Saudi Real Estate Co. (Al Akaria) reported a net profit after Zakat and tax of SAR 27.9 million for the first nine months of 2022, versus a net loss of SAR 37.7 million in the year-earlier period.
This was triggered by lower selling and marketing expenses, a drop in impairment provisions, higher revenue from land and residential unit sales, and an increase in the company profit share from an associate.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 486.80 | 1,254.82 | 157.8 % |
| Gross Income | 156.57 | 286.61 | 83.1 % |
| Operating Income | 9.32 | 143.76 | 1442.6 % |
| Net Income | (37.65) | 27.95 | 174.2 % |
| Average Shares | 276.53 | 375.00 | 35.6 % |
| EPS (Riyals) | (0.14) | 0.07 | 154.7 % |
The real estate developer turned SAR 12.1 million profit in Q3 2022, versus a net loss after Zakat and tax of SAR 23.9 million in the year-earlier period, driven by an increase of 172% year-on-year (YoY) in revenue due to sales of residential units, lower general and administrative expenses (G&As), decreased selling and marketing expenses and higher other income.
On a sequential basis, net profit after Zakat and tax slumped 73.3%, from SAR 45.3 million.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 141.29 | 384.88 | 172.4 % |
| Gross Income | 45.37 | 85.72 | 88.9 % |
| Operating Income | (1.72) | 53.59 | 3219.3 % |
| Net Income | (23.93) | 12.09 | 150.5 % |
| Average Shares | 276.53 | 375.00 | 35.6 % |
| EPS (Riyals) | (0.09) | 0.03 | 137.3 % |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 587.80 | 384.88 | (34.5 %) |
| Gross Income | 133.53 | 85.72 | (35.8 %) |
| Operating Income | 87.13 | 53.59 | (38.5 %) |
| Net Income | 45.31 | 12.09 | (73.3 %) |
| Average Shares | 375.00 | 375.00 | - |
| EPS (Riyals) | 0.12 | 0.03 | (73.3 %) |
Total shareholders’ equity, excluding minority interest, reached SAR 4.518 billion as of Sept. 30, 2022, compared to SAR 2.828 billion in the prior-year period.
Accumulated losses reached SAR 229 million, or 6.1% of capital, as of Sept. 30, 2022.
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