Riyadh – Mubasher: The net losses of Saudi Real Estate Company (Al Akaria) dropped by 84.66% year-on-year (YoY) to SAR 11.30 million in the first half (H1) of 2024, compared to SAR 73.70 million.
The revenues amounted to SAR 809.90 million in H1-24, an annual growth of 8.12% from SAR 748.40 million, according to the interim financial results.
Loss per share declined to SAR 0.03 as of 30 June 2024 from SAR 0.20 in H1-23.
Financial Results for Q2-24
In the second quarter (Q2) of 2024, the net losses shrank by 82.78% to SAR 14.20 million from SAR 82.50 million in Q2-23.
Revenues climbed by 7.53% YoY to SAR 382.30 million in Q2-24 from SAR 355.50 million.
Quarterly, Al Akaria shifted to net losses in Q2-24 when compared to net profits of SAR 2.90 million in Q1-24. Meanwhile, the revenues fell by 10.59% from SAR 427.60 million.
Accumulated Losses
The company’s accumulated losses hit SAR 79 million as of 30 June 2024, equivalent to 2.10% of the capital.
