Riyadh – Mubasher: Saudi Real Estate Company (Al Akaria) has incurred net losses after Zakat and tax of SAR 29.40 million in the first quarter (Q1) of 2022, an annual hike of 539.13% from SAR 4.60 million.

Revenues surged by 54.49% to SAR 282.10 million in Q1-22, compared to SAR 182.60 million in Q1-21, according to the initial financial results on Tuesday.

The loss per share stood at SAR 0.12 during the January-March 2022 period, higher than SAR 0.02 in the year-ago period.

On a quarterly basis, the revenues in Q1-22 dropped by 47.95% from SAR 542 million in Q4-21, while Al Akaria turned to losses against net profits of SAR 92.60 million in Q4-21.

Meanwhile, the accumulated losses amounted to SAR 274.90 million as of Q1-22, accounting for 11.50% of the SAR 2.40 billion capital.

In 2021, the Saudi listed firm achieved net profits after Zakat and tax worth SAR 54.90 million, versus net losses of SAR 140.70 million in 2020.