Riyadh – Mubasher: Saudi Real Estate Company (Al Akaria) turned to net profits after Zakat and tax worth SAR 27.90 million in the first nine months (9M) of 2022, against net losses of SAR 37.70 million in 9M-21.

Revenues enlarged by 157.76% year-on-year (YoY) to SAR 1.25 billion in the January-September 2022 period, compared to SAR 486.80 million, according to the interim financial results.

The earnings per share (EPS) settled at SAR 0.09 in 9M-22, versus a loss per share of SAR 0.16 in 9M-21.

Al Akaria reported accumulated losses worth SAR 229 million as of 30 September 2022, representing 6.10% of the SAR 3.75 billion capital.

In the third quarter (Q3) of 2022, the company also turned profitable at SAR 12.10 million, compared to net losses after Zakat and tax of SAR 23.90 million in the year-ago period.

The sales jumped by 172.40% YoY to SAR 384.90 million in Q3-22 from SAR 141.30 million.

On a quarterly basis, the Q3-22 earnings plummeted by 73.29% from SAR 45.30 million in Q2-22, while the revenues decreased by 34.52% from SAR 587.80 million.

In the first half (H1) of 2022, Al Akaria swung to net profits worth SAR 15.86 million, versus net losses valued at SAR 13.72 million in H1-21.