Riyadh, Saudi Arabia — Dar Alarkan Real Estate Development has reported a net profit of SAR 806.8 million for 2024, a 32 percent growth from SAR 610.8 million in 2023.
Argaam reported that the company’s revenue increased by 38.9 percent year-on-year (YoY) to SAR 3.75 billion in 2024 driven by higher real estate sales and rental income.
The company attributed the increase to stronger sales revenue, supported by higher property sales, along with growth in rental income and a rise in non-operating income from Islamic Murabaha investments.
This came despite rising operating costs, higher financing expenses, and lower returns from investments in associates.
Dar Alarkan’s net profit rose by 81.5 percent to SAR 353.38 million in Q4 2024 from SAR 194.74 million in Q3 2023.
On a sequential basis, net profit grew 162.3 percent from SAR 134.75 million in Q3 2024.
Total shareholders’ equity, excluding minority interest, stood at SAR 21.09 billion by Dec. 31, 2024, compared to SAR 20.29 billion a year earlier.
