Dar Al-Arkan Sukuk Company Ltd Dar announces its H1 2024 financial results

RNS Number : 3859Z

Dar Al-Arkan Sukuk Company Ltd

06 August 2024

	Dar Alarkan Real Estate Development Company announces its interim financial results for the period ending on 30-06-2024 (6 months)
		All figures are in (Millions) Saudi Arabian Riyals

	Element	Current quarter	Similar quarter for previous year	% Change Current	Previous quarter	% Change
	Sales / Revenue	961.56	826.23	16.4%	864.92	11.2%
	Gross Profit (Loss)	383.74	315.59	21.6%	355.80	7.9%
	Operational Profit (Loss)	317.49	257.82	23.1%	305.22	4.0%
	Net Profit (Loss) after Zakat and Tax	165.12	146.48	12.7%	153.59	7.5%
	Total Comprehensive Income	145.38	139.55	4.2%	138.26	5.1%

	Element	Current period	Similar period for previous year	% change
	Sales / Revenue	1,826.48	1,590.56	14.8%
	Gross Profit (Loss)	739.53	616.43	20.0%
	Operational Profit (Loss)	622.71	502.91	23.8%
	Net Profit (Loss) after Zakat and Tax	318.71	264.10	20.7%
	Total Comprehensive Income	283.65	253.81	11.8%
	Total Share Holders Equity (after deducting minority equity)	20,575.53	19,857.94	3.61%
	Profit (Loss) per Share	0.30	0.24	-

	Element	Explanation
	The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is	The increase in sales revenue for the current quarter compared to the same quarter of the previous year is mainly due to higher property sale.
	The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	The increase in net income is mainly due to the higher property sale. The Increase in operating expenses, lower income from associates and the increase in finance costs were off-set with the higher non-operating income from Islamic Murabaha deposits and impacted the net income.
	The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is	The increase in sales revenue for the current quarter compared to the previous quarter is mainly due to higher property sale and inclusion of project management consulting revenue.
	The reason of the increase (decrease) in the net profit during the current quarter compared to the previous one is	The increase in net income is mainly due to higher property sale. The increase in operating cost and lower income from associates were off-set with the increase in non-operating income from Islamic Murabaha deposits and the decrease in finance cost and impacted to the net income.
	The reason of the increase (decrease) in the sales/revenue during the current period compared to the same period of the last year is	The increase in sales revenue for the current period compared to the same period last year is mainly due to higher property sale and inclusion of project management consulting revenue.
	The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is	The increase in net income is mainly due to the higher property sale. The increase in operating expenses, higher finance cost and the lower income from associates were off-set with higher non-operating income from Islamic Murabaha deposits and impacted the net income.
Other notes	1. Statement of the type of external auditor's report	Unmodified conclusion
	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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