Dar Al-Arkan 2012 1st Quarter Financial Results. (8731B)

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RNS Number : 8731B

Dar Al-Arkan International Sukuk II

23 April 2012

Dar Al-Arkan 2012 1st Quarter Financial Results.

Dar Al Arkan Real Estate Development Company announces its interim financial results for period ended March 31, 2012 (three month)

1. The net income generated during the first quarter amounted to SAR 292.6 million, compared to SAR 273.1 million for the same period last year, an increase of 7.1% and SAR 289.6 million for the fourth quarter of 2011, an increase of 1%.

2. The gross profit generated during the first quarter amounted to SAR 367.5 million, compared to SAR 366.6 million for the same period last year, an increase of 0.2%.

3. Operational profit generated during the first quarter amounted to SAR 330.6 million, compared to SAR 339.6 million for the same period last year, a decrease of 2.7%.

4. Earnings per share for the first quarter was SAR 0.27 compared to SAR 0.25 for the same period of 201.

5. The increase in net income for the first quarter of the year compared with the same prior year period is primarily due to improved gross margins achieved in real estate sales, which is attributable to developmental status and geographic location of the properties sold, together with an increase in non operative income arise from short term deposits, which reflect the liquidity increase. Islamic Murabaha charges decrease during the period was offset by a similar increase on the general administrative, selling and marketing expenses, which is mainly attributable to the increase on selling, marketing and administrative consultancy expenses. The marginal increase in net income for the first quarter of this year compared with the fourth quarter 2011 reflects the increase of the real estate sales, which is attributable to the demand increase on the Company's products, this increase in sales was offset by the reduction in non operative income arise from the SWAP derivative.

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