Dar Almarkabah profit rises 11% to SAR 3.3 mln in H1 2023

26/09/2023 Argaam Exclusive

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Dar Almarkabah for Renting Cars Co. reported a net profit of SAR 3.3 million in H1 2023, an increase of 11% from SAR 3 million in the year-earlier period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	29.65	30.59	3.2 %
Gross Income	8.79	9.83	11.8 %
Operating Income	4.51	5.60	24.1 %
Net Income	2.95	3.28	11.2 %
Average Shares	2.00	2.00	-
EPS (Riyals)	1.48	1.64	11.2 %

The profit was driven by increased sales volumes on higher contracts with government and private agencies, in addition to cost-cutting measures.

The company also cited improved profit margin, reduced operating expenses and product diversification strategy.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	29.65	30.59	3.2 %
Gross Income	8.79	9.83	11.8 %
Operating Income	4.51	5.60	24.1 %
Net Income	2.95	3.28	11.2 %
Average Shares	2.00	2.00	-
EPS (Riyals)	1.48	1.64	11.2 %

Item	H2 2022	H1 2023	Change‬
Revenues	30.39	30.59	0.6 %
Gross Income	4.99	9.83	97.1 %
Operating Income	0.93	5.60	500.8 %
Net Income	1.69	3.28	94.2 %
Average Shares	2.00	2.00	-
EPS (Riyals)	0.85	1.64	94.2 %

Shareholders’ equity, no minority interest, reached SAR 24.33 million by the end of H1 2023, compared to SAR 32.76 million a year earlier.

Interim Statements (SAR mln)
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

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