Financial Results : Al Akaria incurs SAR 3 mln losses in Q1 2020

Al Akaria incurs SAR 3 mln losses in Q1 2020

16/06/2020 Argaam Exclusive

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Saudi Real Estate Co. (Al Akaria) swung to net losses after Zakat and tax of SAR 3 million for Q1 2020, against net profit of SAR 18.5 million in year-earlier period.

 

The quarterly figures were hit by higher operating expenses, due to the expansion of affiliates, as well as higher general and administrative expenses.

When compared to Q4 2019, the company trimmed net losses by 98.8% from SAR 235.4 million, on studying the economic feasibility of various residential and commercial projects under construction.

 

The company excluded capital expenditures and recognized a decline in the value of land plots and ongoing capital investments.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 72.41 98.12 35.5 %
Gross Income 45.36 46.46 2.4 %
Operating Income 1.44 5.28 266.9 %
Net Income 18.49 (2.91) (115.7 %)
Average Shares 276.53 276.53 -
EPS (Riyals) 0.07 (0.01) (115.7 %)

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