Riyadh – Mubasher: Dar Al Arkan Real Estate Development Company witnessed a 15.78% year-on-year (YoY) decrease in net profit after Zakat and tax to SAR 264.10 million during the first half (H1) of 2023 from SAR 313.60 million.
The earnings per share (EPS) went down to SAR 0.24 in H1-23 from SAR 0.29 in H1-22, according to the financial results.
The real estate firm attributed the annual plunge in H1-23 net income to lower property sales, as the revenue dropped by 30.76% to SAR 1.59 billion from SAR 2.29 billion in H1-22.
Income Statement for Q2-23
During the second quarter (Q2) of 2023, Dar Al Arkan achieved a 58.22% annual increase in net profit to SAR 146.48 million from SAR 92.58 million.
The sales also grew by 21.87% to SAR 826.23 million during April-June 2023 from SAR 677.95 million in Q2-22.
On a quarterly basis, the net profits in Q2-23 were 24.53% higher than in Q1-23, while the revenues rose by 8.10%.
In January-March 2023, the listed firm saw net profits worth SAR 117.63 million in addition to sales amounting to SAR 764.32 million.
