Dar Almarkabah 2022 earnings down 26% to SAR 4.5 mln

20/07/2023 Argaam Exclusive

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Dar Almarkabah for Renting Cars Co., which is set to be listed on Nomu-Parallel Market, posted a net profit of SAR 4.5 million for 2022, a decline of 26% compared to SAR 6.1 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	46.11	60.04	30.2 %
Gross Income	13.54	13.78	1.7 %
Operating Income	7.19	5.44	(24.3 %)
Net Income	6.05	4.64	(23.2 %)
Average Shares	2.00	2.00	-
EPS (Riyals)	3.02	2.32	(23.2 %)

The profit decline was attributed to a fall in gross profit margin to 23% from 29% a year before on the high cost of revenue. In addition, operating margin declined from 16% to 9%.

However, revenue increased by 30% to SAR 60 million from SAR 46.1 million a year earlier. Other income also rose.

Shareholders' equity, no minority interest, reached SAR 32.76 million, compared to SAR 28.50 in 2021.

On Oct. 6, 2022, shareholders approved increasing capital to SAR 25 million, through the issuance of 500,000 ordinary shares to float them on Nomu.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2021	H2 2022	Change‬

Item	H1 2022	H2 2022	Change‬
Revenues	29.65	30.39	2.5 %
Gross Income	8.79	4.99	(43.3 %)
Operating Income	4.51	0.93	(79.3 %)
Net Income	2.95	1.69	(42.7 %)
Average Shares	2.00	2.00	-
EPS (Riyals)	1.48	0.85	(42.7 %)

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