Al-Akaria incurs net losses of SAR 7.6 mln in H1 2020

24/08/2020 Argaam Exclusive

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Saudi Real Estate Co. (Al-Akaria) swung to a net loss after Zakat and tax of SAR 7.6 million for H1 2020, against a net profit of SAR 40 million a year earlier. The company cited higher general and administrative expenses, amid expansions of its affiliates.

Al-Akaria reported a decline in other income on recognizing gains from sale of investments and higher other expenses. The company allocated an asset impairment provision of SAR 5 million.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	144.21	193.92	34.5 %
Gross Income	83.18	85.18	2.4 %
Operating Income	8.70	(0.31)	(103.6 %)
Net Income	40.00	(7.56)	(118.9 %)
Average Shares	276.53	276.53	-
EPS (Riyals)	0.14	(0.03)	(118.9 %)

In Q2 2020, the company turned to a net loss after Zakat and tax of SAR 4.7 million, against a net profit of SAR 21.5 million in Q2 2019, on higher marketing, general and administrative expenses, as well as operational costs amid affiliates’ expansions.

On a sequential basis, net losses widened by 62% from SAR 2.9 million, due to a decline in revenues from the core business activity amid the Kingdom’s COVID-19 precautionary measures.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	71.80	95.80	33.4 %
Gross Income	37.82	38.72	2.4 %
Operating Income	7.26	(5.59)	(177.0 %)
Net Income	21.51	(4.65)	(121.6 %)
Average Shares	276.53	276.53	-
EPS (Riyals)	0.08	(0.02)	(121.6 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	98.12	95.80	(2.4 %)
Gross Income	46.46	38.72	(16.7 %)
Operating Income	5.28	(5.59)	(205.9 %)
Net Income	(2.91)	(4.65)	(60.1 %)
Average Shares	276.53	276.53	-
EPS (Riyals)	(0.01)	(0.02)	(60.1 %)

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