Dar Al Arkan’s net profit drops 38% to SAR 359.2 mln in FY15

21/01/2016 Argaam Exclusive

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Share Price

Dar Alarkan Real Estate Development Co. (DAR ALARKAN)

Dar Al Arkan Real Estate Development Co. reported a net profit of SAR 359.2 million for the 2015 fiscal year, marking a 37.5 percent year-on-year (YOY) drop, mainly attributed to lower non-operating income.

Financials (M)

Item	2014	2015	Change‬
Revenues	3,056.06	2,211.35	(27.6 %)
Gross Income	1,299.26	983.23	(24.3 %)
Operating Income	1,058.11	775.40	(26.7 %)
Net Income	574.70	359.16	(37.5 %)
Average Shares	1,080.00	1,080.00	-
EPS (Riyals)	0.53	0.33	(37.5 %)

The company’s Q415 net profit amounted to SAR 48.7 million; a 57.9 percent slump compared to SAR 115.6 million in the same quarter in 2014, due to lower property sales and weaker gross margins. Profit for the period was 47.4 percent lower when compared to the previous quarter.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2014	Q4 2015	Change‬
Revenues	606.75	419.35	(30.9 %)
Gross Income	306.11	180.79	(40.9 %)
Operating Income	251.24	144.80	(42.4 %)
Net Income	115.60	48.66	(57.9 %)
Average Shares	1,080.00	1,080.00	-
EPS (Riyals)	0.11	0.05	(57.9 %)

Item	Q3 2015	Q4 2015	Change‬
Revenues	540.95	419.35	(22.5 %)
Gross Income	242.16	180.79	(25.3 %)
Operating Income	190.56	144.80	(24.0 %)
Net Income	92.73	48.66	(47.5 %)
Average Shares	1,080.00	1,080.00	-
EPS (Riyals)	0.09	0.05	(47.5 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q4 2014	606.75	(12.4 %)	306.11	16.4 %	115.60	(26.3 %)	0.11
2014	3,056.06	4.3 %	1,299.26	12.7 %	574.70	(15.7 %)	0.53
Q1 2015	722.36	(21.8 %)	330.92	(17.8 %)	147.29	(40.6 %)	0.14
Q2 2015	528.69	(31.7 %)	229.36	(22.0 %)	70.48	(41.9 %)	0.07
Q3 2015	540.95	(28.0 %)	242.16	(18.2 %)	92.73	3.1 %	0.09
Q4 2015	419.35	(30.9 %)	180.79	(40.9 %)	48.66	(57.9 %)	0.05
2015	2,211.35	(27.6 %)	983.23	(24.3 %)	359.16	(37.5 %)	0.33

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2014	3,056.06	4.3 %	1,299.26	12.7 %	574.70	(15.7 %)	0.53
2015	2,211.35	(27.6 %)	983.23	(24.3 %)	359.16	(37.5 %)	0.33

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2014	42.51 %	36.47 %	18.81 %
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 %
2015	44.46 %	38.36 %	16.24 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2014	42.51 %	36.47 %	18.81 %
2015	44.46 %	38.36 %	16.24 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2014	50.45 %	44.04 %	19.05 %
Q1 2015	45.81 %	39.58 %	20.39 %
Q2 2015	43.38 %	35.70 %	13.33 %
Q3 2015	44.77 %	38.51 %	17.14 %
Q4 2015	43.11 %	39.41 %	11.60 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2014	1,080.00	0.53	0.53	16.27
2015	1,080.00	0.33	0.33	16.60

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
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

Period	P/E	Adjusted P/E	Price/book
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
2014	15.28	15.28	0.50
2015	18.64	18.64	0.37

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	-
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	-

Period	property Leasing	Sale of Land	Sale of residential properties
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
2014	124.63	2,923.43	8.00
2015	136.08	2,075.27	-

Analysts Estimates (Million)

Item	Q4 2015 (e)	Q4 2015 (a)	Change‬
Average	105.00	48.66	(53.7 %)

Estimates vs Actual (Million)

Item	Q4 2015 (e)	Q4 2015 (a)	Change
SNB Capital	105.00	48.66	(53.7) %

Financial Ratios

	Current
Market Cap (M Riyal)	13,176.00
Enterprise Value (EV) (M)	18,033.21
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)	20.37
P/E (TTM)	20.37
Price/book	0.64
Return on Average Assets (%) (TTM)	2.0
Return on Average Equity (%) (TTM)	3.2

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Search Result

Dar Al Arkan’s net profit drops 38% to SAR 359.2 mln in FY15

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)

Revenue by Business Segment (Latest) 2015 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Dar Al Arkan’s net profit drops 38% to SAR 359.2 mln in FY15

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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) Q4 2015

Revenue by Business Segment (Latest) 2015 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)