Dar Almarkabah swings to SAR 126,200 loss in 2023
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Dar Almarkabah for Renting Cars Co. reported a net loss of SAR 126,200 for 2023, versus a net profit of SAR 4.5 million a year earlier.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 60.04 | 70.98 | 18.2 % |
| Gross Income | 13.78 | 16.41 | 19.1 % |
| Operating Income | 5.44 | 2.68 | (50.8 %) |
| Net Income | 4.64 | (0.13) | (102.7 %) |
| Average Shares | 2.00 | 2.50 | 25.0 % |
| EPS (Riyals) | 2.32 | (0.05) | (102.2 %) |
The company attributed the turn to losses to an increase in general and administrative expenses, which included underwriting and listing expenses, as well as high financing costs as a result of the company's business and activities.
Current Half Annual Comparison (M)
| Item | H2 2022 | H2 2023 | Change |
|---|---|---|---|
| Revenues | 30.39 | 40.40 | 32.9 % |
| Gross Income | 4.99 | 6.59 | 32.1 % |
| Operating Income | 0.93 | (2.92) | (413.4 %) |
| Net Income | 1.69 | (3.41) | (301.7 %) |
| Average Shares | 2.00 | 2.50 | 25.0 % |
| EPS (Riyals) | 0.85 | (1.36) | (261.3 %) |
Total shareholders’ equity, no minority interest, stood at SAR 40.51 million by Dec. 31, 2023, compared to SAR 32.76 million a year ago.
Accumulated losses reached SAR 531,860 by Dec. 31, 2023, accounting for 2.12% of the company’s capital.
|
Historical Data |
|||
|
Period |
Revenue (SAR mln) |
Net profit (SAR mln) |
EPS (SAR /share) |
|
H1 2022 |
29.65 |
2.95 |
1.48 |
|
H2 2022 |
30.39 |
1.51 |
0.75 |
|
H1 2023 |
30.59 |
3.28 |
1.64 |
|
H2 2023 |
40.39 |
3.41 |
1.70 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2023 | 30.59 | 3.2 % | 9.83 | 11.8 % | 5.60 | 24.1 % |
| H2 2023 | 40.40 | 32.9 % | 6.59 | 32.1 % | (2.92) | (413.4 %) |
| 2023 | 70.98 | 18.2 % | 16.41 | 19.1 % | 2.68 | (50.8 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2023 | 3.28 | 11.2 % | 1.64 | - | 3.28 | 1.64 |
| H2 2023 | (3.41) | (301.7 %) | (1.36) | - | (3.41) | (1.36) |
| 2023 | (0.13) | (102.7 %) | (0.05) | - | (0.13) | (0.05) |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2023 | 24.30 % | 22.75 % | 6.43 % |
| H2 2023 | 23.12 % | 18.95 % | (0.18 %) |
| 2023 | 23.12 % | 18.95 % | (0.18 %) |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2023 | 2.00 | 2.49 | 1.96 | 12.17 |
| H2 2023 | 2.50 | (0.05) | (0.05) | 16.21 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2023 | - | - | - |
| H2 2023 | NEG | NEG | 2.71 |
Business Segments (Million)
Q4 2023
| Period | private sector | Enterprises and government entities |
|---|---|---|
| Q2 2023 | 21.18 | 9.40 |
| Q4 2023 | 23.38 | 17.01 |
| Current | |
| Market Cap (M Riyal) | 131.00 |
| Enterprise Value (EV) (M) | 131.45 |
| Shares Outstanding ((M)) | 2.50 |
| Book Value (BV) ( Riyal) | 16.21 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | Neg |
| Price/book | 3.23 |
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