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FINANCIAL NEWS
Saudi Dar Al Arkan posts USD63.34m income in Q1
12 Apr 2013
(MENAFN) Saudi Dar Al Arkan Real Estate Development Company’s net income declined by 18.8 percent in the first quarter to USD63.34 million, from USD78.01 million in the same period a year earlier, according to a statement on the Saudi bourse (Tadawul).
The company said that the drop resulted from lower non-operating income and higher operating costs in part offset the rise in gross margin from the properties and lease revenues and higher rental income from leases.
It noted that lease revenues soared by 435 percent from a year ago due to better occupancy levels on rental properties in the Riyadh and Makkah regions.
The company’s gross profit gained 2.2 percent reaching USD100.14 million, up from the USD97.98 million recorded in 2012’s same quarter.
Dar Al Arkan noted that income from operating activities in the first quarter dipped by 3.8 percent to USD84.83 million, compared with USD88.14 million.
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