Dar Al Arkan, the largest listed real estate developer in Saudi Arabia, has reported a 35 per cent revenue growth for the full-year ending December 31, 2018, which surged to SR6.41 billion ($1.7 billion) from SR4.73 billion ($1.2 billion).
Announcing the annual results, Dar Al Arkan said its net profit for 2018 (after Zakat and Tax) stood at SR508.81, down 8.5 per cent from the 2017 figures of SR553.37 million.
The Saudi developer's total comprehensive income too witnessed a nearly 8 per cent drop hitting 511.78 million over the previous year's 556.04 million.
The total share holders equity (after deducting minority equity) remain steady at 18.71 billion over the previous year's 18.73 billion, said Dar Al Arkan in its filing to the Saudi bourse Tadawul.
The decrease in net profit was mainly due to the lower margin achieved on property sale, it stated.
The slight increase in operating expenses and finance cost besides the decrease in lease revenue and income from associates has been offset with the jump in non-operating income received from deposits, the statement added.-TradeArabia News Service
