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.
| 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 %) |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 676.66 | 427.58 | (36.8 %) |
| Gross Income | 292.29 | 129.08 | (55.8 %) |
| Operating Income | 225.08 | 77.77 | (65.4 %) |
| Net Income | 156.90 | 2.92 | (98.1 %) |
| Average Shares | 375.00 | 375.00 | - |
| EPS (Riyals) | 0.42 | 0.01 | (98.1 %) |
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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