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RIYADH - Dar Al-Arkan Real Estate Development Company has reported a significant increase in its annual financial results for the year ending December 31, 2024. The Saudi Arabian firm announced a 38.9% rise in sales revenue, climbing from SAR 2,707.10 million the previous year to SAR 3,759.02 million. This substantial growth has been attributed to heightened property sales over the period.
The company’s gross profit followed a similar trajectory, surging by 49.5% to reach SAR 1,600.00 million, compared to SAR 1,070.41 million in the prior year. Operational profit also saw a robust increase of 54.2%, from SAR 865.31 million to SAR 1,334.10 million.
Net profit after Zakat and tax rose by 32.1%, with the company recording SAR 806.84 million, up from SAR 610.76 million the year before. Total (EPA:TTEF) comprehensive income showed a strong performance as well, with a 35.8% increase to SAR 800.00 million from SAR 589.19 million. Shareholders’ equity experienced a modest rise of 3.96%, ending the year at SAR 21,094.61 million.
Earnings per share increased from SAR 0.57 to SAR 0.75. The company’s financial statement received an unmodified opinion from external auditors, with no qualifications, modifications, or emphasis of matter stated.
The report indicates that the growth in net income can be primarily credited to the rise in property sales. Despite higher operating expenses, an increase in finance costs, and a decrease in income from associates, these were offset by an increase in lease revenue and a higher non-operating income from Islamic Murabaha deposits.
Dar Al-Arkan’s financial results suggest a positively robust year for the company, with no reclassification of comparison items or additional information provided that would alter the presentation of the year’s performance. This article is based on a press release statement.
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