Riyadh – Mubasher: Dar Alarkan Real Estate Development Company recorded a leap of 129.6% in net profit after Zakat and tax to SAR 28.52 million during the first quarter (Q1) of 2021, compared to SAR 12.42 million in the same period a year earlier.

Earnings per share amounted to SAR 0.03 in Q1-21, compared with SAR 0.01 in Q1-20, according to the interim financial results.

Sales decreased 6% to SAR 554.84 million in Q1-21 from SAR 593.02 million in Q1-20.

The company attributed the growth in Q1-21 net profit to “higher margin achieved on property sale.”

Quarter-on-quarter (QoQ), Dar Alarkan’s profits in Q1-21 were 128% higher than SAR 12.5 million in Q4-20.

The sales also came higher by 11.8% in Q1-21 when compared to SAR 496.26 million in Q4-20.