Riyadh – Mubasher: Saudi Real Estate Company (Al Akaria) turned to net profits after Zakat and tax amounting to SAR 8.90 million in the first quarter (Q1) of 2023.

The positive results were compared with net losses valued at SAR 29.40 million in Q1-22, according to the initial income statements.

Revenues climbed by 39.31% to SAR 393 million during the first three months (3M) of 2023, versus SAR 282.10 million in the year-ago period.

The earnings per share (EPS) reached SAR 0.02 in Q1-23, against a loss per share of SAR 0.12 in Q1-22.

On a quarterly basis, the Q1-23 net profits fell by 89.22% from SAR 82.60 million in Q4-22, while the revenues plummeted by 50.66% from SAR 796.50 million.

Accumulated Losses

Al Akaria reported accumulated losses worth SAR 126 million as of 31 March 2023, representing 3.40% of the SAR 3.75 billion capital.

During the 12-month period that ended on 31 December 2022, the firm posted a 101.28% YoY leap in net profit after Zakat and tax to SAR 110.50 million from SAR 54.90 million.