Financial Results : Al Akaria swings to SAR 8.9 mln earnings in Q1 2023

Al Akaria swings to SAR 8.9 mln earnings in Q1 2023

22/05/2023 Argaam Exclusive

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Saudi Real Estate Co. (Al Akaria) reported a net profit of SAR 8.9 million in Q1 2023, against a net loss of SAR 29.4 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 282.14 392.97 39.3 %
Gross Income 67.36 128.27 90.4 %
Operating Income 3.04 78.49 2483.6 %
Net Income (29.45) 8.87 130.1 %
Average Shares 276.53 375.00 35.6 %
EPS (Riyals) (0.11) 0.02 122.2 %

This was due to higher revenue from land sales, as well as subsidiaries' improved performance, expansion of activities and increase in revenue. Moreover, the company cited lower general and administrative expenses, decline in sales and marketing expenses, in addition to higher income from time deposits.

 

On the other hand, Al Akaria's Q1 2023 earnings fell 89.2% quarter-on-quarter (QoQ) from SAR 82.59 million, due to lower sales.

 

Total shareholders’ equity, no minority interest, reached SAR 4.61 billion by the end of Q1 2023, compared with SAR 2.93 billion in the year-ago period.

 

Accumulated losses reached SAR 126 million as of March 31, 2023, representing 3.4% of the company’s capital.

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