Dar Al-Arkan Sukuk Company Ltd Annual Financial Report

RNS Number : 6028H

Dar Al-Arkan Sukuk Company Ltd

20 March 2024

Dar Alarkan Real Estate Development Company announces its annual financial results for the period ending on 31-12-2023 (12 months)
		All figures are in (Millions) Saudi Arabia, Riyals
Element		Current year	Previous year	% Change
Sales/Revenue		2,707.10	3,925.50	-31.0%
Gross Profit (Loss)		1,070.41	1,457.59	-26.6%
Operational Profit (Loss)		865.31	1,099.66	-21.3%
Net Profit (Loss) after Zakat and Tax		610.76	441.72	38.3%
Total Comprehensive Income		589.19	444.50	32.6%
Total Share Holders Equity (after deducting minority equity)		20,291.88	19,604.13	3.51%
Profit (Loss) per Share		0.57	0.41	-

Element List		Amount	Percentage Of The Capital (%)
Profit (Losses) Resulting From The Change In Investment Properties Fair Value		-	-

Element		Explanations
The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year		The decrease in sales revenue for the current year compared to previous year is mainly due to lower property sale.
The reason of the increase (decrease) in the net profit during the current year compared to the last year is		Despite of lower property sales; the increase in net income is mainly due to the increase in share of income from associates and the increase in lease revenue. The increase in finance cost is fully off-set with the decrease in operating expenses and the higher non-operating income from Islamic Murabaha deposits and positively impacted the net income.

Explanations
Notes	1. Statement of the type of external auditor's report	Unmodified opinion
	2. Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion	None
	3. Reclassification of Comparison Items	None
	4. Additional Information	None

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