Riyadh – Mubasher: Saudi Real Estate Company (Al Akaria) shifted to net losses after Zakat and tax valued at SAR 89.30 million in the first nine months (9M) of 2023.
The negative results were compared with net profits amounting to SAR 27.90 million in 9M-22, according to the interim income statements.
Revenues dropped by 9.34% to SAR 1.13 billion in 9M-23 from SAR 1.25 billion as of 30 September 2022.
Loss per share hit SAR 0.24 during the January-September 2023 period, against earnings per share (EPS) of SAR 0.09 in the year-ago period.
Financial Results for Q3-23
During the third quarter (Q3) of 2023, Al Akaria also turned to net losses after Zakat and tax worth SAR 15.60 million, versus net profits valued at SAR 12.10 million a year earlier.
The company’s revenues went up to SAR 389.10 million in Q3-23 from SAR 384.90 million in the year-ago period.
On a quarterly basis, the net losses in Q3-23 plummeted by 81.09% from SAR 82.50 million in Q2-23, while the revenues increased by 9.45% from SAR 355.50 million.
Accumulated Losses
The Tadawul-listed firm reported accumulated losses totalling SAR 224 million as of 30 September 2023, representing 6% of the SAR 3.75 billion capital.
