Dar Alarkan Real Estate Development Co. announces the interim financial results for the period ending on 30-09-2017 (Nine Months)

Dar Al Arkan 4300 3.63% 8.27 0.29
Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) 209.62 112.47 86.38 10.94 1,816.09
Gross profit (loss) 352.81 245.2 43.89 160.14 120.31
Operational profit (loss) 312.16 210.22 48.49 113.78 174.35
All figures are in (Millions) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) 232.69 213.55 8.96
Gross profit (loss) 648.64 621.49 4.37
Operational profit (loss) 523.14 502.85 4.04
Earning or loss per share, Riyals 0.22 0.2 -
All figures are in (Millions) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year The increase in net income is mainly due to the higher property sale. The increase in finance cost and operating expenses are partially off-set with the increase in non-operating income received from murabaha deposits and the increase in lease revenue.
Reasons of increase (decrease) for period compared with same period last year The increase in net income is mainly due to the higher property sale. The increase in finance cost and operating expenses are partially off-set with the increase in non-operating income received from murabaha deposits and the increase in lease revenue.
Reasons of increase (decrease) for quarter compared with previous quarter The increase in net income is mainly due to the higher property sale. The increase in non-operating income received from murabaha deposits and the decrease in operating expenses fully off-set the increase in finance cost and positively impacted and contributed to the net income.
Other notes 1-The total sales realized for the quarter amounting to SAR 1482.74 million, compared to SAR 617.57 million for the for the similar quarter in the previous year , a increase of 140.09%. The total sales realized for the period amounting to SAR 2,299.56 million , compared to SAR 1,459.74 million for the for the similar period in the previous year , a increase of 57.53%.
2-Total comprehensive income, attributable to owners of the Company, for the current quarter amounted to SAR 209.62 million, as compared to SAR 10.94 million for the previous quarter, a increase of 1816.1% and compared to SAR 112.47 million, for the similar quarter of the previous year, a increase of 86.4%. Total comprehensive income, attributable to owners of the Company, for the current period, amounted to SAR 232.69 million, as compared to SAR 213.55 million, for the similar period of the previous year, a increase of 9%,
3-Total equity (excluding minority interests) was SAR 18,410.20 million, compared to SAR 18,140.22 million for the similar quarter in the previous year, an increase of 1.49%.
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 nine-month period ended 30 September 2017.

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