This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Bond Market News
Dar Alarkan Net Profits Up over 2x
May 24, 2021
Saudi property developer Dar Al Arkan saw a 130% YoY jump in Q1 profits to SAR 28.5mn ($7.6mn). The profits grew even as sales fell 6% during the period to AED 554.8mn ($148mn). The higher profits were on account of “higher margin achieved on property sale.” Despite a fall in leasing revenue and increase in finance costs, the company achieved profitability by cutting operating costs. Profits were also higher on a quarterly basis by 128% with sales growth of 12% QoQ. With improved business confidence and the recovery from the pandemic, the company has seen a “turnaround in performance in all main segments of the real estate market.”
Dar Al Arkan, rated B1 saw its bonds unchanged – its USD 6.875% 2027s and USD 6.875% 2023s were at 100.63 and 105.2, yielding 6.74% and 3.91% respectively.
For the full story, click here
Go back to Latest bond Market News
Related Posts:
BondbloX Pte. Ltd. is regulated by the Monetary Authority of Singapore as a Recognised Market Operator ("RMO") and exempted from Section 49(1) of the Securities and Futures Act (Cap. 289) ("SFA") under Section 49(7) of the SFA.