Riyadh – Mubasher: The net losses after zakat and tax of Saudi Real Estate Company (Al Akaria) decreased by 24.517% to SAR 140.7 million in 2020 from SAR 186.4 million in 2019.

The company incurred lower losses due to lower rental revenues with an amount of SAR 10.8 million, higher activity costs, and lower real estate investments’ value and capital business, according to a bourse filing on Tuesday.

The company generated revenues of SAR 499.9 million last year, up 47.899% from SAR 338 million in 2019.

The losses per share settled at SAR 0.59 in 2020, compared to SAR 0.78 in the earlier year.

It is noteworthy to mention that during the third quarter (Q3) of 2020, the company turned to net losses of SAR 8 million, versus net profits of SAR 9 million in the corresponding period in 2019.