Riyadh – Mubasher: Dar Alarkan Real Estate Development Company’s net profits after Zakat and tax decreased by 51.3% year-on-year (YoY) in the first quarter (Q1) of 2020, as shown in the company’s interim financial statements.

The profits for the period amounted to SAR 12.4 million, compared with SAR 25.5 million in Q1-19, according to a stock exchange statement on Thursday.

Moreover, the company’s revenues stood at SAR 593 million in Q1-20, 28% less than SAR 823.6 million for the same period in 2019.

The real estate developer ascribed the decline in Q1 earnings primarily to lower property sales.

The increase in the company's operating expenses and financing costs was partially offset by higher lease revenues and other non-operating income.