Financial Results : Al Akaria profit dips 67% to SAR 2.9M in Q1 2024

Al Akaria profit dips 67% to SAR 2.9M in Q1 2024

07/05/2024 Argaam Exclusive

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Saudi Real Estate Co. (Al Akaria) reported a net profit of SAR 2.9 million in Q1 2024, a 67% decline from SAR 8.9 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 392.97 427.58 8.8 %
Gross Income 128.27 129.08 0.6 %
Operating Income 78.49 77.77 (0.9 %)
Net Income 8.87 2.92 (67.1 %)
Average Shares 375.00 375.00 -
EPS (Riyals) 0.02 0.01 (67.1 %)

The company noted a 13% year-on-year (YoY) increase in the cost of revenues to SAR 34 million, a 14% (SAR 5 million) YoY rise in general and administrative expenses and a 14% YoY growth in finance costs.

 

This was partially offset by a 28% (SAR 56 million) YoY rise in revenues from infrastructure projects and a 23% hike in revenues from rental revenues.

 

Al Akaria's Q1 2024 earnings fell 98.2% quarter-on-quarter (QoQ) from SAR 156.90 million.

 

Total shareholders’ equity, no minority interest, reached SAR 4.77 billion by the end of Q1 2024, compared with SAR 4.6 billion in the year-ago period.

 

Accumulated losses reached SAR 64 million as of March 31, 2024, representing 1.7% of the company’s capital.

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