Saudi's Dar Al Arkan records 142% revenue hike in 9M 2018
The development giant's operating profit for the period grew by 49%
Saudi Arabia-based property developer Dar Al Arkan Real Estate Development Company has seen its revenues more than double during the first nine months (9M) of 2018, a significant increase on the same period last year.
According to its 2018 financials for the period ending 30 September 2018, the real estate giant posted $1.48bn (SAR5.57bn) in total revenue – a 142% hike on 9M 2017, when it brought in $613.2m (SAR2.30bn) in cash.
With this in mind, 9M 2018 operating profit stood at $207.7m (SAR779m), a 49% hike on the same period last year.
In a Dubai Financial Market (DFM) filing, the group said the rise in net income is “mainly due to the high property sale”, adding the increase in finance cost, and decrease in both lease revenue and income from associates, is “partially off-set with the increase in non-operating income received from deposits and positively impacted the net income”.
The figures come amid a busy year for Dar Al Arkan, Saudi's largest real estate developer by market value.
In October, the group announced that it is seeking accreditation for three real estate projects within the Shams Ar Riyadh development in Riyadh City.
A month earlier saw Kelvin Kwok, former chief executive officer of Emaar Middle East, take over the helm on 1 September following the resignation of outgoing Dar Al Arkan CEO, Ziad El-Chaar.