Financial Results : Al Akaria turns to SAR 26.9M profit in 9M 2024; Q3 at SAR 38.1M

Al Akaria turns to SAR 26.9M profit in 9M 2024; Q3 at SAR 38.1M

03/11/2024 Argaam Exclusive

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Saudi Real Estate Co. (Al Akaria) turned to a net profit of SAR 26.9 million in the first nine months of 2024, against a net loss of SAR 89.3 million in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 1,137.57 1,243.51 9.3 %
Gross Income 268.85 389.58 44.9 %
Operating Income 112.14 239.16 113.3 %
Net Income (89.27) 26.88 130.1 %
Average Shares 375.00 375.00 -
EPS (Riyals) (0.24) 0.07 130.1 %

Revenues increased due to an 11% rise year-on-year (YoY) in property sales, as well as an 8% YoY increase in revenues from infrastructure projects. In addition, revenues from rentals grew 16% YoY during the period.

 

Annual gross profit leapt by SAR 121 million, and other income rose by SAR 6 million. Meanwhile, selling and marketing expenses declined by SAR 12 million YoY.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 389.12 433.61 11.4 %
Gross Income 103.91 135.21 30.1 %
Operating Income 56.74 103.11 81.7 %
Net Income (15.62) 38.15 344.3 %
Average Shares 375.00 375.00 -
EPS (Riyals) (0.04) 0.10 344.3 %

In Q3 2024, the company turned to a net profit of SAR 38.1 million, against a net loss of SAR 15.6 million in Q3 2023, as revenues from property sales and facility management soared by 286% and 70% YoY, respectively.

 

Sequentially, the developer also swung to profit from a loss of SAR 14.19 million in Q2 2024.

 

Shareholders’ equity, after minority interest, stood at SAR 4.79 billion as of Sept. 30, 2024, up from SAR 4.56 billion a year earlier.

 

Accumulated losses reached SAR 40.4 million as of Sept. 30, 2024, accounting for 1.1% of the company’s capital.

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