Al Akaria profit surges to SAR 215.1M in 2024; Q4 at SAR 188.2M

19/03/2025 Argaam Exclusive

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Saudi Real Estate Co. (Al Akaria) posted a net profit of SAR 215.1 million in 2024, compared to SAR 67.6 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 1,814.23 1,987.67 9.6 %
Gross Income 561.13 709.33 26.4 %
Operating Income 337.22 481.02 42.6 %
Net Income 67.63 215.06 218.0 %
Average Shares 375.00 375.00 -
Earnings Per Share before unusual items (Riyals) 0.18 0.57 218.0 %
EPS (Riyals) 0.18 0.57 218.0 %

The profit hike was attributed to a 9.56% year-on-year (YoY) rise in revenue driven by a 15% YoY increase in property sales following the launch of the Fai Sedra-1 project in 2024.

 

In addition, revenues from infrastructure projects grew by 9% YoY, thanks to the signing several new contracts in 2024 and higher completion rates for contracts signed in previous years.

 

Property leasing revenues saw a 13% YoY increase, buoyed by higher occupancy rates and a rise in average leasing price per square meter.

 

Moreover, AlAkaria reported a 42.64% YoY increase in operating profit, along with a 181% YoY surge in its share of profits from an associate and a joint venture. Zakat expenses for 2024 decreased by 39% YoY.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 676.66 744.16 10.0 %
Gross Income 292.29 319.75 9.4 %
Operating Income 225.08 241.86 7.5 %
Net Income 156.90 188.18 19.9 %
Average Shares 375.00 375.00 -
Earnings Per Share before unusual items (Riyals) 0.42 0.50 19.9 %
EPS (Riyals) 0.42 0.50 19.9 %

In Q4 2024, the company logged a 20% YoY rise in net profit to SAR 188.2 million.

 

Sequentially, the developer recorded a 393.3% profit surge in Q4 from SAR 38.15 million in Q3 2024.

 

Shareholders’ equity, after minority interest, stood at SAR 4.97 billion as of Dec. 31, 2024, up from SAR 4.74 billion a year earlier.

 

Attached Document:

 

 

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Share Price

Saudi Real Estate Co.
23.10
(0.04) (0.17 %)

Saudi Real Estate Co. (ALAKARIA)

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Financial Ratios
Current
Market Cap (M Riyal) 8,662.50
Enterprise Value (EV) (M) 10,572.83
Shares Outstanding ((M)) 375.00
EPS ( Riyal) (TTM) 0.57
Book Value (BV) ( Riyal) 13.28
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 40.28
P/E (TTM) 40.28
Price/book 1.74
Return on Average Assets (%) (TTM) 2.3
Return on Average Equity (%) (TTM) 4.4
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