The profits of Dar Al-Arkan Real Estate Development Company decreased by 51.3% to reach 12.42 million riyals in the first quarter of 2020, compared to 25.51 million riyals in the first quarter of the year 2019.
According to ArabiaNet, the profits fell by 81.9%, compared to the previous quarter's profits, which was 68.8 million riyals.
The value of Dar Al-Arkan's operating profit in the first quarter was 160 million riyals, compared to 159 million riyals, in the corresponding period of last year, a slight increase of 0.47%. p>
Dar Al-Arkan said that the decline in profits was due to lower real estate sales, higher operating expenses and financing charges, and it was partially offset by the increase in rental income in addition to the increase in other non-operating and realized revenues Islamic murabaha and higher investment income in associates, which has had an impact on net income.
