Dar Al Arkan Registers an Increase in gross profit of 18 per cent for H1 2017
Dar Al Arkan Real Estate Development Company, Saudi Arabia, announced an increase in revenue by 27 per cent in Q2 2017, to SAR 456 million compared to Q1 2017 with SAR 360 million.
The results were 12 per cent higher when compared to the same quarter last year which saw revenues of SAR 407 million.
Gross margins in Q2 2017 reached SAR 160 million, 18 per cent higher compared to SAR 135.69 million in the previous quarter of 2017 and 13 per cent lower compared to the same quarter last year of SAR 184.69 million mainly due to product mix of land sold.
In Q2 2017, net income of SAR 10.94 million was 10 per cent lower compared to SAR 12.13 million for Q1 2017. Also net income decreased by 75 per cent over Q2 2016 SAR 43.23 million due to lower gross margin on land sold.