Al Akaria swings to SAR 27.9 mln net profit in 9M 2022; Q3 at SAR 12.1 mln

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.

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.

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.

View More Financial Results