Dar Alarkan Real Estate Development Co. announces the interim financial results for the period ending on 31-12-2017 (Twelve Months)
| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) | 320.68 | 37.29 | 759.96 | 209.62 | 52.98 |
| Gross profit (loss) | 465.37 | 170.46 | 173.01 | 352.81 | 31.9 |
| Operational profit (loss) | 428.87 | 129.06 | 232.3 | 312.16 | 37.39 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element | Current period | Similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) | 553.37 | 250.83 | 120.62 |
| Gross profit (loss) | 1,114.01 | 791.94 | 40.67 |
| Operational profit (loss) | 952.01 | 631.92 | 50.65 |
| Earning or loss per share, Riyals | 0.51 | 0.23 | - |
| 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 is partially off-set with the decrease in operating expense, non-operating income received from 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 is partially off-set with operating expenses, the increase in non-operating income received from 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 decrease in operating expenses and finance cost together with the increase in lease revenue positively impacted and contributed to the net income. |
| Other notes | The total sales realized for the quarter amounting to SAR 2,435.12 million , compared to SAR 410.49 million for the for the similar quarter in the previous year , a increase of 493.22%. The total sales realized for the period amounting to SAR 4,734.68 million , compared to SAR 1,870.23 million for the for the similar period in the previous year , a increase of 153.16%. Total comprehensive income, attributable to owners of the Company, for the current quarter amounted to SAR 323.35 million, as compared to SAR 209.62 million for the previous quarter, a increase of 54.26% and compared to SAR 37.29 million, for the similar quarter of the previous year, a increase of 767.12%. Total comprehensive income, attributable to owners of the Company, for the current period, amounted to SAR 556.04 million, as compared to SAR 250.83 million, for the similar period of the previous year, a increase of 121.68%. Total equity (excluding minority interests) was SAR 18,733.55 million, compared to SAR 18,177.51 million for the similar quarter in the previous year, an increase of 3.06%. 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 twelve month period ended 31 December 2017. |
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