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Al Akaria’s profits shrink 39% in 2023; accumulated losses unveiled

Al Akaria’s profits shrink 39% in 2023; accumulated losses unveiled
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ALAKARIA
4020
85.21% 22.04 10.14

Riyadh – Mubasher: Saudi Real Estate Company (Al Akaria) logged net profits standing at SAR 67.60 million in 2023, an annual drop of 38.82% from SAR 110.50 million, according to the income results.

Al Akaria posted revenues amounting to SAR 1.81 billion in 2023, down 11.56% year-on-year (YoY) from SAR 2.05 billion.

The lower sales were attributed to a plunge in revenues from unit sales by the amount of SAR 531 million due to the recording of the sales of the Dahia project last year.

Meanwhile, the earnings per share (EPS) hit SAR 0.18 last year, versus SAR 0.34 in January-December 2022.

Accumulated Losses

The accumulated losses reached SAR 67 million as of 31 December 2023, equivalent to 1.80% of the SAR 3.75 billion capital.

In the first nine months (9M) of 2023, Al Akaria turned to net losses after Zakat and tax valued at SAR 89.30 million, against net profits of SAR 27.90 million in the year-ago period.