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.
| 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 % |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 796.46 | 392.97 | (50.7 %) |
| Gross Income | 169.50 | 128.27 | (24.3 %) |
| Operating Income | 115.98 | 78.49 | (32.3 %) |
| Net Income | 82.59 | 8.87 | (89.3 %) |
| Average Shares | 375.00 | 375.00 | - |
| EPS (Riyals) | 0.22 | 0.02 | (89.3 %) |
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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