Saudi Real Estate Co. (Al Akaria) swung to net losses after Zakat and tax of SAR 3 million for Q1 2020, against net profit of SAR 18.5 million in year-earlier period.
The quarterly figures were hit by higher operating expenses, due to the expansion of affiliates, as well as higher general and administrative expenses.
When compared to Q4 2019, the company trimmed net losses by 98.8% from SAR 235.4 million, on studying the economic feasibility of various residential and commercial projects under construction.
The company excluded capital expenditures and recognized a decline in the value of land plots and ongoing capital investments.
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 72.41 | 98.12 | 35.5 % |
| Gross Income | 45.36 | 46.46 | 2.4 % |
| Operating Income | 1.44 | 5.28 | 266.9 % |
| Net Income | 18.49 | (2.91) | (115.7 %) |
| Average Shares | 276.53 | 276.53 | - |
| EPS (Riyals) | 0.07 | (0.01) | (115.7 %) |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 106.03 | 98.12 | (7.5 %) |
| Gross Income | 44.92 | 46.46 | 3.4 % |
| Operating Income | (91.42) | 5.28 | 105.8 % |
| Net Income | (235.33) | (2.91) | 98.8 % |
| Average Shares | 276.53 | 276.53 | - |
| EPS (Riyals) | (0.85) | (0.01) | 98.8 % |
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