Dar Al Arkan's 2020 profit down 94% on poor property sales

Its overall revenues too fell 44%

  
Dar Al Arkan's I love Florence Tower in Dubai. Image for illustrative purposes.

Dar Al Arkan's I love Florence Tower in Dubai. Image for illustrative purposes.

Dar Al Arkan Real Estate Development Company

Leading Saudi property developer Dar Al Arkan said it net income for 2020 plunged 94 per cent to SR18.8 million ($5 million) from SR304 million the previous year due to a lower property sale triggered by the global pandemic.

Its overall revenues too fell 44 per cent to SR1.94 billion compared to last year's figures of SR3.49 billion, said the company in its filing to Saudi bourse Tadawul.

A fall in the developer's lease revenue and the increase in finance costs were partially offset by an a rise in income received from Islamic deposits, it added.-TradeArabia News Service

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