Financial Results : Dar Al Arkan’s net profit tumbles 92% in Q1 2019

Dar Al Arkan’s net profit tumbles 92% in Q1 2019

09/05/2019 Argaam Exclusive

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Dar Al Arkan Real Estate Development Co. posted a net profit after zakat and tax of SAR 25.5 million for Q1 2019, a plunge of 92.3 percent year-on-year (YoY) due to lower property sales.

 

Meanwhile, an increase in operating expenses and a decline in income from associates were fully offset by higher non-operating income from Islamic deposits.

When compared to Q4 2018, the real estate developer's net profit fell 21.6 percent on lower income from associates and non-operating income from Islamic deposits.



Current Quarter Comparison (M)

Compared With The
Item Q1 2018 Q1 2019 Change‬
Revenues 2,793.91 823.68 (70.5 %)
Gross Income 474.61 159.28 (66.4 %)
Operating Income 436.45 117.24 (73.1 %)
Net Income 331.12 25.51 (92.3 %)
Average Shares 1,080.00 1,080.00 -
EPS (Riyals) 0.31 0.02 (92.3 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2010 1,144.94 (7.5 %) 478.42 (6.7 %) 435.24 (8.2 %)
Q2 2010 1,114.44 (24.8 %) 530.85 (25.5 %) 492.01 (26.4 %)
Q3 2010 910.21 (40.3 %) 374.90 (47.5 %) 340.28 (48.9 %)
Q4 2010 972.39 (20.3 %) 380.09 (33.0 %) 350.13 (31.7 %)
Q1 2011 955.15 (16.6 %) 366.63 (23.4 %) 339.56 (22.0 %)
Q2 2011 791.24 (29.0 %) 337.74 (36.4 %) 305.74 (37.9 %)
Q3 2011 755.19 (17.0 %) 320.63 (14.5 %) 289.89 (14.8 %)
Q4 2011 810.93 (16.6 %) 344.02 (9.5 %) 315.23 (10.0 %)
Q1 2012 868.19 (9.1 %) 367.46 0.2 % 335.23 (1.3 %)
Q2 2012 1,083.51 36.9 % 388.05 14.9 % 346.72 13.4 %
Q3 2012 728.52 (3.5 %) 329.38 2.7 % 280.40 (3.3 %)
Q4 2012 876.85 8.1 % 308.83 (10.2 %) 256.27 (18.7 %)
Q1 2013 835.82 (3.7 %) 375.58 2.2 % 323.22 (3.6 %)
Q2 2013 680.86 (37.2 %) 208.07 (46.4 %) 180.19 (48.0 %)
Q3 2013 721.56 (1.0 %) 306.46 (7.0 %) 265.04 (5.5 %)
Q4 2013 692.93 (21.0 %) 262.97 (14.8 %) 229.59 (10.4 %)
Q1 2014 924.09 10.6 % 402.77 7.2 % 348.43 7.8 %
Q2 2014 774.21 13.7 % 294.24 41.4 % 233.14 29.4 %
Q3 2014 751.01 4.1 % 296.13 (3.4 %) 225.31 (15.0 %)
Q4 2014 606.75 (12.4 %) 306.11 16.4 % 251.24 9.4 %
Q1 2015 722.36 (21.8 %) 330.92 (17.8 %) 268.66 (22.9 %)
Q2 2015 528.69 (31.7 %) 229.36 (22.0 %) 171.39 (26.5 %)
Q3 2015 540.95 (28.0 %) 242.16 (18.2 %) 190.56 (15.4 %)
Q4 2015 419.35 (30.9 %) 180.79 (40.9 %) 144.80 (42.4 %)
Q1 2016 434.61 (39.8 %) 191.60 (42.1 %) 153.29 (42.9 %)
Q2 2016 407.56 (22.9 %) 184.70 (19.5 %) 139.34 (18.7 %)
Q3 2016 617.57 14.2 % 245.20 1.3 % 210.22 10.3 %
Q4 2016 410.49 (2.1 %) 170.46 (5.7 %) 129.07 (10.9 %)
Q1 2017 360.33 (17.1 %) 135.69 (29.2 %) 97.20 (36.6 %)
Q2 2017 456.49 12.0 % 160.14 (13.3 %) 113.78 (18.3 %)
Q3 2017 1,482.74 140.1 % 352.81 43.9 % 312.16 48.5 %
Q4 2017 2,435.12 493.2 % 465.37 173.0 % 428.87 232.3 %
Q1 2018 2,793.91 675.4 % 474.61 249.8 % 436.45 349.0 %
Q2 2018 1,784.80 291.0 % 266.17 66.2 % 218.82 92.3 %
Q3 2018 987.63 (33.4 %) 164.67 (53.3 %) 124.22 (60.2 %)
Q4 2018 846.09 (65.3 %) 151.86 (67.4 %) 108.89 (74.6 %)
Q1 2019 823.68 (70.5 %) 159.28 (66.4 %) 117.24 (73.1 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2010 398.65 (6.1 %) 0.37 - 398.65 0.37
Q2 2010 437.00 (29.3 %) 0.40 - 437.00 0.40
Q3 2010 289.63 (53.0 %) 0.27 - 289.63 0.27
Q4 2010 330.44 (28.7 %) 0.31 - 330.44 0.31
Q1 2011 273.09 (31.5 %) 0.25 - 273.09 0.25
Q2 2011 297.77 (31.9 %) 0.28 - 297.77 0.28
Q3 2011 227.47 (21.5 %) 0.21 - 227.47 0.21
Q4 2011 289.61 (12.4 %) 0.27 - 289.61 0.27
Q1 2012 292.59 7.1 % 0.27 - 292.59 0.27
Q2 2012 331.03 11.2 % 0.31 - 331.03 0.31
Q3 2012 220.89 (2.9 %) 0.20 56.70 164.19 0.15
Q4 2012 144.04 (50.3 %) 0.13 - 144.04 0.13
Q1 2013 237.61 (18.8 %) 0.22 - 237.61 0.22
Q2 2013 103.70 (68.7 %) 0.10 - 103.70 0.10
Q3 2013 183.32 (17.0 %) 0.17 - 183.32 0.17
Q4 2013 156.83 8.9 % 0.15 - 156.83 0.15
Q1 2014 247.86 4.3 % 0.23 - 247.86 0.23
Q2 2014 121.34 17.0 % 0.11 - 121.34 0.11
Q3 2014 89.90 (51.0 %) 0.08 - 89.90 0.08
Q4 2014 115.60 (26.3 %) 0.11 - 115.60 0.11
Q1 2015 147.29 (40.6 %) 0.14 - 147.29 0.14
Q2 2015 70.48 (41.9 %) 0.07 - 70.48 0.07
Q3 2015 92.73 3.1 % 0.09 - 92.73 0.09
Q4 2015 48.66 (57.9 %) 0.05 - 48.66 0.05
Q1 2016 57.85 (60.7 %) 0.05 - 57.85 0.05
Q2 2016 43.23 (38.7 %) 0.04 - 43.23 0.04
Q3 2016 112.47 21.3 % 0.10 - 112.47 0.10
Q4 2016 37.29 (23.4 %) 0.03 - 37.29 0.03
Q1 2017 12.13 (79.0 %) 0.01 - 12.13 0.01
Q2 2017 10.94 (74.7 %) 0.01 - 10.94 0.01
Q3 2017 209.62 86.4 % 0.19 - 209.62 0.19
Q4 2017 320.68 760.0 % 0.30 - 320.68 0.30
Q1 2018 331.12 2629.1 % 0.31 - 331.12 0.31
Q2 2018 108.60 892.3 % 0.10 - 108.60 0.10
Q3 2018 36.73 (82.5 %) 0.03 - 36.73 0.03
Q4 2018 32.53 (89.9 %) 0.03 - 32.53 0.03
Q1 2019 25.51 (92.3 %) 0.02 - 25.51 0.02

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2010 46.04 % 43.25 % 39.04 %
Q2 2010 45.78 % 42.93 % 38.29 %
Q3 2010 44.45 % 41.53 % 36.20 %
Q4 2010 42.59 % 40.02 % 35.15 %
Q1 2011 41.81 % 39.46 % 33.66 %
Q2 2011 40.21 % 37.78 % 32.82 %
Q3 2011 40.45 % 37.95 % 32.49 %
Q4 2011 41.33 % 38.76 % 32.84 %
Q1 2012 42.47 % 39.68 % 34.33 %
Q2 2012 40.37 % 37.50 % 32.43 %
Q3 2012 40.93 % 37.66 % 30.86 %
Q4 2012 39.18 % 35.45 % 26.20 %
Q1 2013 39.77 % 35.51 % 24.88 %
Q2 2013 39.14 % 34.94 % 20.80 %
Q3 2013 38.49 % 34.52 % 21.47 %
Q4 2013 39.34 % 35.77 % 23.25 %
Q1 2014 39.09 % 35.67 % 22.91 %
Q2 2014 40.68 % 36.30 % 22.79 %
Q3 2014 39.97 % 34.70 % 19.60 %
Q4 2014 42.51 % 36.47 % 18.81 %
Q1 2015 43.00 % 36.39 % 16.61 %
Q2 2015 44.56 % 37.60 % 16.22 %
Q3 2015 46.21 % 39.61 % 17.76 %
Q4 2015 44.46 % 38.36 % 16.24 %
Q1 2016 43.87 % 38.20 % 14.02 %
Q2 2016 44.34 % 39.09 % 13.45 %
Q3 2016 42.69 % 38.63 % 13.95 %
Q4 2016 42.34 % 37.93 % 13.41 %
Q1 2017 40.98 % 36.42 % 11.42 %
Q2 2017 38.57 % 34.05 % 9.37 %
Q3 2017 30.22 % 27.00 % 9.96 %
Q4 2017 23.53 % 21.73 % 11.69 %
Q1 2018 20.27 % 19.08 % 12.17 %
Q2 2018 18.35 % 17.34 % 11.42 %
Q3 2018 17.13 % 16.05 % 9.96 %
Q4 2018 16.49 % 15.08 % 7.94 %
Q1 2019 16.70 % 14.45 % 4.58 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2010 1,080.00 1.94 1.94 13.20
Q2 2010 1,080.00 1.77 1.77 12.61
Q3 2010 1,080.00 1.47 1.47 12.87
Q4 2010 1,080.00 1.35 1.35 13.18
Q1 2011 1,080.00 1.23 1.23 13.43
Q2 2011 1,080.00 1.10 1.10 13.71
Q3 2011 1,080.00 1.05 1.05 13.92
Q4 2011 1,080.00 1.01 1.01 14.19
Q1 2012 1,080.00 1.03 1.03 14.46
Q2 2012 1,080.00 1.06 1.06 14.77
Q3 2012 1,080.00 1.05 1.00 14.97
Q4 2012 1,080.00 0.92 0.86 15.10
Q1 2013 1,080.00 0.86 0.81 15.32
Q2 2013 1,080.00 0.65 0.60 15.42
Q3 2013 1,080.00 0.62 0.62 15.59
Q4 2013 1,080.00 0.63 0.63 15.73
Q1 2014 1,080.00 0.64 0.64 15.96
Q2 2014 1,080.00 0.66 0.66 16.08
Q3 2014 1,080.00 0.57 0.57 16.16
Q4 2014 1,080.00 0.53 0.53 16.27
Q1 2015 1,080.00 0.44 0.44 16.40
Q2 2015 1,080.00 0.39 0.39 16.47
Q3 2015 1,080.00 0.39 0.39 16.55
Q4 2015 1,080.00 0.33 0.33 16.60
Q1 2016 1,080.00 0.25 0.25 16.65
Q2 2016 1,080.00 0.22 0.22 16.69
Q3 2016 1,080.00 0.24 0.24 16.80
Q4 2016 1,080.00 0.23 0.23 16.83
Q1 2017 1,080.00 0.19 0.19 16.84
Q2 2017 1,080.00 0.16 0.16 16.85
Q3 2017 1,080.00 0.25 0.25 17.05
Q4 2017 1,080.00 0.51 0.51 17.35
Q1 2018 1,080.00 0.81 0.81 17.65
Q2 2018 1,080.00 0.90 0.90 17.25
Q3 2018 1,080.00 0.74 0.74 17.29
Q4 2018 1,080.00 0.47 0.47 17.32
Q1 2019 1,080.00 0.19 0.19 17.34

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2010 7.29 7.29 1.07
Q2 2010 6.65 6.65 0.94
Q3 2010 6.93 6.93 0.79
Q4 2010 6.68 6.68 0.68
Q1 2011 7.84 7.84 0.72
Q2 2011 7.12 7.12 0.57
Q3 2011 5.98 5.98 0.45
Q4 2011 7.20 7.20 0.51
Q1 2012 12.78 12.78 0.91
Q2 2012 8.57 8.57 0.61
Q3 2012 8.52 8.97 0.60
Q4 2012 9.01 9.56 0.55
Q1 2013 9.54 10.16 0.54
Q2 2013 15.90 17.29 0.67
Q3 2013 16.31 16.31 0.65
Q4 2013 15.61 15.61 0.63
Q1 2014 19.52 19.52 0.78
Q2 2014 18.80 18.80 0.77
Q3 2014 24.41 24.41 0.86
Q4 2014 15.28 15.28 0.50
Q1 2015 19.52 19.52 0.52
Q2 2015 23.17 23.17 0.55
Q3 2015 17.64 17.64 0.42
Q4 2015 18.64 18.64 0.37
Q1 2016 21.02 21.02 0.32
Q2 2016 28.86 28.86 0.39
Q3 2016 19.56 19.56 0.28
Q4 2016 26.52 26.52 0.37
Q1 2017 31.54 31.54 0.36
Q2 2017 41.87 41.87 0.40
Q3 2017 26.00 26.00 0.38
Q4 2017 28.10 28.10 0.83
Q1 2018 15.52 15.52 0.71
Q2 2018 11.74 11.74 0.61
Q3 2018 13.51 13.51 0.58
Q4 2018 19.14 19.14 0.52
Q1 2019 56.82 56.82 0.62

Business Segments (Million)

Compared With The
Period Real estate development property Leasing Sale of Land Sale of residential properties
Q1 2010 - - 1,026.97 117.97
Q2 2010 - - 980.19 134.24
Q3 2010 - - 831.26 78.95
Q4 2010 - - 926.88 45.51
Q1 2011 - 5.23 938.54 11.39
Q2 2011 - 2.78 757.68 30.77
Q3 2011 - 3.30 729.91 21.98
Q4 2011 - 3.69 794.04 13.20
Q1 2012 - 4.66 850.75 12.79
Q2 2012 - 5.04 1,072.63 5.84
Q3 2012 - 17.35 708.06 3.12
Q4 2012 - 25.74 847.56 3.55
Q1 2013 - 24.92 810.91 -
Q2 2013 - 27.62 652.78 0.46
Q3 2013 - 27.81 693.75 -
Q4 2013 - 28.09 664.84 -
Q1 2014 - 31.22 892.87 -
Q2 2014 - 31.02 735.19 8.00
Q3 2014 - 29.81 721.20 -
Q4 2014 - 32.57 574.17 -
Q1 2015 - 32.85 689.51 -
Q2 2015 - 33.12 495.57 -
Q3 2015 - 35.02 505.93 -
Q4 2015 - 35.09 384.26 -
Q1 2016 - 36.69 397.92 -
Q2 2016 - 36.93 370.63 -
Q3 2016 - 34.51 583.06 -
Q4 2016 - 37.42 373.08 -
Q1 2017 - 38.82 321.51 -
Q2 2017 - 36.23 417.20 -
Q3 2017 - 36.41 1,445.21 1.13
Q4 2017 - 38.40 2,400.90 -
Q1 2018 2,759.90 34.02 - -
Q2 2018 1,750.72 34.08 - -
Q3 2018 955.17 32.29 - -
Q4 2018 810.70 35.39 - -
Q1 2019 789.39 34.28 - -

Analysts Estimates (Million)

Item Q1 2019 (e) Q1 2019 (a) Change‬
Average 20.00 25.51 27.57 %

Estimates vs Actual (Million)

Item Q1 2019 (e) Q1 2019 (a) Change
SNB Capital 20.00 25.51 27.6 %


Financial Ratios
Current
Market Cap (M Riyal) 18,144.00
Enterprise Value (EV) (M) 23,453.20
Shares Outstanding ((M)) 1,080.00
EPS ( Riyal) (TTM) 0.60
Book Value (BV) ( Riyal) 19.19
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 27.99
P/E (TTM) 27.99
Price/book 0.88
Return on Average Assets (%) (TTM) 1.9
Return on Average Equity (%) (TTM) 3.2
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Share Price

Dar Alarkan Real Estate Development Co.
16.80
0.08 0.48 %

Dar Alarkan Real Estate Development Co. (DAR ALARKAN)

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