Moodys Investors Service - Dar Al Arkan Real Estate Development Co. (4300) Dar Al Arkan Real Estate Development Company - December 2016 (LTM): Peer Snapshot

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Dar Al Arkan Real Estate Development Company - December 2016 (LTM): Peer Snapshot

Peer Snapshot: Dar Al Arkan Real Estate Development Company - December 2016 (LTM) 21 February 2017 (in US millions) FYE Dec-14 FYE Dec-15 LTM Dec-16 FYE Dec-14 FYE Dec-15 LTM Sep-16 FYE Dec-14 FYE Dec-15 LTM Sep-16

21/02/2017 2 EN

Underlying

Dar Al Arkan Real Estate Development Co.

Dar Al Arkan Real Estate Development Company SJSC. Dar Al Arkan Real Estate Development Co SJSC is a Saudi Arabia-based joint stock company engaged in the real estate sector. The Company operates in three segments: DAR Projects, DAR Investments and DAR Properties. The Company, along with its subsidiaries, is active in the business of development, sale and lease of real estate projects and related activities, including construction, maintenance, demolition and reconstruction of residential and commercial buildings. The Company's subsidiaries include Dar Al-Arkan Properties Company, Dar Al-Arkan Projects Company, Dar Al-Arkan Commercial Investment Company, Dar Al-Arkan Sukuk Company, Sukuk Al-Arkan Company, Thawabit Investment and Siyada Investment Company. The Company's projects include Al-Qasr Mall, Shams Al-Arous Project, Shams Alriyadh Project, Al Qasr Project, Al Tilal Project and Qasr Khozam.

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SA11U0S23612 Saudi Stock Exchange Saudi Arabia

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Moody's Investors Service

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Other Reports on these Companies

Tellimer

Dar Alarkan: Q3 23 Company Update | Lower RE transaction to impact demand outlook

Lower RE transaction to impact demand outlook We maintain our Neutral rating on Dar Al Arkan with a revised PT of SAR15.6. We believe the overall slowdown in the real estate market and high interest rates will have a negative impact on the company’s earnings. In 2023f, we expect revenues to decline by 23.7% yoy to SAR3.0bn while net income is expected to reach SAR398mn (-9.9% yoy). The stock is trading at a 2023f P/B of 0.91x, higher than its historical average of 0.65x. We highlight that the...

PREMIUM

August 2, 2023 August 2, 2023 1 EN

Tellimer

Dar Alarkan: Strong earnings growth on higher property sales

Dar Al Arkan reported an in-line set of Q3 22 results, with net income of SAR79.4mn (+216% yoy, -14.2% qoq). This compares with the SNB Capital estimates of SAR82.5mn. Revenue increased by 24.7% yoy (+9.5% qoq) to SAR743mn, in-line with our estimate of SAR713mn. Gross margins improved by 461bps yoy to 41.0% vs our estimate of 37.0% due to higher margin developed properties in the sales mix. However, this was offset by the higher non-opex driven by increased finance costs and lower income from...

PREMIUM

November 10, 2022 November 10, 2022 1 EN

Tellimer

Dar Alarkan: Weak earnings on lower than expected revenues

Dar Al Arkan reported a weaker than expected set of Q2 22 results, with net income of SAR92.6mn (+313% yoy, -58.1% qoq). This is significantly lower than our estimates of SAR153mn and the consensus estimate of SAR141mn. We believe the negative variance was mainly due to 1) lower than expected revenue on lower property sales, 2) higher opex due to an increase in marketing expenses related to the new projects. However, this was partially offset by higher than expected gross margins and a declin...

PREMIUM

August 28, 2022 August 28, 2022 1 EN

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Dar Al Arkan Real Estate Development Company - December 2016 (LTM): Peer Snapshot

Dar Alarkan: Q3 23 Company Update | Lower RE transaction to impact demand outlook

Dar Alarkan: Strong earnings growth on higher property sales

Dar Alarkan: Weak earnings on lower than expected revenues

Moody's Ratings assigns long-term rating A1 to Mizuho Markets Cayman LP's USD takedown due October 2026 (Japanese only)

Moody's Ratings upgrades 12 ratings issued by Radian Mortgage Capital Trust 2024-J2

Moody's Ratings affirms North Texas Tollway Authority's Aa3 first tier bond rating, A1 second tier rating, and A3 subordinate bond rating; outlook stable

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