Dar Al Arkan’s 2023 net profit up 38% to SAR 610.8M; Q4 at SAR 194.8M

Dar Al Arkan’s 2023 net profit up 38% to SAR 610.8M; Q4 at SAR 194.8M

20/03/2024 Argaam Exclusive

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Dar Al Arkan Real Estate Development Co. reported a net profit of SAR 610.8 million for 2023, an increase of 38% compared to SAR 441.7 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 3,925.50 2,707.10 (31.0 %)
Gross Income 1,457.59 1,070.41 (26.6 %)
Operating Income 1,099.65 865.31 (21.3 %)
Net Income 441.72 610.76 38.3 %
Average Shares 1,080.00 1,080.00 -
EPS (Riyals) 0.41 0.57 38.3 %

This was fueled by an increase in profit share from associates and higher lease revenue. The real estate developer said higher financing costs were offset by lower operating expenses.

 

Q4 2023 net profit stood at SAR 194.8 million, compared to SAR 48.71 million in the prior year period.

 

On a quarterly basis, net profit increased 28.2% from SAR 151.91 million.

 



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 885.67 400.85 (54.7 %)
Gross Income 345.06 168.62 (51.1 %)
Operating Income 224.51 128.09 (42.9 %)
Net Income 48.71 194.74 299.8 %
Average Shares 1,080.00 1,080.00 -
EPS (Riyals) 0.05 0.18 299.8 %

Total shareholders’ equity, no minority interest, stood at SAR 20.29 billion by Dec. 31, 2023, compared to SAR 19.60 billion a year earlier.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 924.09 10.6 % 402.77 7.2 % 348.43 7.8 %
Q2 2014 774.21 13.7 % 294.24 41.4 % 233.14 29.4 %
Q3 2014 751.01 4.1 % 296.13 (3.4 %) 225.31 (15.0 %)
Q4 2014 606.75 (12.4 %) 306.11 16.4 % 251.24 9.4 %
Q1 2015 722.36 (21.8 %) 330.92 (17.8 %) 268.66 (22.9 %)
Q2 2015 528.69 (31.7 %) 229.36 (22.0 %) 171.39 (26.5 %)
Q3 2015 540.95 (28.0 %) 242.16 (18.2 %) 190.56 (15.4 %)
Q4 2015 419.35 (30.9 %) 180.79 (40.9 %) 144.80 (42.4 %)
Q1 2016 434.61 (39.8 %) 191.60 (42.1 %) 153.29 (42.9 %)
Q2 2016 407.56 (22.9 %) 184.70 (19.5 %) 139.34 (18.7 %)
Q3 2016 617.57 14.2 % 245.20 1.3 % 210.22 10.3 %
Q4 2016 410.49 (2.1 %) 170.46 (5.7 %) 129.07 (10.9 %)
Q1 2017 360.33 (17.1 %) 135.69 (29.2 %) 97.20 (36.6 %)
Q2 2017 456.49 12.0 % 160.14 (13.3 %) 113.78 (18.3 %)
Q3 2017 1,482.74 140.1 % 352.81 43.9 % 312.16 48.5 %
Q4 2017 2,435.12 493.2 % 465.37 173.0 % 428.87 232.3 %
Q1 2018 2,793.91 675.4 % 474.61 249.8 % 436.45 349.0 %
Q2 2018 1,784.80 291.0 % 266.17 66.2 % 218.82 92.3 %
Q3 2018 987.63 (33.4 %) 164.67 (53.3 %) 124.22 (60.2 %)
Q4 2018 846.09 (65.3 %) 151.86 (67.4 %) 108.89 (74.6 %)
Q1 2019 823.68 (70.5 %) 159.28 (66.4 %) 117.24 (73.1 %)
Q2 2019 927.85 (48.0 %) 201.72 (24.2 %) 157.64 (28.0 %)
Q3 2019 899.41 (8.9 %) 250.56 52.2 % 211.39 70.2 %
Q4 2019 840.92 (0.6 %) 212.87 40.2 % 163.38 50.0 %
Q1 2020 593.02 (28.0 %) 160.03 0.5 % 113.73 (3.0 %)
Q2 2020 464.34 (50.0 %) 156.05 (22.6 %) 120.59 (23.5 %)
Q3 2020 391.24 (56.5 %) 161.64 (35.5 %) 119.34 (43.5 %)
Q4 2020 496.26 (41.0 %) 196.93 (7.5 %) 149.66 (8.4 %)
Q1 2021 554.84 (6.4 %) 204.54 27.8 % 167.17 47.0 %
Q2 2021 567.76 22.3 % 207.73 33.1 % 162.86 35.1 %
Q3 2021 595.41 52.2 % 216.52 34.0 % 158.20 32.6 %
Q4 2021 775.07 56.2 % 267.94 36.1 % 196.55 31.3 %
Q1 2022 1,619.34 191.9 % 562.78 175.1 % 499.09 198.5 %
Q2 2022 677.95 19.4 % 245.49 18.2 % 157.54 (3.3 %)
Q3 2022 742.54 24.7 % 304.26 40.5 % 218.52 38.1 %
Q4 2022 885.67 14.3 % 345.06 28.8 % 224.51 14.2 %
Q1 2023 764.32 (52.8 %) 300.84 (46.5 %) 245.09 (50.9 %)
Q2 2023 826.23 21.9 % 315.59 28.6 % 257.82 63.6 %
Q3 2023 715.70 (3.6 %) 285.35 (6.2 %) 234.31 7.2 %
Q4 2023 400.85 (54.7 %) 168.62 (51.1 %) 128.09 (42.9 %)
2023 2,707.10 (31.0 %) 1,070.41 (26.6 %) 865.31 (21.3 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 247.86 4.3 % 0.23 - 247.86 0.23
Q2 2014 121.34 17.0 % 0.11 - 121.34 0.11
Q3 2014 89.90 (51.0 %) 0.08 - 89.90 0.08
Q4 2014 115.60 (26.3 %) 0.11 - 115.60 0.11
Q1 2015 147.29 (40.6 %) 0.14 - 147.29 0.14
Q2 2015 70.48 (41.9 %) 0.07 - 70.48 0.07
Q3 2015 92.73 3.1 % 0.09 - 92.73 0.09
Q4 2015 48.66 (57.9 %) 0.05 - 48.66 0.05
Q1 2016 57.85 (60.7 %) 0.05 - 57.85 0.05
Q2 2016 43.23 (38.7 %) 0.04 - 43.23 0.04
Q3 2016 112.47 21.3 % 0.10 - 112.47 0.10
Q4 2016 37.29 (23.4 %) 0.03 - 37.29 0.03
Q1 2017 12.13 (79.0 %) 0.01 - 12.13 0.01
Q2 2017 10.94 (74.7 %) 0.01 - 10.94 0.01
Q3 2017 209.62 86.4 % 0.19 - 209.62 0.19
Q4 2017 320.68 760.0 % 0.30 - 320.68 0.30
Q1 2018 331.12 2629.1 % 0.31 - 331.12 0.31
Q2 2018 108.60 892.3 % 0.10 - 108.60 0.10
Q3 2018 36.73 (82.5 %) 0.03 - 36.73 0.03
Q4 2018 32.53 (89.9 %) 0.03 - 32.53 0.03
Q1 2019 25.51 (92.3 %) 0.02 - 25.51 0.02
Q2 2019 74.96 (31.0 %) 0.07 - 74.96 0.07
Q3 2019 134.87 267.2 % 0.12 - 134.87 0.12
Q4 2019 69.26 112.9 % 0.06 - 69.26 0.06
Q1 2020 12.42 (51.3 %) 0.01 - 12.42 0.01
Q2 2020 10.37 (86.2 %) 0.01 - 10.37 0.01
Q3 2020 (18.59) (113.8 %) (0.02) - (18.59) (0.02)
Q4 2020 14.60 (78.9 %) 0.01 - 14.60 0.01
Q1 2021 28.52 129.7 % 0.03 - 28.52 0.03
Q2 2021 22.44 116.5 % 0.02 - 22.44 0.02
Q3 2021 25.17 235.4 % 0.02 - 25.17 0.02
Q4 2021 56.40 286.2 % 0.05 - 56.40 0.05
Q1 2022 221.02 675.0 % 0.20 (133.84) 354.86 0.33
Q2 2022 92.58 312.5 % 0.09 40.38 52.20 0.05
Q3 2022 79.42 215.6 % 0.07 - 79.42 0.07
Q4 2022 48.71 (13.6 %) 0.05 - 48.71 0.05
Q1 2023 117.63 (46.8 %) 0.11 - 117.63 0.11
Q2 2023 146.48 58.2 % 0.14 - 146.48 0.14
Q3 2023 151.91 91.3 % 0.14 - 151.91 0.14
Q4 2023 194.74 299.8 % 0.18 - 194.74 0.18
2023 610.76 38.3 % 0.57 - 610.76 0.57

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 39.09 % 35.67 % 22.91 %
Q2 2014 40.68 % 36.30 % 22.79 %
Q3 2014 39.97 % 34.70 % 19.60 %
Q4 2014 42.51 % 36.47 % 18.81 %
Q1 2015 43.00 % 36.39 % 16.61 %
Q2 2015 44.56 % 37.60 % 16.22 %
Q3 2015 46.21 % 39.61 % 17.76 %
Q4 2015 44.46 % 38.36 % 16.24 %
Q1 2016 43.87 % 38.20 % 14.02 %
Q2 2016 44.34 % 39.09 % 13.45 %
Q3 2016 42.69 % 38.63 % 13.95 %
Q4 2016 42.34 % 37.93 % 13.41 %
Q1 2017 40.98 % 36.42 % 11.42 %
Q2 2017 38.57 % 34.05 % 9.37 %
Q3 2017 30.22 % 27.00 % 9.96 %
Q4 2017 23.53 % 21.73 % 11.69 %
Q1 2018 20.27 % 19.08 % 12.17 %
Q2 2018 18.35 % 17.34 % 11.42 %
Q3 2018 17.13 % 16.05 % 9.96 %
Q4 2018 16.49 % 15.08 % 7.94 %
Q1 2019 16.70 % 14.45 % 4.58 %
Q2 2019 18.90 % 16.03 % 4.73 %
Q3 2019 21.83 % 18.75 % 7.66 %
Q4 2019 23.61 % 20.20 % 8.72 %
Q1 2020 25.30 % 21.53 % 8.94 %
Q2 2020 27.86 % 23.78 % 8.11 %
Q3 2020 30.16 % 25.09 % 3.21 %
Q4 2020 34.69 % 28.77 % 0.97 %
Q1 2021 37.72 % 32.16 % 1.83 %
Q2 2021 38.35 % 32.45 % 2.34 %
Q3 2021 37.29 % 31.12 % 4.10 %
Q4 2021 35.97 % 29.43 % 5.32 %
Q1 2022 35.28 % 29.87 % 12.90 %
Q2 2022 35.25 % 28.85 % 13.32 %
Q3 2022 36.19 % 29.30 % 14.23 %
Q4 2022 37.13 % 29.29 % 13.63 %
Q1 2023 38.94 % 29.18 % 9.70 %
Q2 2023 39.32 % 30.97 % 12.19 %
Q3 2023 39.06 % 31.78 % 14.56 %
Q4 2023 39.54 % 33.82 % 22.56 %
2023 39.54 % 33.82 % 22.56 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 1,080.00 0.64 0.64 15.96
Q2 2014 1,080.00 0.66 0.66 16.08
Q3 2014 1,080.00 0.57 0.57 16.16
Q4 2014 1,080.00 0.53 0.53 16.27
Q1 2015 1,080.00 0.44 0.44 16.40
Q2 2015 1,080.00 0.39 0.39 16.47
Q3 2015 1,080.00 0.39 0.39 16.55
Q4 2015 1,080.00 0.33 0.33 16.60
Q1 2016 1,080.00 0.25 0.25 16.65
Q2 2016 1,080.00 0.22 0.22 16.69
Q3 2016 1,080.00 0.24 0.24 16.80
Q4 2016 1,080.00 0.23 0.23 16.83
Q1 2017 1,080.00 0.19 0.19 16.84
Q2 2017 1,080.00 0.16 0.16 16.85
Q3 2017 1,080.00 0.25 0.25 17.05
Q4 2017 1,080.00 0.51 0.51 17.35
Q1 2018 1,080.00 0.81 0.81 17.65
Q2 2018 1,080.00 0.90 0.90 17.25
Q3 2018 1,080.00 0.74 0.74 17.29
Q4 2018 1,080.00 0.47 0.47 17.32
Q1 2019 1,080.00 0.19 0.19 17.34
Q2 2019 1,080.00 0.16 0.16 17.41
Q3 2019 1,080.00 0.25 0.25 17.54
Q4 2019 1,080.00 0.28 0.28 17.60
Q1 2020 1,080.00 0.27 0.27 17.61
Q2 2020 1,080.00 0.21 0.21 17.62
Q3 2020 1,080.00 0.07 0.07 17.61
Q4 2020 1,080.00 0.02 0.02 17.62
Q1 2021 1,080.00 0.03 0.03 17.64
Q2 2021 1,080.00 0.04 0.04 17.66
Q3 2021 1,080.00 0.08 0.08 17.69
Q4 2021 1,080.00 0.12 0.12 17.74
Q1 2022 1,080.00 0.30 0.42 17.95
Q2 2022 1,080.00 0.37 0.45 18.03
Q3 2022 1,080.00 0.42 0.50 18.10
Q4 2022 1,080.00 0.41 0.50 18.15
Q1 2023 1,080.00 0.31 0.28 18.26
Q2 2023 1,080.00 0.36 0.36 18.39
Q3 2023 1,080.00 0.43 0.43 18.61
Q4 2023 1,080.00 0.57 0.57 18.79

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 19.52 19.52 0.78
Q2 2014 18.80 18.80 0.77
Q3 2014 24.41 24.41 0.86
Q4 2014 15.28 15.28 0.50
Q1 2015 19.52 19.52 0.52
Q2 2015 23.17 23.17 0.55
Q3 2015 17.64 17.64 0.42
Q4 2015 18.64 18.64 0.37
Q1 2016 21.02 21.02 0.32
Q2 2016 28.86 28.86 0.39
Q3 2016 19.56 19.56 0.28
Q4 2016 26.52 26.52 0.37
Q1 2017 31.54 31.54 0.36
Q2 2017 41.87 41.87 0.40
Q3 2017 26.00 26.00 0.38
Q4 2017 28.10 28.10 0.83
Q1 2018 15.52 15.52 0.71
Q2 2018 11.74 11.74 0.61
Q3 2018 13.51 13.51 0.58
Q4 2018 19.14 19.14 0.52
Q1 2019 56.82 56.82 0.62
Q2 2019 75.09 75.09 0.68
Q3 2019 48.14 48.14 0.68
Q4 2019 39.00 39.00 0.62
Q1 2020 30.38 30.38 0.47
Q2 2020 33.79 33.79 0.40
Q3 2020 More than 100 More than 100 0.53
Q4 2020 More than 100 More than 100 0.49
Q1 2021 More than 100 More than 100 0.52
Q2 2021 More than 100 More than 100 0.60
Q3 2021 More than 100 More than 100 0.58
Q4 2021 81.99 81.99 0.57
Q1 2022 36.35 25.75 0.61
Q2 2022 29.41 23.78 0.60
Q3 2022 38.21 31.63 0.88
Q4 2022 28.41 23.45 0.64
Q1 2023 51.14 58.07 0.88
Q2 2023 42.24 42.24 0.83
Q3 2023 36.63 36.63 0.85
Q4 2023 25.11 25.11 0.76

Business Segments (Million)

Compared With The
Period Real estate development property Leasing Sale of Land Sale of residential properties Others
Q1 2014 - 31.22 892.87 - -
Q2 2014 - 31.02 735.19 8.00 -
Q3 2014 - 29.81 721.20 - -
Q4 2014 - 32.57 574.17 - -
Q1 2015 - 32.85 689.51 - -
Q2 2015 - 33.12 495.57 - -
Q3 2015 - 35.02 505.93 - -
Q4 2015 - 35.09 384.26 - -
Q1 2016 - 36.69 397.92 - -
Q2 2016 - 36.93 370.63 - -
Q3 2016 - 34.51 583.06 - -
Q4 2016 - 37.42 373.08 - -
Q1 2017 - 38.82 321.51 - -
Q2 2017 - 36.23 417.20 - -
Q3 2017 - 36.41 1,445.21 1.13 -
Q4 2017 - 38.40 2,400.90 - -
Q1 2018 2,759.90 34.02 - - -
Q2 2018 1,750.72 34.08 - - -
Q3 2018 955.17 32.29 - - -
Q4 2018 810.70 35.39 - - -
Q1 2019 789.39 34.28 - - -
Q2 2019 891.99 35.86 - - -
Q3 2019 862.30 37.11 - - -
Q4 2019 806.53 34.39 - - -
Q1 2020 555.64 37.38 - - -
Q2 2020 437.84 26.51 - - -
Q3 2020 356.61 34.62 - - -
Q4 2020 462.29 33.97 - - -
Q1 2021 524.66 30.18 - - -
Q2 2021 539.83 27.94 - - -
Q3 2021 568.67 26.75 - - -
Q4 2021 746.30 28.76 - - -
Q1 2022 1,592.24 27.10 - - -
Q2 2022 651.77 26.18 - - -
Q3 2022 712.78 29.76 - - -
Q4 2022 852.82 32.84 - - -
Q1 2023 732.09 32.24 - - -
Q2 2023 795.14 31.09 - - -
Q3 2023 680.64 35.06 - - -
Q4 2023 363.39 34.82 - - 2.63

Analysts Estimates (Million)

Item Q4 2023 (e) Q4 2023 (a) Change‬
Average 133.90 194.74 45.44 %

Estimates vs Actual (Million)

Item Q4 2023 (e) Q4 2023 (a) Change
SNB Capital 149.00 194.74 30.7 %
Goldman Sachs 118.80 194.74 63.9 %


Financial Ratios
Current
Market Cap (M Riyal) 15,811.20
Enterprise Value (EV) (M) 21,120.40
Shares Outstanding ((M)) 1,080.00
EPS ( Riyal) (TTM) 0.60
Book Value (BV) ( Riyal) 19.19
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 24.39
P/E (TTM) 24.39
Price/book 0.76
Return on Average Assets (%) (TTM) 1.9
Return on Average Equity (%) (TTM) 3.2
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Share Price

Dar Alarkan Real Estate Development Co.
14.64
(0.16) (1.08 %)

Dar Alarkan Real Estate Development Co. (DAR ALARKAN)

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