The preliminary financial results of Dar Al-Arkan Real Estate Development Company showed its transformation to recording profits after zakat and tax of 25.17 million riyals in the third quarter of 2021 from a loss of 18.59 million riyals in the same quarter of the previous year.
According to Arabiya Net and on a quarterly basis, the company's profits increased in the third quarter by 12.16%, compared to a profit of 22.44 million riyals in the second quarter of 2021.
The company said in a statement to Saudi Arabia's Tadawul, today, Monday, that achieving profits is mainly due to the increase in real estate sales.
The company stated that the increase in operating expenses, decrease in rental income and decrease in other non-operating income earned from Islamic Murabaha, was offset by the decrease in the cost of financing and the increase in investment income in companies. associate and had an impact on the net profit.
In terms of results for the first nine months of 2021, the data indicated an increase in profits by 1716%, recording 76 million riyals, compared to profits of 4.19 million riyals in the same period of 2020. .
