Dar Al Arkan net profit more than doubles to SAR 51 mln in H1 2021

Dar Al Arkan net profit more than doubles to SAR 51 mln in H1 2021

17/08/2021 Argaam Exclusive

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Dar Al Arkan Real Estate Development Co. reported a net profit after Zakat and tax of SAR 51 million for the first half of 2021, an over twofold increase compared to SAR 22.8 million a year earlier.

 

The profit growth was driven by higher property sales.

 

However, the decrease in lease revenue, higher finance costs, lower share of income from associates and the decline in other non-operating income from Islamic Murabaha deposits curtailed the higher net income generated from property sales.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Revenues 1,057.36 1,122.60 6.2 %
Gross Income 316.08 412.27 30.4 %
Operating Income 234.32 330.03 40.8 %
Net Income 22.78 50.96 123.7 %
Average Shares 1,080.00 1,080.00 -
EPS (Riyals) 0.02 0.05 123.7 %

In Q2 2021, Dar Al Arkan’s net profit after Zakat increased more than two times to SAR 22.4 million from SAR 10.3 million in the year-earlier period, thanks to higher property sales.

 

On a quarterly basis, net profit dropped 21.3% from SAR 28.5 million, due to lower lease revenue and an increase in operating expenses, which fully offset the rise in property sales and impacted the net income.



Current Quarter Comparison (M)

Compared With The
Item Q2 2020 Q2 2021 Change‬
Revenues 464.34 567.76 22.3 %
Gross Income 156.05 207.73 33.1 %
Operating Income 120.59 162.86 35.1 %
Net Income 10.37 22.44 116.5 %
Average Shares 1,080.00 1,080.00 -
EPS (Riyals) 0.01 0.02 116.5 %

View more financial results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2012 868.19 (9.1 %) 367.46 0.2 % 335.23 (1.3 %)
Q2 2012 1,083.51 36.9 % 388.05 14.9 % 346.72 13.4 %
Q3 2012 728.52 (3.5 %) 329.38 2.7 % 280.40 (3.3 %)
Q4 2012 876.85 8.1 % 308.83 (10.2 %) 256.27 (18.7 %)
Q1 2013 835.82 (3.7 %) 375.58 2.2 % 323.22 (3.6 %)
Q2 2013 680.86 (37.2 %) 208.07 (46.4 %) 180.19 (48.0 %)
Q3 2013 721.56 (1.0 %) 306.46 (7.0 %) 265.04 (5.5 %)
Q4 2013 692.93 (21.0 %) 262.97 (14.8 %) 229.59 (10.4 %)
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 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2012 292.59 7.1 % 0.27 - 292.59 0.27
Q2 2012 331.03 11.2 % 0.31 - 331.03 0.31
Q3 2012 220.89 (2.9 %) 0.20 56.70 164.19 0.15
Q4 2012 144.04 (50.3 %) 0.13 - 144.04 0.13
Q1 2013 237.61 (18.8 %) 0.22 - 237.61 0.22
Q2 2013 103.70 (68.7 %) 0.10 - 103.70 0.10
Q3 2013 183.32 (17.0 %) 0.17 - 183.32 0.17
Q4 2013 156.83 8.9 % 0.15 - 156.83 0.15
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

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2012 42.47 % 39.68 % 34.33 %
Q2 2012 40.37 % 37.50 % 32.43 %
Q3 2012 40.93 % 37.66 % 30.86 %
Q4 2012 39.18 % 35.45 % 26.20 %
Q1 2013 39.77 % 35.51 % 24.88 %
Q2 2013 39.14 % 34.94 % 20.80 %
Q3 2013 38.49 % 34.52 % 21.47 %
Q4 2013 39.34 % 35.77 % 23.25 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2012 1,080.00 1.03 1.03 14.46
Q2 2012 1,080.00 1.06 1.06 14.77
Q3 2012 1,080.00 1.05 1.00 14.97
Q4 2012 1,080.00 0.92 0.86 15.10
Q1 2013 1,080.00 0.86 0.81 15.32
Q2 2013 1,080.00 0.65 0.60 15.42
Q3 2013 1,080.00 0.62 0.62 15.59
Q4 2013 1,080.00 0.63 0.63 15.73
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2012 12.78 12.78 0.91
Q2 2012 8.57 8.57 0.61
Q3 2012 8.52 8.97 0.60
Q4 2012 9.01 9.56 0.55
Q1 2013 9.54 10.16 0.54
Q2 2013 15.90 17.29 0.67
Q3 2013 16.31 16.31 0.65
Q4 2013 15.61 15.61 0.63
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

Business Segments (Million)

Compared With The
Period Real estate development property Leasing Sale of Land Sale of residential properties
Q1 2012 - 4.66 850.75 12.79
Q2 2012 - 5.04 1,072.63 5.84
Q3 2012 - 17.35 708.06 3.12
Q4 2012 - 25.74 847.56 3.55
Q1 2013 - 24.92 810.91 -
Q2 2013 - 27.62 652.78 0.46
Q3 2013 - 27.81 693.75 -
Q4 2013 - 28.09 664.84 -
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 - -

Analysts Estimates (Million)

Item Q2 2021 (e) Q2 2021 (a) Change‬
Average 30.00 22.44 (25.2 %)

Estimates vs Actual (Million)

Item Q2 2021 (e) Q2 2021 (a) Change
SNB Capital 30.00 22.44 (25.2) %


Financial Ratios
Current
Market Cap (M Riyal) 15,249.60
Enterprise Value (EV) (M) 20,558.80
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) 23.53
P/E (TTM) 23.53
Price/book 0.74
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.
14.12
(0.32) (2.22 %)

Dar Alarkan Real Estate Development Co. (DAR ALARKAN)

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