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Al Akaria incurs higher net losses in Q3, 9M

Al Akaria incurs higher net losses in Q3, 9M
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Riyadh – Mubasher: Saudi Real Estate Company (Al Akaria) suffered net losses after Zakat and tax worth SAR 23.9 million during the third quarter (Q3) of 2021, widening by 198.7% year-on-year (YoY) from SAR 8 million.

Sales increased by 6.6% to SAR 141.3 million in Q3-21 from SAR 132.5 million in Q3-20, according to the initial financial results on Thursday.

On a quarterly basis, the net losses in Q3-21 were 159.7% higher than SAR 9.2 million in Q2-21, and the revenues plunged by 13% from SAR 163 million.

During the first nine months of 2021, Al Akaria’s net losses deepened by SAR 141% to SAR 37.6 million from SAR 15.6 million.

The loss per share went up to SAR 0.16 at the end of September 2021 from SAR 0.06 in the same period a year ago.

Sales soared by 49% to SAR 486.8 million during January-September 2021 from SAR 326.4 million.

At the end of September 2021, the accumulated losses of the company totalled SAR 338 million, representing 14.1% of the SAR 2.4 billion capital.