net Income 453.46 703.57 55.2 %
Average Shares 1,080.00 1,080.00 -
Earnings Per Share before unusual items (Riyals) 0.42 0.65 55.2 %
EPS (Riyal) 0.42 0.65 55.2 %

The increase was driven by higher sales revenue, supported by stronger property sales and the inclusion of project management contracting revenue.

 

The company also benefited from higher property margins, lower operating costs, increased non-operating income from Shariah-compliant Murabaha deposits, and a larger share of profit from associates. These gains were partially offset by higher finance costs.



Current Quarter Comparison (M)

Compared With The
Item Q3 2024 Q3 2025 Change‬
Revenues 918.73 1,017.25 10.7 %
Gross Income 412.11 598.01 45.1 %
Operating Income 332.77 542.68 63.1 %
Net Income 134.75 255.60 89.7 %
Average Shares 1,080.00 1,080.00 -
Earnings Per Share before unusual items (Riyal) 0.12 0.24 89.7 %
EPS (Riyal) 0.12 0.24 89.7 %

Dar Al Arkan’s Q3 2025 net earnings rose 90% to SAR 255.6 million from SAR 134.75 million in Q3 2024, and were up 7.1% sequentially from SAR 238.64 million in Q2 2025.

 

Total shareholders’ equity, excluding minority interest, reached SAR 21.84 billion as of Sept. 30, 2025, compared to SAR 20.72 billion in the corresponding period of 2024.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2016 434.61 (39.8 %) 191.60 (42.1 %) 153.29 (42.9 %)
Q2 2016 407.56 (22.9 %) 184.70 (19.5 %) 139.34 (18.7 %)
Q3 2016 617.57 14.2 % 245.20 1.3 % 210.22 10.3 %
Q4 2016 410.49 (2.1 %) 170.46 (5.7 %) 129.07 (10.9 %)
Q1 2017 360.33 (17.1 %) 135.69 (29.2 %) 97.20 (36.6 %)
Q2 2017 456.49 12.0 % 160.14 (13.3 %) 113.78 (18.3 %)
Q3 2017 1,482.74 140.1 % 352.81 43.9 % 312.16 48.5 %
Q4 2017 2,435.12 493.2 % 465.37 173.0 % 428.87 232.3 %
Q1 2018 2,793.91 675.4 % 474.61 249.8 % 436.45 349.0 %
Q2 2018 1,784.80 291.0 % 266.17 66.2 % 218.82 92.3 %
Q3 2018 987.63 (33.4 %) 164.67 (53.3 %) 124.22 (60.2 %)
Q4 2018 846.09 (65.3 %) 151.86 (67.4 %) 108.89 (74.6 %)
Q1 2019 823.68 (70.5 %) 159.28 (66.4 %) 117.24 (73.1 %)
Q2 2019 927.85 (48.0 %) 201.72 (24.2 %) 157.64 (28.0 %)
Q3 2019 899.41 (8.9 %) 250.56 52.2 % 211.39 70.2 %
Q4 2019 840.92 (0.6 %) 212.87 40.2 % 163.38 50.0 %
Q1 2020 593.02 (28.0 %) 160.03 0.5 % 113.73 (3.0 %)
Q2 2020 464.34 (50.0 %) 156.05 (22.6 %) 120.59 (23.5 %)
Q3 2020 391.24 (56.5 %) 161.64 (35.5 %) 119.34 (43.5 %)
Q4 2020 496.26 (41.0 %) 196.93 (7.5 %) 149.66 (8.4 %)
Q1 2021 554.84 (6.4 %) 204.54 27.8 % 167.17 47.0 %
Q2 2021 567.76 22.3 % 207.73 33.1 % 162.86 35.1 %
Q3 2021 595.41 52.2 % 216.52 34.0 % 158.20 32.6 %
Q4 2021 775.07 56.2 % 267.94 36.1 % 196.55 31.3 %
Q1 2022 1,619.34 191.9 % 562.78 175.1 % 499.09 198.5 %
Q2 2022 677.95 19.4 % 245.49 18.2 % 157.54 (3.3 %)
Q3 2022 742.54 24.7 % 304.26 40.5 % 218.52 38.1 %
Q4 2022 885.67 14.3 % 345.06 28.8 % 224.51 14.2 %
Q1 2023 764.32 (52.8 %) 300.84 (46.5 %) 245.09 (50.9 %)
Q2 2023 826.23 21.9 % 315.59 28.6 % 257.82 63.6 %
Q3 2023 715.70 (3.6 %) 285.35 (6.2 %) 234.31 7.2 %
Q4 2023 400.85 (54.7 %) 168.62 (51.1 %) 128.09 (42.9 %)
Q1 2024 864.92 13.2 % 355.80 18.3 % 305.22 24.5 %
Q2 2024 961.56 16.4 % 383.74 21.6 % 317.49 23.1 %
Q3 2024 918.73 28.4 % 412.11 44.4 % 332.77 42.0 %
Q4 2024 1,013.81 152.9 % 448.37 165.9 % 378.63 195.6 %
Q1 2025 932.01 7.8 % 406.57 14.3 % 337.59 10.6 %
Q2 2025 852.14 (11.4 %) 410.85 7.1 % 353.43 11.3 %
Q3 2025 1,017.25 10.7 % 598.01 45.1 % 542.68 63.1 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2016 57.85 (60.7 %) 0.05 - 57.85 0.05
Q2 2016 43.23 (38.7 %) 0.04 - 43.23 0.04
Q3 2016 112.47 21.3 % 0.10 - 112.47 0.10
Q4 2016 37.29 (23.4 %) 0.03 - 37.29 0.03
Q1 2017 12.13 (79.0 %) 0.01 - 12.13 0.01
Q2 2017 10.94 (74.7 %) 0.01 - 10.94 0.01
Q3 2017 209.62 86.4 % 0.19 - 209.62 0.19
Q4 2017 320.68 760.0 % 0.30 - 320.68 0.30
Q1 2018 331.12 2629.1 % 0.31 - 331.12 0.31
Q2 2018 108.60 892.3 % 0.10 - 108.60 0.10
Q3 2018 36.73 (82.5 %) 0.03 - 36.73 0.03
Q4 2018 32.53 (89.9 %) 0.03 - 32.53 0.03
Q1 2019 25.51 (92.3 %) 0.02 - 25.51 0.02
Q2 2019 74.96 (31.0 %) 0.07 - 74.96 0.07
Q3 2019 134.87 267.2 % 0.12 - 134.87 0.12
Q4 2019 69.26 112.9 % 0.06 - 69.26 0.06
Q1 2020 12.42 (51.3 %) 0.01 - 12.42 0.01
Q2 2020 10.37 (86.2 %) 0.01 - 10.37 0.01
Q3 2020 (18.59) (113.8 %) (0.02) - (18.59) (0.02)
Q4 2020 14.60 (78.9 %) 0.01 - 14.60 0.01
Q1 2021 28.52 129.7 % 0.03 - 28.52 0.03
Q2 2021 22.44 116.5 % 0.02 - 22.44 0.02
Q3 2021 25.17 235.4 % 0.02 - 25.17 0.02
Q4 2021 56.40 286.2 % 0.05 - 56.40 0.05
Q1 2022 221.02 675.0 % 0.20 (133.84) 354.86 0.33
Q2 2022 92.58 312.5 % 0.09 40.38 52.20 0.05
Q3 2022 79.42 215.6 % 0.07 - 79.42 0.07
Q4 2022 48.71 (13.6 %) 0.05 - 48.71 0.05
Q1 2023 117.63 (46.8 %) 0.11 - 117.63 0.11
Q2 2023 146.48 58.2 % 0.14 - 146.48 0.14
Q3 2023 151.91 91.3 % 0.14 - 151.91 0.14
Q4 2023 194.74 299.8 % 0.18 - 194.74 0.18
Q1 2024 153.59 30.6 % 0.14 - 153.59 0.14
Q2 2024 165.12 12.7 % 0.15 - 165.12 0.15
Q3 2024 134.75 (11.3 %) 0.12 - 134.75 0.12
Q4 2024 354.38 82.0 % 0.33 25.32 329.06 0.30
Q1 2025 209.73 36.5 % 0.19 - 209.73 0.19
Q2 2025 238.64 44.5 % 0.22 - 238.64 0.22
Q3 2025 255.60 89.7 % 0.24 - 255.60 0.24

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2016 43.87 % 38.20 % 14.02 %
Q2 2016 44.34 % 39.09 % 13.45 %
Q3 2016 42.69 % 38.63 % 13.95 %
Q4 2016 42.34 % 37.93 % 13.41 %
Q1 2017 40.98 % 36.42 % 11.42 %
Q2 2017 38.57 % 34.05 % 9.37 %
Q3 2017 30.22 % 27.00 % 9.96 %
Q4 2017 23.53 % 21.73 % 11.69 %
Q1 2018 20.27 % 19.08 % 12.17 %
Q2 2018 18.35 % 17.34 % 11.42 %
Q3 2018 17.13 % 16.05 % 9.96 %
Q4 2018 16.49 % 15.08 % 7.94 %
Q1 2019 16.70 % 14.45 % 4.58 %
Q2 2019 18.90 % 16.03 % 4.73 %
Q3 2019 21.83 % 18.75 % 7.66 %
Q4 2019 23.61 % 20.20 % 8.72 %
Q1 2020 25.30 % 21.53 % 8.94 %
Q2 2020 27.86 % 23.78 % 8.11 %
Q3 2020 30.16 % 25.09 % 3.21 %
Q4 2020 34.69 % 28.77 % 0.97 %
Q1 2021 37.72 % 32.16 % 1.83 %
Q2 2021 38.35 % 32.45 % 2.34 %
Q3 2021 37.29 % 31.12 % 4.10 %
Q4 2021 35.97 % 29.43 % 5.32 %
Q1 2022 35.28 % 29.87 % 12.90 %
Q2 2022 35.25 % 28.85 % 13.32 %
Q3 2022 36.19 % 29.30 % 14.23 %
Q4 2022 37.13 % 29.29 % 13.63 %
Q1 2023 38.94 % 29.18 % 9.70 %
Q2 2023 39.32 % 30.97 % 12.19 %
Q3 2023 39.06 % 31.78 % 14.56 %
Q4 2023 39.54 % 33.82 % 22.56 %
Q1 2024 40.08 % 34.82 % 23.03 %
Q2 2024 40.55 % 35.30 % 22.61 %
Q3 2024 41.97 % 36.23 % 20.60 %
Q4 2024 42.56 % 36.99 % 20.82 %
2024 42.56 % 36.99 % 20.82 %
Q1 2025 43.15 % 37.19 % 21.92 %
Q2 2025 45.14 % 39.27 % 24.54 %
Q3 2025 48.85 % - 27.08 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2016 1,080.00 0.25 0.25 16.65
Q2 2016 1,080.00 0.22 0.22 16.69
Q3 2016 1,080.00 0.24 0.24 16.80
Q4 2016 1,080.00 0.23 0.23 16.83
Q1 2017 1,080.00 0.19 0.19 16.84
Q2 2017 1,080.00 0.16 0.16 16.85
Q3 2017 1,080.00 0.25 0.25 17.05
Q4 2017 1,080.00 0.51 0.51 17.35
Q1 2018 1,080.00 0.81 0.81 17.65
Q2 2018 1,080.00 0.90 0.90 17.25
Q3 2018 1,080.00 0.74 0.74 17.29
Q4 2018 1,080.00 0.47 0.47 17.32
Q1 2019 1,080.00 0.19 0.19 17.34
Q2 2019 1,080.00 0.16 0.16 17.41
Q3 2019 1,080.00 0.25 0.25 17.54
Q4 2019 1,080.00 0.28 0.28 17.60
Q1 2020 1,080.00 0.27 0.27 17.61
Q2 2020 1,080.00 0.21 0.21 17.62
Q3 2020 1,080.00 0.07 0.07 17.61
Q4 2020 1,080.00 0.02 0.02 17.62
Q1 2021 1,080.00 0.03 0.03 17.64
Q2 2021 1,080.00 0.04 0.04 17.66
Q3 2021 1,080.00 0.08 0.08 17.69
Q4 2021 1,080.00 0.12 0.12 17.74
Q1 2022 1,080.00 0.30 0.42 17.95
Q2 2022 1,080.00 0.37 0.45 18.03
Q3 2022 1,080.00 0.42 0.50 18.10
Q4 2022 1,080.00 0.41 0.50 18.15
Q1 2023 1,080.00 0.31 0.28 18.26
Q2 2023 1,080.00 0.36 0.36 18.39
Q3 2023 1,080.00 0.43 0.43 18.61
Q4 2023 1,080.00 0.57 0.57 18.79
Q1 2024 1,080.00 0.60 0.60 18.92
Q2 2024 1,080.00 0.62 0.62 19.05
Q3 2024 1,080.00 0.60 0.60 19.19
Q4 2024 1,080.00 0.75 0.72 19.53
Q1 2025 1,080.00 0.80 0.78 19.73
Q2 2025 1,080.00 0.87 0.84 19.93
Q3 2025 1,080.00 0.98 0.96 20.23

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2016 21.02 21.02 0.32
Q2 2016 28.86 28.86 0.39
Q3 2016 19.56 19.56 0.28
Q4 2016 26.52 26.52 0.37
Q1 2017 31.54 31.54 0.36
Q2 2017 41.87 41.87 0.40
Q3 2017 26.00 26.00 0.38
Q4 2017 28.10 28.10 0.83
Q1 2018 15.52 15.52 0.71
Q2 2018 11.74 11.74 0.61
Q3 2018 13.51 13.51 0.58
Q4 2018 19.14 19.14 0.52
Q1 2019 56.82 56.82 0.62
Q2 2019 75.09 75.09 0.68
Q3 2019 48.14 48.14 0.68
Q4 2019 39.00 39.00 0.62
Q1 2020 30.38 30.38 0.47
Q2 2020 33.79 33.79 0.40
Q3 2020 More than 100 More than 100 0.53
Q4 2020 More than 100 More than 100 0.49
Q1 2021 More than 100 More than 100 0.52
Q2 2021 More than 100 More than 100 0.60
Q3 2021 More than 100 More than 100 0.58
Q4 2021 81.99 81.99 0.57
Q1 2022 36.35 25.75 0.61
Q2 2022 29.41 23.78 0.60
Q3 2022 38.21 31.63 0.88
Q4 2022 28.41 23.45 0.64
Q1 2023 51.14 58.07 0.88
Q2 2023 42.24 42.24 0.83
Q3 2023 36.63 36.63 0.85
Q4 2023 25.11 25.11 0.76
Q1 2024 22.84 22.84 0.72
Q2 2024 18.93 18.93 0.61
Q3 2024 25.99 25.99 0.81
Q4 2024 20.19 20.84 0.77
Q1 2025 26.75 27.56 1.08
Q2 2025 22.12 22.73 0.96
Q3 2025 20.35 20.85 0.99

Business Segments (Million)

Compared With The
Period Real estate development Project Management, Consulting and Contracting Rentals from investment properties Sale of Land Sale of residential properties Others
Q1 2016 - - 36.69 397.92 - -
Q2 2016 - - 36.93 370.63 - -
Q3 2016 - - 34.51 583.06 - -
Q4 2016 - - 37.42 373.08 - -
Q1 2017 - - 38.82 321.51 - -
Q2 2017 - - 36.23 417.20 - -
Q3 2017 - - 36.41 1,445.21 1.13 -
Q4 2017 - - 38.40 2,400.90 - -
Q1 2018 2,759.90 - 34.02 - - -
Q2 2018 1,750.72 - 34.08 - - -
Q3 2018 955.17 - 32.29 - - -
Q4 2018 810.70 - 35.39 - - -
Q1 2019 789.39 - 34.28 - - -
Q2 2019 891.99 - 35.86 - - -
Q3 2019 862.30 - 37.11 - - -
Q4 2019 806.53 - 34.39 - - -
Q1 2020 555.64 - 37.38 - - -
Q2 2020 437.84 - 26.51 - - -
Q3 2020 356.61 - 34.62 - - -
Q4 2020 462.29 - 33.97 - - -
Q1 2021 524.66 - 30.18 - - -
Q2 2021 539.83 - 27.94 - - -
Q3 2021 568.67 - 26.75 - - -
Q4 2021 746.30 - 28.76 - - -
Q1 2022 1,592.24 - 27.10 - - -
Q2 2022 651.77 - 26.18 - - -
Q3 2022 712.78 - 29.76 - - -
Q4 2022 852.82 - 32.84 - - -
Q1 2023 732.09 - 32.24 - - -
Q2 2023 795.14 - 31.09 - - -
Q3 2023 680.64 - 35.06 - - -
Q4 2023 363.39 - 34.82 - - 2.63
Q1 2024 830.25 0.20 33.97 - - 0.50
Q2 2024 873.39 51.59 34.94 - - 1.45
Q3 2024 815.90 - 36.94 - - 65.89
Q4 2024 929.64 - 37.44 - - 46.73
Q1 2025 855.18 36.58 37.37 - - 2.88
Q2 2025 717.47 96.33 36.68 - - 1.67

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change
Average 187.00 255.60

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬
SNB Capital 187.00 255.60


Financial Ratios
Current
Market Cap (M Riyal) 18,360.02
Enterprise Value (EV) (M Riyal) 23,073.17
Shares Outstanding ((M)) 1,080.00
EPS ( Riyal) (TTM) 0.98
Book Value (BV) ( Riyal) 20.23
Par Value ( Riyal) 10.00
Recurring P/E 17.77
P/E (TTM) 17.35
Price/book 0.84
Return on Average Assets (%) (TTM) 3.0
Return on Average Equity (%) (TTM) 5.0
EV/adj EBITDA -
EV/Revenues 6.05
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Share Price

Dar Alarkan Real Estate Development Co.
17.00
0.86 5.33 %

Dar Alarkan Real Estate Development Co. (DAR ALARKAN)

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