Dar Al-Arkan’s net profit down 12% to SAR 459.1m for the first nine months of 2014

28/10/2014 Argaam Exclusive

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Share Price

Dar Alarkan Real Estate Development Co. (DAR ALARKAN)

Dar Al-Arkan Real Estate Development Company, a real estate property developer, reported a net profit of SAR 459.1m for the nine months ended September 30, 2014, a 12% decrease compared to the same period last year.

A net profit of SAR 89.9m was reported for Q3-2014 compared to SAR 121.3m for Q2.

Financials (M)

Item	9m 2013	9m 2014	Change‬
Revenues	2,238.24	2,449.31	9.4 %
Gross Income	890.11	993.14	11.6 %
Operating Income	768.44	806.87	5.0 %
Net Income	524.63	459.10	(12.5 %)
Average Shares	1,080.00	1,080.00	-
EPS (Riyals)	0.49	0.43	(12.5 %)

The company attributed the decline of the first nine months of 2014’s net profit compared to the same period last year to the increase of finance charges, payroll and consultancy fees. The higher finance charges impact on the net income was partially offset by:

1) increased non-operating income received from deposits and the ineffective SWAP valuation compared with negative effect booked in H1 2013.

2) Higher profits from investment in associates.

The decline of Q3-2014’s net profit compared to the same period last year was attributed to the decrease of non-operating income received from deposits, increase of finance charges, payroll and consultancy fees. Net income was also impacted by a marginal decrease of the gross margins achieved on properties sold due to the product mix, development status and geographical location.

The decline of Q3-2014’s net profit compared to the previous period (Q2-2014) was attributed to the decrease of non-operating income received from deposits and increase of finance charges, payroll and consultancy fees.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2013	Q3 2014	Change‬
Revenues	721.56	751.01	4.1 %
Gross Income	306.46	296.13	(3.4 %)
Operating Income	265.04	225.31	(15.0 %)
Net Income	183.32	89.90	(51.0 %)
Average Shares	1,080.00	1,080.00	-
EPS (Riyals)	0.17	0.08	(51.0 %)

Item	Q2 2014	Q3 2014	Change‬
Revenues	774.21	751.01	(3.0 %)
Gross Income	294.24	296.13	0.6 %
Operating Income	233.14	225.31	(3.4 %)
Net Income	121.34	89.90	(25.9 %)
Average Shares	1,080.00	1,080.00	-
EPS (Riyals)	0.11	0.08	(25.9 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2005	-	-	-	-	-	-	-
Q2 2005	-	-	-	-	-	-	-
Q3 2005	-	-	-	-	-	-	-
Q4 2005	-	-	-	-	-	-	-
2005	4,196.82	69.0 %	2,029.64	67.6 %	1,775.48	63.1 %	1.64
Q1 2006	846.33	-	399.39	-	380.39	-	0.35
Q2 2006	887.82	-	429.96	-	405.59	-	0.38
Q3 2006	-	-	-	-	-	-	-
Q4 2006	-	-	-	-	-	-	-
2006	4,352.59	3.7 %	2,122.71	4.6 %	1,813.95	2.2 %	1.68
Q1 2007	912.98	7.9 %	452.81	13.4 %	424.60	11.6 %	0.39
Q2 2007	1,041.78	17.3 %	560.20	30.3 %	471.81	16.3 %	0.44
Q3 2007	1,641.14	-	767.13	-	689.80	-	0.64
Q4 2007	1,330.04	-	627.87	-	422.37	-	0.39
2007	4,925.93	13.2 %	2,408.01	13.4 %	2,008.58	10.7 %	1.86
Q1 2008	1,234.17	35.2 %	586.70	29.6 %	452.76	6.6 %	0.42
Q2 2008	1,550.36	48.8 %	836.03	49.2 %	687.53	45.7 %	0.64
Q3 2008	1,567.04	(4.5 %)	859.32	12.0 %	719.50	4.3 %	0.67
Q4 2008	1,259.20	(5.3 %)	563.13	(10.3 %)	496.46	17.5 %	0.46
2008	5,610.77	13.9 %	2,845.18	18.2 %	2,356.25	17.3 %	2.18
Q1 2009	1,237.72	0.3 %	512.83	(12.6 %)	424.52	(6.2 %)	0.39
Q2 2009	1,482.37	(4.4 %)	712.82	(14.7 %)	618.27	(10.1 %)	0.57
Q3 2009	1,523.47	(2.8 %)	714.19	(16.9 %)	616.15	(14.4 %)	0.57
Q4 2009	1,220.50	(3.1 %)	567.29	0.7 %	463.74	(6.6 %)	0.43
2009	5,464.05	(2.6 %)	2,507.14	(11.9 %)	2,122.68	(9.9 %)	1.97
Q1 2010	1,144.94	(7.5 %)	478.42	(6.7 %)	398.65	(6.1 %)	0.37
Q2 2010	1,114.44	(24.8 %)	530.85	(25.5 %)	437.00	(29.3 %)	0.40
Q3 2010	910.21	(40.3 %)	374.90	(47.5 %)	289.63	(53.0 %)	0.27
Q4 2010	972.39	(20.3 %)	380.09	(33.0 %)	330.44	(28.7 %)	0.31
2010	4,141.98	(24.2 %)	1,764.26	(29.6 %)	1,455.71	(31.4 %)	1.35
Q1 2011	955.15	(16.6 %)	366.63	(23.4 %)	273.09	(31.5 %)	0.25
Q2 2011	791.24	(29.0 %)	337.74	(36.4 %)	297.77	(31.9 %)	0.28
Q3 2011	755.19	(17.0 %)	320.63	(14.5 %)	227.47	(21.5 %)	0.21
Q4 2011	810.93	(16.6 %)	344.02	(9.5 %)	289.61	(12.4 %)	0.27
2011	3,312.51	(20.0 %)	1,369.01	(22.4 %)	1,087.94	(25.3 %)	1.01
Q1 2012	868.19	(9.1 %)	367.46	0.2 %	292.59	7.1 %	0.27
Q2 2012	1,083.51	36.9 %	388.05	14.9 %	331.03	11.2 %	0.31
Q3 2012	728.52	(3.5 %)	329.38	2.7 %	220.89	(2.9 %)	0.20
Q4 2012	876.85	8.1 %	308.83	(10.2 %)	144.04	(50.3 %)	0.13
2012	3,557.07	7.4 %	1,393.71	1.8 %	988.54	(9.1 %)	0.92
Q1 2013	835.82	(3.7 %)	375.58	2.2 %	237.61	(18.8 %)	0.22
Q2 2013	680.86	(37.2 %)	208.07	(46.4 %)	103.70	(68.7 %)	0.10
Q3 2013	721.56	(1.0 %)	306.46	(7.0 %)	183.32	(17.0 %)	0.17
Q4 2013	692.93	(21.0 %)	262.97	(14.8 %)	156.83	8.9 %	0.15
2013	2,931.17	(17.6 %)	1,153.07	(17.3 %)	681.46	(31.1 %)	0.63
Q1 2014	924.09	10.6 %	402.77	7.2 %	247.86	4.3 %	0.23
Q2 2014	774.21	13.7 %	294.24	41.4 %	121.34	17.0 %	0.11
Q3 2014	751.01	4.1 %	296.13	(3.4 %)	89.90	(51.0 %)	0.08

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2004	2,483.56	87.7 %	1,211.02	98.1 %	1,088.80	104.9 %	1.01
2005	4,196.82	69.0 %	2,029.64	67.6 %	1,775.48	63.1 %	1.64
2006	4,352.59	3.7 %	2,122.71	4.6 %	1,813.95	2.2 %	1.68
2007	4,925.93	13.2 %	2,408.01	13.4 %	2,008.58	10.7 %	1.86
2008	5,610.77	13.9 %	2,845.18	18.2 %	2,356.25	17.3 %	2.18
2009	5,464.05	(2.6 %)	2,507.14	(11.9 %)	2,122.68	(9.9 %)	1.97
2010	4,141.98	(24.2 %)	1,764.26	(29.6 %)	1,455.71	(31.4 %)	1.35
2011	3,312.51	(20.0 %)	1,369.01	(22.4 %)	1,087.94	(25.3 %)	1.01
2012	3,557.07	7.4 %	1,393.71	1.8 %	988.54	(9.1 %)	0.92
2013	2,931.17	(17.6 %)	1,153.07	(17.3 %)	681.46	(31.1 %)	0.63

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
2005	48.36 %	44.54 %	42.31 %
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
2006	48.77 %	47.53 %	41.68 %
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	48.88 %	46.95 %	40.78 %
2007	48.88 %	46.95 %	40.78 %
Q1 2008	48.44 %	46.44 %	38.82 %
Q2 2008	48.96 %	46.74 %	39.13 %
Q3 2008	51.22 %	48.61 %	40.17 %
Q4 2008	50.71 %	48.04 %	42.00 %
2008	50.71 %	48.04 %	42.00 %
Q1 2009	49.36 %	46.59 %	41.47 %
Q2 2009	47.75 %	45.03 %	40.72 %
Q3 2009	45.49 %	42.72 %	39.17 %
Q4 2009	45.88 %	43.22 %	38.85 %
2009	45.88 %	43.22 %	38.85 %
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 %
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 %
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 %
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 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2004	48.76 %	45.10 %	43.84 %
2005	48.36 %	44.54 %	42.31 %
2006	48.77 %	47.53 %	41.68 %
2007	48.88 %	46.95 %	40.78 %
2008	50.71 %	48.04 %	42.00 %
2009	45.88 %	43.22 %	38.85 %
2010	42.59 %	40.02 %	35.15 %
2011	41.33 %	38.76 %	32.84 %
2012	39.18 %	35.45 %	26.20 %
2013	39.34 %	35.77 %	23.25 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
Q1 2006	47.19 %	45.42 %	44.95 %
Q2 2006	48.43 %	46.02 %	45.68 %
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	49.60 %	48.11 %	46.51 %
Q2 2007	53.77 %	52.18 %	45.29 %
Q3 2007	46.74 %	45.72 %	42.03 %
Q4 2007	47.21 %	43.56 %	31.76 %
Q1 2008	47.54 %	45.63 %	36.69 %
Q2 2008	53.92 %	51.43 %	44.35 %
Q3 2008	54.84 %	52.46 %	45.91 %
Q4 2008	44.72 %	40.73 %	39.43 %
Q1 2009	41.43 %	39.08 %	34.30 %
Q2 2009	48.09 %	45.78 %	41.71 %
Q3 2009	46.88 %	44.36 %	40.44 %
Q4 2009	46.48 %	42.87 %	38.00 %
Q1 2010	41.79 %	38.88 %	34.82 %
Q2 2010	47.63 %	45.19 %	39.21 %
Q3 2010	41.19 %	38.60 %	31.82 %
Q4 2010	39.09 %	36.79 %	33.98 %
Q1 2011	38.38 %	36.32 %	28.59 %
Q2 2011	42.68 %	39.82 %	37.63 %
Q3 2011	42.46 %	39.52 %	30.12 %
Q4 2011	42.42 %	39.89 %	35.71 %
Q1 2012	42.32 %	39.48 %	33.70 %
Q2 2012	35.81 %	32.72 %	30.55 %
Q3 2012	45.21 %	40.35 %	22.54 %
Q4 2012	35.22 %	30.78 %	16.43 %
Q1 2013	44.94 %	39.88 %	28.43 %
Q2 2013	30.56 %	28.44 %	15.23 %
Q3 2013	42.47 %	38.61 %	25.41 %
Q4 2013	37.95 %	35.08 %	22.63 %
Q1 2014	43.59 %	39.16 %	26.82 %
Q2 2014	38.01 %	31.85 %	15.67 %
Q3 2014	39.43 %	31.81 %	11.97 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2005	-	-	-	-
Q2 2005	-	-	-	-
Q3 2005	-	-	-	-
Q4 2005	-	-	-	-
Q1 2006	1,080.00	-	-	10.00
Q2 2006	1,080.00	-	-	10.37
Q3 2006	-	-	-	-
Q4 2006	-	-	-	-
Q1 2007	1,080.00	-	-	10.22
Q2 2007	1,080.00	-	-	10.66
Q3 2007	1,080.00	-	-	9.79
Q4 2007	1,080.00	1.86	1.86	10.19
Q1 2008	1,080.00	1.89	1.89	10.60
Q2 2008	1,080.00	2.09	2.09	9.74
Q3 2008	1,080.00	2.11	2.11	10.41
Q4 2008	1,080.00	2.18	2.18	10.87
Q1 2009	1,080.00	2.16	2.16	11.26
Q2 2009	1,080.00	2.09	2.09	11.83
Q3 2009	1,080.00	2.00	2.00	12.40
Q4 2009	1,080.00	1.97	1.97	12.83
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2004	1,080.00	1.01	1.01	5.05
2005	1,080.00	1.64	1.64	9.65
2006	1,080.00	1.68	1.68	9.83
2007	1,080.00	1.86	1.86	10.19
2008	1,080.00	2.18	2.18	10.87
2009	1,080.00	1.97	1.97	12.83
2010	1,080.00	1.35	1.35	13.18
2011	1,080.00	1.01	1.01	14.19
2012	1,080.00	0.92	0.86	15.10
2013	1,080.00	0.63	0.63	15.73

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	19.77	19.77	3.61
Q1 2008	16.71	16.71	2.97
Q2 2008	12.71	12.71	2.72
Q3 2008	11.43	11.43	2.32
Q4 2008	6.83	6.83	1.37
Q1 2009	6.08	6.08	1.16
Q2 2009	8.48	8.48	1.50
Q3 2009	7.94	7.94	1.28
Q4 2009	7.15	7.15	1.09
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

Period	P/E	Adjusted P/E	Price/book
2004	-	-	-
2005	-	-	-
2006	-	-	-
2007	19.77	19.77	3.61
2008	6.83	6.83	1.37
2009	7.15	7.15	1.09
2010	6.68	6.68	0.68
2011	7.20	7.20	0.51
2012	9.01	9.56	0.55
2013	15.61	15.61	0.63

Business Segments (Million)

Compared With The

Period	property Leasing	Sale of Land	Sale of residential properties
Q1 2007	-	560.55	352.43
Q2 2007	-	646.65	395.12
Q1 2008	-	916.32	317.85
Q2 2008	-	1,042.34	508.02
Q3 2008	-	1,455.49	111.56
Q4 2008	-	1,206.25	52.96
Q1 2009	-	1,117.60	120.11
Q2 2009	-	1,330.76	151.61
Q3 2009	-	1,400.67	122.80
Q4 2009	-	1,095.70	124.80
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	-

Period	property Leasing	Sale of Land	Sale of residential properties
2005	-	3,190.79	1,006.03
2006	-	3,201.84	1,150.75
2007	-	3,604.76	1,321.18
2008	-	4,620.39	990.38
2009	-	4,944.73	519.32
2010	-	3,765.30	376.68
2011	15.00	3,220.17	77.35
2012	52.78	3,479.00	25.29
2013	108.43	2,822.28	0.46

Financial Ratios

	Current
Market Cap (M Riyal)	13,089.60
Enterprise Value (EV) (M)	17,946.81
Shares Outstanding ((M))	1,080.00
EPS ( Riyal) (TTM)	0.60
Book Value (BV) ( Riyal)	18.92
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	20.24
P/E (TTM)	20.24
Price/book	0.64
Return on Average Assets (%) (TTM)	2.0
Return on Average Equity (%) (TTM)	3.2

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Dar Al-Arkan’s net profit down 12% to SAR 459.1m for the first nine months of 2014

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Share Price

Dar Alarkan Real Estate Development Co. (DAR ALARKAN)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2014 Q3

Financial Ratios

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Dar Al-Arkan’s net profit down 12% to SAR 459.1m for the first nine months of 2014

View other reports

Share Price

Dar Alarkan Real Estate Development Co. (DAR ALARKAN)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2014

Revenue by Business Segment (Latest) 2014 Q3

Financial Ratios

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