A company that releases results showing revenues down by a fifth year on year is not intuitively a stock set for prize performance.
But digging below the surface of the Saudi Arabian property developer Dar Al Arkan reveals strong foundations.
Capital Market Authority, the Saudi government organisation responsible for regulating the country's capital markets, took a sample of Dar Al Arkan's property portfolio with a book value of 9.7 billion Saudi riyals - 52 per cent of Dar Al Arkan's total investments in property - and asked to have it valued by independent local and international property valuators.
Dar Al Arkan obliged. Its full-year results for last year, out yesterday, reveal the valuators put the sample's worth at 14.8bn riyals.
The Saudi developer said the 53 per cent gain in the independent valuation reflected a general value improvement across its total property portfolio of 18.6bn riyals.
Other positive indicators are fuelling optimism about Dar Al Arkan's future.
Revenues were 3.31bn riyals last year, down from 4.14bn riyals in 2010. But gross profit margins remained healthy at about 41 per cent.
Shareholder equity grew 7.2 per cent and assets increased 3.2 per cent. By the end of last year, Dar Al Arkan had 2.5bn riyals in cash, 111 per cent more than its cash balance at the end of 2010.
The company said that increase was achieved after meeting all debt obligations, including delivery of an upcoming repayment of US$1bn for a sukuk issued in 2007.
Royal decrees issued by the Saudi ruler in March of last year will lead to the injection of 300bn riyals into the residential sector, which is likely to provide additional opportunities for Dar Al Arkan.
The company's share prices are up 0.70 riyals to 10.10 riyals a share since March 4.
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The Bio
Favourite place in UAE: Al Rams pearling village
What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft
Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans
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Thursday (All UAE kick-off times)
Sevilla v Real Betis (midnight)
Friday
Granada v Real Betis (9.30pm)
Valencia v Levante (midnight)
Saturday
Espanyol v Alaves (4pm)
Celta Vigo v Villarreal (7pm)
Leganes v Real Valladolid (9.30pm)
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Sunday
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How to wear a kandura
Dos
- Wear the right fabric for the right season and occasionÂ
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for workÂ
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’tsÂ
- Wear hamdania for work, always wear a ghutra and agalÂ
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Ministry of Health and Prevention – 80011111
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Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
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5pm: Maiden (PA) Dh80,000 (Turf) 1,600m
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COMPANY%20PROFILE%20
Tomorrow 2021
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RESULT
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Emil Forsberg 87'
Tottenham 0
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Killing of Qassem Suleimani
National Editorial:Â Suleimani has been killed, now we must de-escalate
Mina Al Oraibi:Â Air strike casts a long shadow over the decade ahead
Jack Moore:Â Why the assassination is such a monumental gamble
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Damien McElroy: AÂ CEO tasked with spreading Iran's influence
Simon Waldman: Cautious Israel keeping a low profile
KILLING OF QASSEM SULEIMANI
National Editorial:Â Suleimani has been killed, now we must de-escalate
Mina Al Oraibi:Â Air strike casts a long shadow over the decade ahead
Jack Moore:Â Why the assassination is such a monumental gamble
Matthew Levitt:Â Iran retains its ability to launch terror attacks
Damien McElroy:Â AÂ CEO tasked with spreading Iran's influence
Hussein Ibish:Â Trump's order on solid constitutional ground
Simon Waldman:Â Cautious Israel keeping a low profile
