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Dar Alarkan profits surge 267% in Q3

Dar Alarkan profits surge 267% in Q3
Profits amounted to SAR 134.87 million in the third quarter of 2019
DAR ALARKAN
4300
1.28% 9.47 0.12

Riyadh – Mubasher: Dar Alarkan Real Estate Development Company reported an increase in profits by 267.19% during the third quarter (Q3) of the year.

Profits amounted to SAR 134.87 million in Q3-19, compared with SAR 36.73 million for the same period last year, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Sunday.

The increase in net profits is mainly due to the higher gross margin achieved, attributable to the product mix of the properties offered for sale.

Meanwhile, a decrease in non-operating income received from deposits was fully off-set with the decrease in operating expenses, finance cost and the increase in lease revenue and positively impacted the net income.

In the first nine months of 2019, net profits increased by 50.6% to SAR 235.33 million, up from SAR 476.28 million for the same period a year earlier.