Dar Almarkabah swings to SAR 126,200 loss in 2023

31/03/2024 Argaam Exclusive

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Dar Almarkabah for Renting Cars Co. reported a net loss of SAR 126,200 for 2023, versus a net profit of SAR 4.5 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	60.04	70.98	18.2 %
Gross Income	13.78	16.41	19.1 %
Operating Income	5.44	2.68	(50.8 %)
Net Income	4.64	(0.13)	(102.7 %)
Average Shares	2.00	2.50	25.0 %
EPS (Riyals)	2.32	(0.05)	(102.2 %)

The company attributed the turn to losses to an increase in general and administrative expenses, which included underwriting and listing expenses, as well as high financing costs as a result of the company's business and activities.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	30.39	40.40	32.9 %
Gross Income	4.99	6.59	32.1 %
Operating Income	0.93	(2.92)	(413.4 %)
Net Income	1.69	(3.41)	(301.7 %)
Average Shares	2.00	2.50	25.0 %
EPS (Riyals)	0.85	(1.36)	(261.3 %)

Item	H1 2023	H2 2023	Change‬
Revenues	30.59	40.40	32.1 %
Gross Income	9.83	6.59	(33.0 %)
Operating Income	5.60	(2.92)	(152.2 %)
Net Income	3.28	(3.41)	(203.8 %)
Average Shares	2.00	2.50	25.0 %
EPS (Riyals)	1.64	(1.36)	(183.1 %)

Total shareholders’ equity, no minority interest, stood at SAR 40.51 million by Dec. 31, 2023, compared to SAR 32.76 million a year ago.

Accumulated losses reached SAR 531,860 by Dec. 31, 2023, accounting for 2.12% of the company’s capital.

Historical Data
Period	Revenue (SAR mln)	Net profit (SAR mln)	EPS (SAR /share)
H1 2022	29.65	2.95	1.48
H2 2022	30.39	1.51	0.75
H1 2023	30.59	3.28	1.64
H2 2023	40.39	3.41	1.70

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