Riyadh – Mubasher: Dar Alarkan Real Estate Development Company’s net profits amounted to SAR 10.37 million in the second quarter (Q2) of 2020, a plunge of 86.2% when compared to SAR 74.95 million in the year-ago period.

The fall in interim earnings was primarily dragged by lower property sales, according to a stock exchange statement on Tuesday.

The drop in lease revenue and the rise in financing costs were partially offset by the slump in operating expenses and the surge in other non-operating income realised from Sharia-compliant Murabahas and investment income received from associates.

The real estate developer gained SAR 464.34 million in revenues during Q2-20, posting a year-on-year (YoY) decline of 49.96%.

In the first half (H1) of 2020, the profit tumbled by 77.33% YoY to reach SAR 22.78 million.