Dar Almarkabah turns to net loss of SAR 74,000 in H1 2024

Dar Almarkabah turns to net loss of SAR 74,000 in H1 2024

14/08/2024 Argaam Exclusive

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Dar Almarkabah for Renting Cars Co. reported a net loss of SAR 74,000 in H1 2024, versus a net profit of SAR 3.3 million in a year-earlier period. 



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 30.59 35.44 15.9 %
Gross Income 9.83 8.73 (11.2 %)
Operating Income 5.60 1.67 (70.3 %)
Net Income 3.28 (0.07) (102.3 %)
Average Shares 2.00 2.50 25.0 %
EPS (Riyals) 1.64 (0.03) (101.8 %)


Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 30.59 35.44 15.9 %
Gross Income 9.83 8.73 (11.2 %)
Operating Income 5.60 1.67 (70.3 %)
Net Income 3.28 (0.07) (102.3 %)
Average Shares 2.00 2.50 25.0 %
EPS (Riyals) 1.64 (0.03) (101.8 %)

This was driven by higher general and administrative expenses and increased financing costs as a result of the expansions in the company’s business activities.

 

Meanwhile, H1 2024 revenues rose 15.9% year-on-year due to the expansion of the fleet and the improvement in the occupancy rates.

 

Total shareholders’ equity, no minority interest, reached SAR 40.73 million by June 30, 2024, compared to SAR 24.33 million in the prior-year period.

 

Accumulated losses by June 30, 2024, amounted to SAR 312,501, accounting for 1% of capital.

 

Development of Interim Financials

Period

Revenue (SAR mln)

Net Earnings (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)

(1.36)

H1 2024

35.44

(0.73)

(0.03)

 

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 - - - - - -
H2 2020 - - - - - -
H1 2021 - - - - - -
H2 2021 - - - - - -
H1 2022 29.65 - 8.79 - 4.51 -
H2 2022 30.39 - 4.99 - 0.93 -
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 %)
H1 2024 35.44 15.9 % 8.73 (11.2 %) 1.67 (70.3 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 - - - - - -
H2 2020 - - - - - -
H1 2021 - - - - - -
H2 2021 - - - - - -
H1 2022 2.95 - 1.48 - 2.95 1.48
H2 2022 1.69 - 0.85 1.05 0.64 0.32
H1 2023 3.28 11.2 % 1.64 - 3.28 1.64
H2 2023 (3.41) (301.7 %) (1.36) - (3.41) (1.36)
H1 2024 (0.07) (102.3 %) (0.03) - (0.07) (0.03)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 - - -
H1 2022 - - -
H2 2022 22.95 % 17.61 % 5.98 %
H1 2023 24.30 % 22.75 % 6.43 %
H2 2023 23.12 % 18.95 % (0.18 %)
H1 2024 20.20 % 13.39 % (4.59 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
H1 2015 - - - -
H2 2015 - - - -
H1 2016 - - - -
H2 2016 - - - -
H1 2017 - - - -
H2 2017 - - - -
H1 2018 - - - -
H2 2018 - - - -
H1 2019 - - - -
H2 2019 - - - -
H1 2020 - - - -
H2 2020 - - - -
H1 2021 - - - -
H2 2021 - - - -
H1 2022 2.00 - - 15.73
H2 2022 2.00 2.32 1.79 16.38
H1 2023 2.00 2.49 1.96 12.17
H2 2023 2.50 (0.05) (0.05) 16.21
H1 2024 2.50 (1.39) (1.39) 16.30

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 - - -
H1 2022 - - -
H2 2022 - - -
H1 2023 - - -
H2 2023 NEG NEG 2.71
H1 2024 NEG NEG 2.57

Business Segments (Million)

Compared With The
Period private sector Enterprises and government entities
Q2 2022 21.24 8.41
Q4 2022 20.88 9.51
Q2 2023 21.18 9.40
Q4 2023 23.38 17.01
Q2 2024 - 10.99


Financial Ratios
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
more

Share Price

Dar Almarkabah for Renting Cars Co.
52.40
2.40 4.80 %

Dar Almarkabah for Renting Cars Co. (DAR ALMARKABAH)

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