Al Akaria swings to SAR 27.9 mln net profit in 9M 2022; Q3 at SAR 12.1 mln

07/11/2022 Argaam Exclusive

View other reports

Saudi Real Estate Co. (Al Akaria) reported a net profit after Zakat and tax of SAR 27.9 million for the first nine months of 2022, versus a net loss of SAR 37.7 million in the year-earlier period.

This was triggered by lower selling and marketing expenses, a drop in impairment provisions, higher revenue from land and residential unit sales, and an increase in the company profit share from an associate.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	486.80	1,254.82	157.8 %
Gross Income	156.57	286.61	83.1 %
Operating Income	9.32	143.76	1442.6 %
Net Income	(37.65)	27.95	174.2 %
Average Shares	276.53	375.00	35.6 %
EPS (Riyals)	(0.14)	0.07	154.7 %

The real estate developer turned SAR 12.1 million profit in Q3 2022, versus a net loss after Zakat and tax of SAR 23.9 million in the year-earlier period, driven by an increase of 172% year-on-year (YoY) in revenue due to sales of residential units, lower general and administrative expenses (G&As), decreased selling and marketing expenses and higher other income.

On a sequential basis, net profit after Zakat and tax slumped 73.3%, from SAR 45.3 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	141.29	384.88	172.4 %
Gross Income	45.37	85.72	88.9 %
Operating Income	(1.72)	53.59	3219.3 %
Net Income	(23.93)	12.09	150.5 %
Average Shares	276.53	375.00	35.6 %
EPS (Riyals)	(0.09)	0.03	137.3 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	587.80	384.88	(34.5 %)
Gross Income	133.53	85.72	(35.8 %)
Operating Income	87.13	53.59	(38.5 %)
Net Income	45.31	12.09	(73.3 %)
Average Shares	375.00	375.00	-
EPS (Riyals)	0.12	0.03	(73.3 %)

Total shareholders’ equity, excluding minority interest, reached SAR 4.518 billion as of Sept. 30, 2022, compared to SAR 2.828 billion in the prior-year period.

Accumulated losses reached SAR 229 million, or 6.1% of capital, as of Sept. 30, 2022.

View More Financial Results

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×