Dar Almarkabah turns to net loss of SAR 74,000 in H1 2024

14/08/2024 Argaam Exclusive

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Dar Almarkabah for Renting Cars Co. reported a net loss of SAR 74,000 in H1 2024, versus a net profit of SAR 3.3 million in a year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	30.59	35.44	15.9 %
Gross Income	9.83	8.73	(11.2 %)
Operating Income	5.60	1.67	(70.3 %)
Net Income	3.28	(0.07)	(102.3 %)
Average Shares	2.00	2.50	25.0 %
EPS (Riyals)	1.64	(0.03)	(101.8 %)

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	30.59	35.44	15.9 %
Gross Income	9.83	8.73	(11.2 %)
Operating Income	5.60	1.67	(70.3 %)
Net Income	3.28	(0.07)	(102.3 %)
Average Shares	2.00	2.50	25.0 %
EPS (Riyals)	1.64	(0.03)	(101.8 %)

Item	H2 2023	H1 2024	Change‬
Revenues	40.40	35.44	(12.3 %)
Gross Income	6.59	8.73	32.6 %
Operating Income	(2.92)	1.67	157.0 %
Net Income	(3.41)	(0.07)	97.8 %
Average Shares	2.50	2.50	-
EPS (Riyals)	(1.36)	(0.03)	97.8 %

This was driven by higher general and administrative expenses and increased financing costs as a result of the expansions in the company’s business activities.

Meanwhile, H1 2024 revenues rose 15.9% year-on-year due to the expansion of the fleet and the improvement in the occupancy rates.

Total shareholders’ equity, no minority interest, reached SAR 40.73 million by June 30, 2024, compared to SAR 24.33 million in the prior-year period.

Accumulated losses by June 30, 2024, amounted to SAR 312,501, accounting for 1% of capital.

Development of Interim Financials
Period	Revenue (SAR mln)	Net Earnings (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)	(1.36)
H1 2024	35.44	(0.73)	(0.03)

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