Al Akaria widens Q1 2022 net loss to SAR 29.4 mln

Saudi Real Estate Co. (Al Akaria) slid deeper into net loss after Zakat and tax of SAR 29.4 million in Q1 2022, from SAR 4.6 million a year earlier.

Al Akaria reported an increase of SAR 17.4 million year-on-year (YoY) in finance costs.

General and administrative expenses also increased by SAR 5.8 million YoY, as the company expanded the activity of subsidiaries.

The company also posted a decline in net other income along with an increase of SAR 7.3 million YoY in Zakat provisions. Sales and marketing expenses also rose by SAR 6.6 million YoY.

The company swung to losses against a net profit after Zakat and tax of SAR 92.60 million in Q4 2021, on lower revenue as well as higher sales and marketing expenses.

Al Akaria also wrote back SAR 50 million provisions in the fourth quarter of 2021.

Total shareholders’ equity, after minority interest, rose 2.77% YoY to SAR 2.930 billion by the end of Q1 2022, from SAR 2.851 billion in the year-ago period.

Accumulated losses reached SAR 274.9 million as of March 31, 2022, representing 11.5% of the company’s capital

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