Dar Al-Arkan’s net profit plunges 98% to SAR 4.19 mln in 9M 2020

10/11/2020 Argaam Exclusive

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Dar Al-Arkan Real Estate Development Co.’s net profit after Zakat and tax declined 98.2% year-on-year (YoY) to SAR 4.19 million for the first nine months of 2020, driven by lower revenue, and higher cost of finance, despite higher non-operating income.



Financials (M)

Item 9m 2019 9m 2020 Change‬
Revenues 2,650.93 1,448.60 (45.4 %)
Gross Income 611.57 477.72 (21.9 %)
Operating Income 486.27 353.66 (27.3 %)
Net Income 235.34 4.19 (98.2 %)
Average Shares 1,080.00 1,080.00 -
Earnings Per Share before unusual items (Riyals) 0.22 0.00 (98.2 %)
EPS (Riyals) 0.22 0.00 (98.2 %)

The realty developer sustained SAR 18.6 million in net losses after Zakat and tax for Q3 2020, versus net profit after Zakat and tax of SAR 134.8 million in prior-year period, due to lower sales revenue, and higher cost of finance.

 

On a sequential basis, Dar Al-Arkan turned to losses in Q3 2020, versus SAR 10.37 million in profit in Q2 2020.



Current Quarter Comparison (M)

Compared With The
Item Q3 2019 Q3 2020 Change‬
Revenues 899.41 391.24 (56.5 %)
Gross Income 250.56 161.64 (35.5 %)
Operating Income 211.39 119.34 (43.5 %)
Net Income 134.87 (18.59) (113.8 %)
Average Shares 1,080.00 1,080.00 -
Earnings Per Share before unusual items (Riyals) 0.12 (0.02) (113.8 %)
EPS (Riyals) 0.12 (0.02) (113.8 %)

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Share Price

Dar Alarkan Real Estate Development Co.
21.40
0.54 2.59 %

Dar Alarkan Real Estate Development Co. (DAR ALARKAN)

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Financial Ratios
Current
Market Cap (M Riyal) 23,112.00
Enterprise Value (EV) (M) 27,817.19
Shares Outstanding ((M)) 1,080.00
EPS ( Riyal) (TTM) 0.75
Book Value (BV) ( Riyal) 19.53
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 28.61
P/E (TTM) 28.61
Price/book 1.10
Return on Average Assets (%) (TTM) 2.3
Return on Average Equity (%) (TTM) 3.0
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