Financial Results : Dar Almarkabah profit down 74% to SAR 299,000 in 2024; H2 at SAR 373,000

Dar Almarkabah profit down 74% to SAR 299,000 in 2024; H2 at SAR 373,000

23/03/2025 Argaam Exclusive

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Dar Almarkabah for Renting Cars Co. reported a net profit of SAR 299,000 for 2024, down 74% from SAR 1.1 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 70.98 66.47 (6.4 %)
Gross Income 17.67 14.40 (18.5 %)
Operating Income 3.93 1.88 (52.1 %)
Net Income 1.13 0.30 (73.6 %)
Average Shares 50.00 50.00 -
Earnings Per Share before unusual items (Halala) 2.27 0.60 (73.6 %)
EPS (Halala) 2.27 0.60 (73.6 %)

The profit decline was attributed a drop in revenue by SAR 4.5 million, resulting from the company's establishment of a credit management department and the enhancement of customer acceptance procedures on the Eitimad platform. Consequently, certain contract renewals with existing clients were rejected, and new client acquisitions were not approved.

 

Furthermore, intense competition and the emergence of numerous companies operating in the same sector contributed to this revenue reduction. Moreover, the company encountered an increased cost-of-revenue ratio compared to the previous year, coupled with higher financing costs due to the expansion of the company's operations and activities.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 40.40 31.03 (23.2 %)
Gross Income 7.84 5.67 (27.7 %)
Operating Income (1.67) 0.22 113.1 %
Net Income (2.15) 0.37 117.4 %
Average Shares 50.00 50.00 -
Earnings Per Share before unusual items (Halala) (4.30) 0.75 117.4 %
EPS (Halala) (4.30) 0.75 117.4 %

The company swung to a net profit of SAR 373,000 in H2 2024, from a loss of SAR 2.15million in H2 2023.

 

Dar Almarkabah posted a net loss of SAR 0.07 million in H1 2024.

 

Shareholders' equity (no minority interests) at the end of the period amounted to SAR 41.93 million, compared to SAR 41.62 million at the end of 2023.

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