RIYADH: Saudi real estate developer Dar Al-Arkan reported a massive jump in profit on higher sales.
The Riyadh-based company said in a filing its annual profit surged by 605 percent in 2021.
Profits hit SR132 million ($35 million), compared to SR18 million a year earlier, according to the bourse filing.
The profit hike was coupled with an increase in revenue of 28 percent year-on-year to SR2.4 billion.
In its annual report, the company attributed its improved performance mainly to higher sales, reduced lease revenue, and higher operating and finance costs.
Saudi developer Dar Al-Arkan sees 605% profit jump in 2021 on higher sales
Source: Viral Real Articles
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