Riyadh – Mubasher: Saudi Real Estate Company (Al Akaria) posted a net loss after Zakat and tax of SAR 4.6 million during the first three months of 2021, higher by 58.6% than SAR 2.9 million in the first quarter (Q1) of 2020.

Loss per share stood at SAR 0.02 in Q1-21, compared to SAR 0.01 in Q1-20, according to the initial financial results.

Sales grew 86% to SAR 182.6 million in Q1-21 from SAR 98.1 million in Q1-20.

On a quarterly basis, the net loss in Q1-21 was lower by 96% when compared to SAR 125.1 million in the fourth quarter (Q4) of 2020.

Sales in the January-March 2021 period were 7.9% higher than SAR 169.1 million in Q4-20.

Al Akaria’s accumulated losses until 31 March 2021 totalled SAR 305 million, which represent 13% of the capital.