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The profits of Dar Al-Arkan Real Estate Development Company, after zakat and taxes, fell sharply, from 93.8% to 18.8 million riyals at the end of 2020, compared to 304.5 million riyals in 2019.
The decrease in net profit is mainly due to the decrease in real estate sales.
The company said in a statement that the decrease in rental income and the increase in finance costs had been partly offset by the increase in other non-operating income generated by the Islamic Murabaha in addition to income from investments in d ‘other companies, which had an impact on the bottom line.
The company also stated that the equity (there are no minority rights) at the end of the period amounted to 19,026.18 million riyals, compared to 19,009.49 million riyals at the end of the same. period of the previous year, an increase of 0.087%. .
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