Al Akaria sustains SAR 186.4 mln losses for FY2019

31/03/2020 Argaam Exclusive

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Saudi Real Estate Co. (Al Akaria) widened net losses after Zakat and tax by 1.8% year-on-year (YoY) to SAR 186.4 million for FY2019, driven by lower revenue from leasing, lower occupancy rates and higher operating expenses on subsidiaries' expansions.

Financials (M)

Item	2018	2019	Change‬
Revenues	296.57	338.02	14.0 %
Gross Income	185.20	171.63	(7.3 %)
Operating Income	39.04	(84.65)	(316.9 %)
Net Income	(183.07)	(186.35)	(1.8 %)
Average Shares	276.53	276.53	-
EPS (Riyals)	(0.66)	(0.67)	(1.8 %)

The real estate developer trimmed Q4 2019 net losses by 13% YoY to SAR 235.3.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2018	Q4 2019	Change‬
Revenues	64.14	106.03	65.3 %
Gross Income	36.56	44.92	22.8 %
Operating Income	(19.17)	(91.42)	(376.9 %)
Net Income	(270.64)	(235.33)	13.0 %
Average Shares	276.53	276.53	-
EPS (Riyals)	(0.98)	(0.85)	13.0 %

Item	Q3 2019	Q4 2019	Change‬
Revenues	87.78	106.03	20.8 %
Gross Income	43.54	44.92	3.2 %
Operating Income	(1.93)	(91.42)	(4,644.2 %)
Net Income	8.98	(235.33)	(2721.8 %)
Average Shares	276.53	276.53	-
EPS (Riyals)	0.03	(0.85)	(2721.8 %)

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