Financial Results : Dar Al Arkan’s 2023 net profit up 38% to SAR 610.8M; Q4 at SAR 194.8M

Dar Al Arkan’s 2023 net profit up 38% to SAR 610.8M; Q4 at SAR 194.8M

20/03/2024 Argaam Exclusive

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Dar Al Arkan Real Estate Development Co. reported a net profit of SAR 610.8 million for 2023, an increase of 38% compared to SAR 441.7 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 3,925.50 2,707.10 (31.0 %)
Gross Income 1,457.59 1,070.41 (26.6 %)
Operating Income 1,099.65 865.31 (21.3 %)
Net Income 441.72 610.76 38.3 %
Average Shares 1,080.00 1,080.00 -
Earnings Per Share before unusual items 0.50 0.57 14.1 %
EPS (Riyals) 0.41 0.57 38.3 %

This was fueled by an increase in profit share from associates and higher lease revenue. The real estate developer said higher financing costs were offset by lower operating expenses.

 

Q4 2023 net profit stood at SAR 194.8 million, compared to SAR 48.71 million in the prior year period.

 

On a quarterly basis, net profit increased 28.2% from SAR 151.91 million.

 



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 885.67 400.85 (54.7 %)
Gross Income 345.06 168.62 (51.1 %)
Operating Income 224.51 128.09 (42.9 %)
Net Income 48.71 194.74 299.8 %
Average Shares 1,080.00 1,080.00 -
Earnings Per Share before unusual items 0.05 0.18 299.8 %
EPS (Riyals) 0.05 0.18 299.8 %

Total shareholders’ equity, no minority interest, stood at SAR 20.29 billion by Dec. 31, 2023, compared to SAR 19.60 billion a year earlier.

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