Dar Al Arkan Real Estate Development achieved a significant increase in profits by 117% to reach, after zakat and tax, 22.4 million riyals in the second quarter of 2021, compared to 10.4 million riyals for the same period last year.
According to Arabiya Net, its profits for the first half year witnessed a jump by 124% to approximately 51 million riyals, after zakat and tax, from about 22.8 million riyals in the same period. From 2020.
In a statement on the Saudi market's website, Tadawul, Dar Al-Arkan said that the rise in quarterly net profit is mainly due to the increase in real estate sales, and that the rise in operating expenses and burdens Financing and a decrease in investment income in associates, as well as a decrease in other non-operating income realized from Islamic Murabaha, was offset by the increase in rental income, which had an impact on the net profit.
The rise in net profit in the first half was mainly due to an increase in real estate sales. The decrease in rental income, increase in financing cost, decrease in investment income in associates and other non-operating income from Islamic Murabaha, reduced the net income from the sale of real estate.
