The net profit of Dar Al Arkan Real Estate Development Company increased by 312.6% after zakat and tax, to reach about 92.58 million riyals in the second quarter of 2022, compared to 22.44 million riyals in the second quarter of 2021.
According to Arabiya Net, Dar Al-Arkan said in a statement that the increase in net profits in the second quarter of 2022, on an annual basis, is mainly due to the increase in real estate sales.
She added that the increase in operating expenses, in addition to a decrease in rental income and a decrease in investment income in associates, along with a decrease in other non-operating income realized from Islamic Murabaha, was offset by a decrease in the cost of financing in addition to the proceeds from the sale of investments in associate companies and had an impact on the net profit.
On a quarterly basis, Dar Al-Arkan's net profit decreased by 58.1% in the second quarter of 2022, compared to a net profit of about 221.02 million riyals in the first quarter of 2022.
During the first half of 2022, Dar Al-Arkan's net profit increased by 515.4% to about 313.6 million riyals, after zakat and tax, compared to about 50.96 million riyals in the first half of 2021.
