Al Akaria turns to SAR 54.9 mln profit in 2021; Q4 earnings at SAR 92.6 mln

28/03/2022 Argaam Exclusive

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Saudi Real Estate Co. (Al Akaria) reported a net profit after Zakat and tax of SAR 54.9 million in 2021, versus a net loss of SAR 140.7 million a year earlier, driven by higher rental revenue, land sale revenue rise, improved performance and expansion of subsidiaries’ business activity.

Financials (M)

Item	2020	2021	Change‬
Revenues	553.47	1,028.84	85.9 %
Gross Income	185.45	347.50	87.4 %
Operating Income	(77.08)	110.32	243.1 %
Net Income	(140.74)	54.91	139.0 %
Average Shares	276.53	276.53	-
EPS (Riyals)	(0.51)	0.20	139.0 %

The company also obtained SAR 50 million from Limitless Company, with a same amount provision written back.

The Saudi firm reported a net profit of SAR 92.6 million Q4 2021, versus a net loss at SAR 125.17 million in Q4 2020.

Sequentially, the company swung to profit in the fourth quarter, versus a net loss of SAR 23.9 million in Q3 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	227.07	542.04	138.7 %
Gross Income	56.12	190.92	240.2 %
Operating Income	(68.86)	101.00	246.7 %
Net Income	(125.17)	92.56	173.9 %
Average Shares	276.53	276.53	-
EPS (Riyals)	(0.45)	0.33	173.9 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	141.29	542.04	283.6 %
Gross Income	45.37	190.92	320.8 %
Operating Income	(1.72)	101.00	5978.8 %
Net Income	(23.93)	92.56	486.8 %
Average Shares	276.53	276.53	-
EPS (Riyals)	(0.09)	0.33	486.8 %

Total shareholders’ equity, excluding minority interest rose 3.46% YoY to SAR 2.96 billion in 2021, from SAR 2.86 billion a year earlier.

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