Al Akaria narrows losses to SAR 140.7 mln in 2020

30/03/2021 Argaam Exclusive

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Saudi Real Estate Co. (Al Akaria) narrowed net loss after Zakat and tax to SAR 140.7 million in 2020, compared to a loss of SAR 186.4 million in 2019.

Financials (M)

Item	2019	2020	Change‬
Revenues	338.02	553.47	63.7 %
Gross Income	171.63	185.45	8.1 %
Operating Income	(84.65)	(77.08)	8.9 %
Net Income	(186.35)	(140.74)	24.5 %
Average Shares	276.53	276.53	-
EPS (Riyals)	(0.67)	(0.51)	24.5 %

The improvement was attributed to lower rental revenues, real estate investments’ value and capital business, along with higher activity costs.

The firm also noted booking provisions for costs value paid in advance and other receivables, in addition to provisions for properties and equipment impairments.

The company narrowed loss after Zakat and tax to SAR 125.1 million in Q4 2020, compared to a loss of SAR 235.33 million in Q4 2019.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	106.03	227.07	114.2 %
Gross Income	44.92	56.12	24.9 %
Operating Income	(91.42)	(68.86)	24.7 %
Net Income	(235.33)	(125.17)	46.8 %
Average Shares	276.53	276.53	-
EPS (Riyals)	(0.85)	(0.45)	46.8 %

Item	Q3 2020	Q4 2020	Change‬
Revenues	132.48	227.07	71.4 %
Gross Income	44.16	56.12	27.1 %
Operating Income	(7.91)	(68.86)	(770.7 %)
Net Income	(8.01)	(125.17)	(1,462.3 %)
Average Shares	276.53	276.53	-
EPS (Riyals)	(0.03)	(0.45)	(1,462.3 %)

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