Riyadh – Mubasher: Saudi Real Estate Company (Al Akaria) witnessed 67.41% year-on-year (YoY) lower net profits at SAR 2.90 million in the first quarter (Q1) of 2024, compared to SAR 8.90 million.
The Saudi firm posted revenues amounting to SAR 427.60 million in January-March 2024, up 8.80% from SAR 393 million in Q1-23, according to the interim financials.
The earnings per share (EPS) declined to SAR 0.01 in the first three months (3M) of 2024 from SAR 0.02 a year earlier.
On a quarterly basis, the Q1-24 net profits fell by 98.15% from SAR 156.90 million in Q4-23, while the revenues shrank by 36.81% from SAR 676.70 million.
Accumulated Losses
Al Akaria reported accumulated losses valued at SAR 64 million as of 31 March 2024, accounting for 1.70% of the SAR 3.75 billion capital. This is lower than the SAR 67 million accumulated losses registered at the end of December 2023.
