Riyadh – Mubasher: Dar Al Arkan Real Estate Development Company recorded an annual jump of 38.27% in net profit to SAR 610.76 million during 2023, compared to SAR 441.72 million.
Revenues dropped by 31.04% year-on-year (YoY) to SAR 2.70 billion as of 31 December 2023 from SAR 3.92 billion, according to the financial results.
Meanwhile, the earnings per share (EPS) increased to SAR 0.57 last year from SAR 0.41 in 2022.
The increase in net income is mainly attributed to a growth in the share of income from associates and the surge in lease revenue.
The rise in finance cost is fully offset by the decrease in operating expenses and the higher non-operating income from Islamic Murabaha deposits and positively impacted the net income.
In the January-September 2023 period, Dar Al Arkan logged net profits after Zakat and tax valued at SAR 416.01 million, up 5.85% YoY from SAR 393.01 million.
