Financial Results : Al Akaria narrows loss to SAR 11.3M in H1 2024, SAR 14.2M in Q2

Al Akaria narrows loss to SAR 11.3M in H1 2024, SAR 14.2M in Q2

07/08/2024 Argaam Exclusive

View other reports

Saudi Real Estate Co. (Al Akaria) limited its loss to SAR 11.3 million in H1 2024, from SAR 73.7 million in H1 2023.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 748.45 809.90 8.2 %
Gross Income 164.94 254.38 54.2 %
Operating Income 55.39 136.06 145.6 %
Net Income (73.65) (11.27) 84.7 %
Average Shares 375.00 375.00 -
EPS (Riyals) (0.20) (0.03) 84.7 %

Topline grew in H1 2024 due to a 22% year-on-year (YoY) increase in revenues from infrastructure projects and a 20% rise in revenue from real estate rental.

 

Moreover, gross profit increased by 54% YoY as H1 2023 included extraordinary losses in the construction segment, amounting to SAR 46 million. Other income increased by 53% YoY.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 355.47 382.33 7.6 %
Gross Income 36.67 125.30 241.7 %
Operating Income (23.10) 58.29 352.4 %
Net Income (82.52) (14.19) 82.8 %
Average Shares 375.00 375.00 -
EPS (Riyals) (0.22) (0.04) 82.8 %

In Q2 2024, the company narrowed losses to SAR 14.2 million from a net loss of SAR 82.5 million in the year-ago period.

 

Al Akaria turned to loss in Q2 from a profit of SAR 2.9 million in Q1 2024, due to lower revenues and higher selling and marketing expenses.

 

Shareholders’ equity, no minority interest, stood at SAR 4.73 billion by the end of the six-month period, compared to SAR 4.57 billion a year earlier.

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.

Contact Us (+966)-92000-7759

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

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

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
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.