Dar Al Arkan H1 2023 profit falls 16% to SAR 264.1 mln; Q2 at SAR 146.5 mln

Dar Al Arkan H1 2023 profit falls 16% to SAR 264.1 mln; Q2 at SAR 146.5 mln

14/08/2023 Argaam Exclusive

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Dar Al Arkan Real Estate Development Co.’s net profit dropped 16% to SAR 264.1 million in H1 2023, compared to SAR 313.6 million in the year-ago period.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 2,297.29 1,590.56 (30.8 %)
Gross Income 808.27 616.43 (23.7 %)
Operating Income 656.63 502.91 (23.4 %)
Net Income 313.60 264.10 (15.8 %)
Average Shares 1,080.00 1,080.00 -
EPS (Riyals) 0.29 0.24 (15.8 %)

The profit decline was mainly due to lower property sales. The company also reported an increase in finance costs, which was fully offset by higher non-operating other income from Islamic Murabaha deposits.   

  

On the other hand, the real estate developer recorded an increase in lease revenue, and growth in the share of income from associates.  



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 677.95 826.23 21.9 %
Gross Income 245.49 315.59 28.6 %
Operating Income 157.54 257.82 63.6 %
Net Income 92.58 146.48 58.2 %
Average Shares 1,080.00 1,080.00 -
EPS (Riyals) 0.09 0.14 58.2 %

In Q2 2023, the company’s net profit reached SAR 146.5 million, up 58.2% from SAR 92.58 million in the corresponding period of 2022, driven by better property sales and lease revenue, along with higher income from associates.    

   

The real estate developer’s Q2 net profit also rose 24.5% from SAR 117.63 million in Q1 2023, thanks to increased property sales.  

   

Total shareholders’ equity, with no minority interest, increased to SAR 19.85 billion by the end of the six-month period, from SAR 19.47 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 %


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

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 %


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

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

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 - - -

Analysts Estimates (Million)

Item Q2 2023 (e) Q2 2023 (a) Change‬
Average 123.80 146.48 18.32 %

Estimates vs Actual (Million)

Item Q2 2023 (e) Q2 2023 (a) Change
Goldman Sachs 129.60 146.48 13.0 %
SNB Capital 118.00 146.48 24.1 %


Financial Ratios
Current
Market Cap (M Riyal) 15,789.60
Enterprise Value (EV) (M) 21,098.80
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) 24.36
P/E (TTM) 24.36
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.
14.62
(0.18) (1.22 %)

Dar Alarkan Real Estate Development Co. (DAR ALARKAN)

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