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Dar Alarkan redeems $500m Sukuk

Dar Alarkan redeems $500m Sukuk
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Riyadh – Mubasher: Dar Alarkan Real Estate Development Company has redeemed its $500 million Islamic Sukuk.

The company has redeemed 500,000 Sukuk, issued on 5 April 2017, at a value of $1,000 per share, according to a bourse filing on Monday.

The financial impact of the transaction will be registered in the results of the second quarter (Q2) in 2022.

It is noteworthy to mention that in 2021, the company recorded a 605.26% year-on-year (YoY) surge in net profits after Zakat and tax to SAR 132.52 million, compared to SAR 18.79 million.