Al Akaria profit surges to SAR 215.1M in 2024; Q4 at SAR 188.2M

19/03/2025 Argaam Exclusive

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Saudi Real Estate Co. (Al Akaria) posted a net profit of SAR 215.1 million in 2024, compared to SAR 67.6 million in 2023.

Financials (M)

Item	2023	2024	Change‬
Revenues	1,814.23	1,987.70	9.6 %
Gross Income	561.13	709.30	26.4 %
Operating Income	337.22	481.00	42.6 %
Net Income	67.63	215.10	218.0 %
Average Shares	375.00	375.00	-
Earnings Per Share before unusual items (Riyals)	0.18	0.57	218.0 %
EPS (Riyals)	0.18	0.57	218.0 %

The profit hike was attributed to a 9.56% year-on-year (YoY) rise in revenue driven by a 15% YoY increase in property sales following the launch of the Fai Sedra-1 project in 2024.

In addition, revenues from infrastructure projects grew by 9% YoY, thanks to the signing several new contracts in 2024 and higher completion rates for contracts signed in previous years.

Property leasing revenues saw a 13% YoY increase, buoyed by higher occupancy rates and a rise in average leasing price per square meter.

Moreover, AlAkaria reported a 42.64% YoY increase in operating profit, along with a 181% YoY surge in its share of profits from an associate and a joint venture. Zakat expenses for 2024 decreased by 39% YoY.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Revenues	676.66	744.19	10.0 %
Gross Income	292.29	319.72	9.4 %
Operating Income	225.08	241.84	7.4 %
Net Income	156.90	188.22	20.0 %
Average Shares	375.00	375.00	-
Earnings Per Share before unusual items (Riyals)	0.42	0.50	20.0 %
EPS (Riyals)	0.42	0.50	20.0 %

Item	Q3 2024	Q4 2024	Change‬
Revenues	433.61	744.19	71.6 %
Gross Income	135.21	319.72	136.5 %
Operating Income	103.11	241.84	134.6 %
Net Income	38.15	188.22	393.3 %
Average Shares	375.00	375.00	-
Earnings Per Share before unusual items (Riyals)	0.10	0.50	393.3 %
EPS (Riyals)	0.10	0.50	393.3 %

In Q4 2024, the company logged a 20% YoY rise in net profit to SAR 188.2 million.

Sequentially, the developer recorded a 393.3% profit surge in Q4 from SAR 38.15 million in Q3 2024.

Shareholders’ equity, after minority interest, stood at SAR 4.97 billion as of Dec. 31, 2024, up from SAR 4.74 billion a year earlier.

Attached Document:

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Quarterly Actuals vs Estimates 19/03/202519/03/2025

All
Above Expectations
Below Expectations

Company	Estimated	Actual	Change
DAR ALARKAN	155.00	353.38	128.0 %
TAIBA	76.20	90.07	18.2 %
QACCO	70.12	81.80	16.7 %
RIYADH CEMENT	72.34	81.33	12.4 %
BAWAN	31.00	30.31	(2.2 %)
SIPCHEM	91.12	19.90	(78.2 %)

Company	Estimated	Actual	Change
SIPCHEM	91.12	19.90	(78.2 %)
BAWAN	31.00	30.31	(2.2 %)

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