Al Akaria net profit doubles to SAR 110.5 mln in 2022; Q4 at SAR 82.6 mln

30/03/2023 Argaam Exclusive

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Saudi Real Estate Co. (Al Akaria) posted a net profit of SAR 110.5 million in 2022, nearly double the earnings of SAR 54.9 million in 2021.

Financials (M)

Item	2021	2022	Change‬
Revenues	1,028.84	2,051.28	99.4 %
Gross Income	347.50	456.11	31.3 %
Operating Income	110.32	259.74	135.4 %
Net Income	54.91	110.54	101.3 %
Average Shares	276.53	375.00	35.6 %
EPS (Riyals)	0.20	0.29	48.5 %

The positive performance was driven by higher rental revenue, along with revenues from units and land plots sales. Meanwhile, subsidiaries performance improved, with expansion of activities and increases in revenues.

The company also managed to cut its general and administrative expenses and sales and marketing expenses.

Furthermore, income from time deposits increased.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	542.04	796.46	46.9 %
Gross Income	190.92	169.50	(11.2 %)
Operating Income	101.00	115.98	14.8 %
Net Income	92.56	82.59	(10.8 %)
Average Shares	276.53	375.00	35.6 %
EPS (Riyals)	0.33	0.22	(34.2 %)

Item	Q3 2022	Q4 2022	Change‬
Revenues	384.88	796.46	106.9 %
Gross Income	85.72	169.50	97.7 %
Operating Income	53.59	115.98	116.4 %
Net Income	12.09	82.59	583.2 %
Average Shares	375.00	375.00	-
EPS (Riyals)	0.03	0.22	583.2 %

The fourth-quarter net profit fell 11% to SAR 82.6 million, from SAR 92.6 million in the year-earlier period.

Sequentially, net profit rose over six folds from SAR 12.09 million in Q3 2022.

Shareholders’ equity, excluding minority interest, stood at SAR 4.60 billion as of Dec. 31, 2022, compared to SAR 2.96 billion a year earlier.

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