Saudi-based Dar Al Arkan Real Estate Development Company has reported a net profit of SR28.52 million ($7.6 million) after Zafat and tax for Q1, thus recording an over two-fold gain during the January-March period from SR12.42 million ($3.3 million) in the past year.
Declaring the results, Dar Al Arkan said the company’s sales fell 6% to SR554.84 million in Q1 compared with a year ago’s figures of SR593.02 million. However, it became 11.8% when compared with SR496.26 million in the past quarter.
The profit per share added up to SR0.03 in the first quarter, compared with SR0.01 a year ago, said the statement from the Saudi organization.
This rise in income was primarily due to the higher margin achieved on property deals, it further said.