Dar Alarkan Real Estate Development Co. announces the interim financial results for the period ending on 30-06-2017 (Six Months)
| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) | 10.94 | 43.22 | -74.69 | 12.13 | -9.81 |
| Gross profit (loss) | 160.14 | 184.7 | -13.3 | 135.69 | 18.02 |
| Operational profit (loss) | 113.78 | 131.02 | -13.16 | 97.2 | 17.06 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element | Current period | Similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) | 23.08 | 101.08 | -77.17 |
| Gross profit (loss) | 295.83 | 376.29 | -21.38 |
| Operational profit (loss) | 210.97 | 275.96 | -23.55 |
| Earning or loss per share, Riyals | 0.02 | 0.09 | - |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for quarter compared with same quarter last year | The decrease in net income is mainly due to the lower margin achieved on property sale due to the product mix development status and geographical location. The increase in finance cost is partially off-set with the increase in non-operating income received from deposit and positively impacted and contributed to the net income. |
| Reasons of increase (decrease) for period compared with same period last year | The decrease in net income is mainly due to the lower property sale coupled with lower margin achieved in property sales due to the product mix development status and geographical location. The increase in finance cost is off-set with the increase in non-operating income received from deposits and increase in lease revenue and positively impacted and contributed to the net income. |
| Reasons of increase (decrease) for quarter compared with previous quarter | The decrease in net income is mainly due to the higher operating expenses and finance cost which is partially off-set by the increase in no-operating income received from deposit and positively impacted and contributed to the net income. |
| Other notes | 1.The total revenue realized for the current quarter amounting to SAR 456.49 million, as compared to SAR 360.33 million for the previous quarter, an increase of 26.69% and compared to SAR 407.56 million for the similar quarter of the previous year, an increase of 12.09%. The total revenue realized for the current period amounting to SAR 816.82 million, compared to SAR 842.17 million for the similar period of the previous year, a decrease of 3.01%. 2.Total comprehensive income, attributable to owners of the Company, for the current quarter amounted to SAR 10.94 million, as compared to SAR 12.13 million for the previous quarter, a decrease of 9.81% and compared to SAR 43.22 million, for the similar quarter of the previous year, a decrease of 74.7%. Total comprehensive income, attributable to owners of the Company, for the current period, amounted to SAR 23.08 million, as compared to SAR 101.08 million, for the similar period of the previous year, a decrease of 77.2%, 3.Total equity (excluding minority interests) was SAR18,200.58 million, compared to SAR18,027.75 million for the similar period of the previous year, an increase of 0.96%. 4.The Company has adopted the International Financial Reporting Standards (IFRS) effective January 1, 2017. Accordingly, some changes in the interim condensed consolidated financial statements have been made for the current and comparative periods in accordance with the accounting policies adopted in conformity with IFRS and other standards as endorsed by the Saudi Organization for Certified Public Accountants. For further details, please refer to Note 28 (Statutory adoption of IFRS) to the attached interim condensed consolidated financial statements for the six-month period ended 30 June 2017. |
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