Dar Al Arkan's profits rose 129.6 percent, with 28.5 million riyals in the first quarter of 2021, compared to SAR 12.4 million.
According to Arab Net, the company's earnings in the first quarter of 2021, rose 128.2% compared to net profit of about 12.5 million riyals in the fourth quarter of 2020.
The rise in net profit in the first quarter of 2021, on an annual basis, is mainly due to high profit margin.
The decline in leasing revenues, high funding burden, and low investment income in associates, as well as the decline in other non-operational income and the jurisprudence of Islamic murcabas have been compensated in the operating costs and had the impact on net profit.
Dar Al Arkan Real Estate Development, fell after zakat and a sharp tax, 93.8% to SR 18.8 million by the end of 2020, compared to SR 304.5 million in 2019.
