Saudi developer Dar Al-Arkan’s H1 profits surge 515% on solid sales

RIYADH: Dar Alarkan Real Estate Development Co. has reported a spike of 515 percent in profits for the first half of 2022 due to higher sales.

The Riyadh-based company’s profits hit SR314 million ($84 million), compared to SR51 million in the year-prior period, according to the bourse filing.

The profit hike was coupled with an increase in revenue of 105 percent year-on-year to SR2.3 billion.

The company attributed its strong performance mainly to higher property sales, reduced lease revenue, and higher operations.