Financial Results : Al Akaria turns to profit of SAR 15.9 mln in H1 2022, Q2 at SAR 45.3 mln

Al Akaria turns to profit of SAR 15.9 mln in H1 2022, Q2 at SAR 45.3 mln

23/08/2022 Argaam Exclusive

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Saudi Real Estate Co. (Al Akaria) swung to a net profit after Zakat and tax of SAR 15.9 million in the first half of 2022, against a net loss of SAR 13.7 million a year earlier.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 345.51 869.94 151.8 %
Gross Income 111.20 200.89 80.7 %
Operating Income 11.04 90.17 717.0 %
Net Income (13.72) 15.86 215.6 %
Average Shares 276.53 375.00 35.6 %
EPS (Riyals) (0.05) 0.04 185.2 %

Al Akaria reported a surge of 152% year-on-year (YoY) in revenue on selling land plots and residential units during the period. It also reported an increase of SAR 1.4 million YoY in its profit share from an associate on better performance.

 

On the other hand, general and administrative expenses (G&A) decreased by SAR 1.2 million.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 162.92 587.80 260.8 %
Gross Income 62.13 133.53 114.9 %
Operating Income 13.91 87.13 526.4 %
Net Income (9.17) 45.31 594.1 %
Average Shares 276.53 375.00 35.6 %
EPS (Riyals) (0.03) 0.12 464.3 %

In Q2 2022, the company turned to a net profit after Zakat and tax of SAR 45.3 million, versus a net loss of SAR 9.17 million in the corresponding period of 2021, backed by a 261% spike YoY in revenue. G&A fell by SAR 7.8 million.

 

Al Akaria also recorded a rise of SAR 2.2 million in its profit share from an associate.

 

The company demonstrated positive performance in Q2, against a net loss of SAR 29.45 million in Q1 2022.

Total shareholders’ equity, after minority interest, jumped 52.58% YoY to SAR 4.517 billion by the end of H1 2022, from SAR 2.960 billion in the year-ago period.

 

Accumulated losses reached SAR 230 million as of June 30, 2022, representing 6% of the company’s capital.

 

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