Dar Al-Arkan’s net profit dips 79% in Q1

20/04/2017 Argaam Exclusive

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Share Price

Dar Alarkan Real Estate Development Co. (DAR ALARKAN)

Dar Al-Arkan Real Estate Development Co. reported a net profit of SAR 12.13 million for the first quarter 2017, a 79 percent year-on-year decline on lower revenue from property sales, despite higher leasing revenue and lower finance costs.

The net profit for the period dropped 67.5 percent quarter-on-quarter.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2016	Q1 2017	Change‬
Revenues	434.61	360.33	(17.1 %)
Gross Income	191.60	135.69	(29.2 %)
Operating Income	153.29	97.20	(36.6 %)
Net Income	57.85	12.13	(79.0 %)
Average Shares	1,080.00	1,080.00	-
EPS (Riyals)	0.05	0.01	(79.0 %)

Item	Q4 2016	Q1 2017	Change‬
Revenues	410.49	360.33	(12.2 %)
Gross Income	170.46	135.69	(20.4 %)
Operating Income	129.07	97.20	(24.7 %)
Net Income	37.29	12.13	(67.5 %)
Average Shares	1,080.00	1,080.00	-
EPS (Riyals)	0.03	0.01	(67.5 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2008	1,234.17	35.2 %	586.70	29.6 %	452.76	6.6 %	0.42
Q2 2008	1,550.36	48.8 %	836.03	49.2 %	687.53	45.7 %	0.64
Q3 2008	1,567.04	(4.5 %)	859.32	12.0 %	719.50	4.3 %	0.67
Q4 2008	1,259.20	(5.3 %)	563.13	(10.3 %)	496.46	17.5 %	0.46
2008	5,610.77	13.9 %	2,845.18	18.2 %	2,356.25	17.3 %	2.18
Q1 2009	1,237.72	0.3 %	512.83	(12.6 %)	424.52	(6.2 %)	0.39
Q2 2009	1,482.37	(4.4 %)	712.82	(14.7 %)	618.27	(10.1 %)	0.57
Q3 2009	1,523.47	(2.8 %)	714.19	(16.9 %)	616.15	(14.4 %)	0.57
Q4 2009	1,220.50	(3.1 %)	567.29	0.7 %	463.74	(6.6 %)	0.43
2009	5,464.05	(2.6 %)	2,507.14	(11.9 %)	2,122.68	(9.9 %)	1.97
Q1 2010	1,144.94	(7.5 %)	478.42	(6.7 %)	398.65	(6.1 %)	0.37
Q2 2010	1,114.44	(24.8 %)	530.85	(25.5 %)	437.00	(29.3 %)	0.40
Q3 2010	910.21	(40.3 %)	374.90	(47.5 %)	289.63	(53.0 %)	0.27
Q4 2010	972.39	(20.3 %)	380.09	(33.0 %)	330.44	(28.7 %)	0.31
2010	4,141.98	(24.2 %)	1,764.26	(29.6 %)	1,455.71	(31.4 %)	1.35
Q1 2011	955.15	(16.6 %)	366.63	(23.4 %)	273.09	(31.5 %)	0.25
Q2 2011	791.24	(29.0 %)	337.74	(36.4 %)	297.77	(31.9 %)	0.28
Q3 2011	755.19	(17.0 %)	320.63	(14.5 %)	227.47	(21.5 %)	0.21
Q4 2011	810.93	(16.6 %)	344.02	(9.5 %)	289.61	(12.4 %)	0.27
2011	3,312.51	(20.0 %)	1,369.01	(22.4 %)	1,087.94	(25.3 %)	1.01
Q1 2012	868.19	(9.1 %)	367.46	0.2 %	292.59	7.1 %	0.27
Q2 2012	1,083.51	36.9 %	388.05	14.9 %	331.03	11.2 %	0.31
Q3 2012	728.52	(3.5 %)	329.38	2.7 %	220.89	(2.9 %)	0.20
Q4 2012	876.85	8.1 %	308.83	(10.2 %)	144.04	(50.3 %)	0.13
2012	3,557.07	7.4 %	1,393.71	1.8 %	988.54	(9.1 %)	0.92
Q1 2013	835.82	(3.7 %)	375.58	2.2 %	237.61	(18.8 %)	0.22
Q2 2013	680.86	(37.2 %)	208.07	(46.4 %)	103.70	(68.7 %)	0.10
Q3 2013	721.56	(1.0 %)	306.46	(7.0 %)	183.32	(17.0 %)	0.17
Q4 2013	692.93	(21.0 %)	262.97	(14.8 %)	156.83	8.9 %	0.15
2013	2,931.17	(17.6 %)	1,153.07	(17.3 %)	681.46	(31.1 %)	0.63
Q1 2014	924.09	10.6 %	402.77	7.2 %	247.86	4.3 %	0.23
Q2 2014	774.21	13.7 %	294.24	41.4 %	121.34	17.0 %	0.11
Q3 2014	751.01	4.1 %	296.13	(3.4 %)	89.90	(51.0 %)	0.08
Q4 2014	606.75	(12.4 %)	306.11	16.4 %	115.60	(26.3 %)	0.11
2014	3,056.06	4.3 %	1,299.26	12.7 %	574.70	(15.7 %)	0.53
Q1 2015	722.36	(21.8 %)	330.92	(17.8 %)	147.29	(40.6 %)	0.14
Q2 2015	528.69	(31.7 %)	229.36	(22.0 %)	70.48	(41.9 %)	0.07
Q3 2015	540.95	(28.0 %)	242.16	(18.2 %)	92.73	3.1 %	0.09
Q4 2015	419.35	(30.9 %)	180.79	(40.9 %)	48.66	(57.9 %)	0.05
2015	2,211.35	(27.6 %)	983.23	(24.3 %)	359.16	(37.5 %)	0.33
Q1 2016	434.61	(39.8 %)	191.60	(42.1 %)	57.85	(60.7 %)	0.05
Q2 2016	407.56	(22.9 %)	184.70	(19.5 %)	43.23	(38.7 %)	0.04
Q3 2016	617.57	14.2 %	245.20	1.3 %	112.47	21.3 %	0.10
Q4 2016	410.49	(2.1 %)	170.46	(5.7 %)	37.29	(23.4 %)	0.03
2016	1,870.23	(15.4 %)	791.94	(19.5 %)	250.83	(30.2 %)	0.23
Q1 2017	360.33	(17.1 %)	135.69	(29.2 %)	12.13	(79.0 %)	0.01

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2007	4,925.93	13.2 %	2,408.01	13.4 %	2,008.58	10.7 %	1.86
2008	5,610.77	13.9 %	2,845.18	18.2 %	2,356.25	17.3 %	2.18
2009	5,464.05	(2.6 %)	2,507.14	(11.9 %)	2,122.68	(9.9 %)	1.97
2010	4,141.98	(24.2 %)	1,764.26	(29.6 %)	1,455.71	(31.4 %)	1.35
2011	3,312.51	(20.0 %)	1,369.01	(22.4 %)	1,087.94	(25.3 %)	1.01
2012	3,557.07	7.4 %	1,393.71	1.8 %	988.54	(9.1 %)	0.92
2013	2,931.17	(17.6 %)	1,153.07	(17.3 %)	681.46	(31.1 %)	0.63
2014	3,056.06	4.3 %	1,299.26	12.7 %	574.70	(15.7 %)	0.53
2015	2,211.35	(27.6 %)	983.23	(24.3 %)	359.16	(37.5 %)	0.33
2016	1,870.23	(15.4 %)	791.94	(19.5 %)	250.83	(30.2 %)	0.23

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	48.44 %	46.44 %	38.82 %
Q2 2008	48.96 %	46.74 %	39.13 %
Q3 2008	51.22 %	48.61 %	40.17 %
Q4 2008	50.71 %	48.04 %	42.00 %
2008	50.71 %	48.04 %	42.00 %
Q1 2009	49.36 %	46.59 %	41.47 %
Q2 2009	47.75 %	45.03 %	40.72 %
Q3 2009	45.49 %	42.72 %	39.17 %
Q4 2009	45.88 %	43.22 %	38.85 %
2009	45.88 %	43.22 %	38.85 %
Q1 2010	46.04 %	43.25 %	39.04 %
Q2 2010	45.78 %	42.93 %	38.29 %
Q3 2010	44.45 %	41.53 %	36.20 %
Q4 2010	42.59 %	40.02 %	35.15 %
2010	42.59 %	40.02 %	35.15 %
Q1 2011	41.81 %	39.46 %	33.66 %
Q2 2011	40.21 %	37.78 %	32.82 %
Q3 2011	40.45 %	37.95 %	32.49 %
Q4 2011	41.33 %	38.76 %	32.84 %
2011	41.33 %	38.76 %	32.84 %
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 %
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 %
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 %
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 %
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 %
2016	42.34 %	37.93 %	13.41 %
Q1 2017	40.98 %	36.42 %	11.42 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2007	48.88 %	46.95 %	40.78 %
2008	50.71 %	48.04 %	42.00 %
2009	45.88 %	43.22 %	38.85 %
2010	42.59 %	40.02 %	35.15 %
2011	41.33 %	38.76 %	32.84 %
2012	39.18 %	35.45 %	26.20 %
2013	39.34 %	35.77 %	23.25 %
2014	42.51 %	36.47 %	18.81 %
2015	44.46 %	38.36 %	16.24 %
2016	42.34 %	37.93 %	13.41 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	47.54 %	45.63 %	36.69 %
Q2 2008	53.92 %	51.43 %	44.35 %
Q3 2008	54.84 %	52.46 %	45.91 %
Q4 2008	44.72 %	40.73 %	39.43 %
Q1 2009	41.43 %	39.08 %	34.30 %
Q2 2009	48.09 %	45.78 %	41.71 %
Q3 2009	46.88 %	44.36 %	40.44 %
Q4 2009	46.48 %	42.87 %	38.00 %
Q1 2010	41.79 %	38.88 %	34.82 %
Q2 2010	47.63 %	45.19 %	39.21 %
Q3 2010	41.19 %	38.60 %	31.82 %
Q4 2010	39.09 %	36.79 %	33.98 %
Q1 2011	38.38 %	36.32 %	28.59 %
Q2 2011	42.68 %	39.82 %	37.63 %
Q3 2011	42.46 %	39.52 %	30.12 %
Q4 2011	42.42 %	39.89 %	35.71 %
Q1 2012	42.32 %	39.48 %	33.70 %
Q2 2012	35.81 %	32.72 %	30.55 %
Q3 2012	45.21 %	40.35 %	22.54 %
Q4 2012	35.22 %	30.78 %	16.43 %
Q1 2013	44.94 %	39.88 %	28.43 %
Q2 2013	30.56 %	28.44 %	15.23 %
Q3 2013	42.47 %	38.61 %	25.41 %
Q4 2013	37.95 %	35.08 %	22.63 %
Q1 2014	43.59 %	39.16 %	26.82 %
Q2 2014	38.01 %	31.85 %	15.67 %
Q3 2014	39.43 %	31.81 %	11.97 %
Q4 2014	50.45 %	44.04 %	19.05 %
Q1 2015	45.81 %	39.58 %	20.39 %
Q2 2015	43.38 %	35.70 %	13.33 %
Q3 2015	44.77 %	38.51 %	17.14 %
Q4 2015	43.11 %	39.41 %	11.60 %
Q1 2016	44.08 %	39.68 %	13.31 %
Q2 2016	45.32 %	38.90 %	10.61 %
Q3 2016	39.70 %	37.17 %	18.21 %
Q4 2016	41.52 %	36.26 %	9.08 %
Q1 2017	37.66 %	32.50 %	3.37 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2008	1,080.00	1.89	1.89	10.60
Q2 2008	1,080.00	2.09	2.09	9.74
Q3 2008	1,080.00	2.11	2.11	10.41
Q4 2008	1,080.00	2.18	2.18	10.87
Q1 2009	1,080.00	2.16	2.16	11.26
Q2 2009	1,080.00	2.09	2.09	11.83
Q3 2009	1,080.00	2.00	2.00	12.40
Q4 2009	1,080.00	1.97	1.97	12.83
Q1 2010	1,080.00	1.94	1.94	13.20
Q2 2010	1,080.00	1.77	1.77	12.61
Q3 2010	1,080.00	1.47	1.47	12.87
Q4 2010	1,080.00	1.35	1.35	13.18
Q1 2011	1,080.00	1.23	1.23	13.43
Q2 2011	1,080.00	1.10	1.10	13.71
Q3 2011	1,080.00	1.05	1.05	13.92
Q4 2011	1,080.00	1.01	1.01	14.19
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2007	1,080.00	1.86	1.86	10.19
2008	1,080.00	2.18	2.18	10.87
2009	1,080.00	1.97	1.97	12.83
2010	1,080.00	1.35	1.35	13.18
2011	1,080.00	1.01	1.01	14.19
2012	1,080.00	0.92	0.86	15.10
2013	1,080.00	0.63	0.63	15.73
2014	1,080.00	0.53	0.53	16.27
2015	1,080.00	0.33	0.33	16.60
2016	1,080.00	0.23	0.23	16.83

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2008	16.71	16.71	2.97
Q2 2008	12.71	12.71	2.72
Q3 2008	11.43	11.43	2.32
Q4 2008	6.83	6.83	1.37
Q1 2009	6.08	6.08	1.16
Q2 2009	8.48	8.48	1.50
Q3 2009	7.94	7.94	1.28
Q4 2009	7.15	7.15	1.09
Q1 2010	7.29	7.29	1.07
Q2 2010	6.65	6.65	0.94
Q3 2010	6.93	6.93	0.79
Q4 2010	6.68	6.68	0.68
Q1 2011	7.84	7.84	0.72
Q2 2011	7.12	7.12	0.57
Q3 2011	5.98	5.98	0.45
Q4 2011	7.20	7.20	0.51
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

Period	P/E	Adjusted P/E	Price/book
2007	19.77	19.77	3.61
2008	6.83	6.83	1.37
2009	7.15	7.15	1.09
2010	6.68	6.68	0.68
2011	7.20	7.20	0.51
2012	9.01	9.56	0.55
2013	15.61	15.61	0.63
2014	15.28	15.28	0.50
2015	18.64	18.64	0.37
2016	26.52	26.52	0.37

Business Segments (Million)

Compared With The

Period	property Leasing	Sale of Land	Sale of residential properties
Q1 2008	-	916.32	317.85
Q2 2008	-	1,042.34	508.02
Q3 2008	-	1,455.49	111.56
Q4 2008	-	1,206.25	52.96
Q1 2009	-	1,117.60	120.11
Q2 2009	-	1,330.76	151.61
Q3 2009	-	1,400.67	122.80
Q4 2009	-	1,095.70	124.80
Q1 2010	-	1,026.97	117.97
Q2 2010	-	980.19	134.24
Q3 2010	-	831.26	78.95
Q4 2010	-	926.88	45.51
Q1 2011	5.23	938.54	11.39
Q2 2011	2.78	757.68	30.77
Q3 2011	3.30	729.91	21.98
Q4 2011	3.69	794.04	13.20
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	-

Period	property Leasing	Sale of Land	Sale of residential properties
2007	-	3,604.76	1,321.18
2008	-	4,620.39	990.38
2009	-	4,944.73	519.32
2010	-	3,765.30	376.68
2011	15.00	3,220.17	77.35
2012	52.78	3,479.00	25.29
2013	108.43	2,822.28	0.46
2014	124.63	2,923.43	8.00
2015	136.08	2,075.27	-
2016	145.55	1,724.68	-

Analysts Estimates (Million)

Item	Q1 2017 (e)	Q1 2017 (a)	Change‬
Average	38.00	12.13	(68.1 %)

Estimates vs Actual (Million)

Item	Q1 2017 (e)	Q1 2017 (a)	Change
SNB Capital	38.00	12.13	(68.1) %

Financial Ratios

	Current
Market Cap (M Riyal)	13,672.80
Enterprise Value (EV) (M)	18,303.27
Shares Outstanding ((M))	1,080.00
EPS ( Riyal) (TTM)	0.60
Book Value (BV) ( Riyal)	18.92
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	21.14
P/E (TTM)	21.14
Price/book	0.67
Return on Average Assets (%) (TTM)	2.0
Return on Average Equity (%) (TTM)	3.2

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Dar Al-Arkan’s net profit dips 79% in Q1

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Share Price

Dar Alarkan Real Estate Development Co. (DAR ALARKAN)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2017 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Dar Al-Arkan’s net profit dips 79% in Q1

View other reports

Share Price

Dar Alarkan Real Estate Development Co. (DAR ALARKAN)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2017

Revenue by Business Segment (Latest) 2017 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)