Saudi Real Estate Co. (Al-Akaria) swung to a net loss after Zakat and tax of SAR 7.6 million for H1 2020, against a net profit of SAR 40 million a year earlier. The company cited higher general and administrative expenses, amid expansions of its affiliates.
Al-Akaria reported a decline in other income on recognizing gains from sale of investments and higher other expenses. The company allocated an asset impairment provision of SAR 5 million.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 144.21 | 193.92 | 34.5 % |
| Gross Income | 83.18 | 85.18 | 2.4 % |
| Operating Income | 8.70 | (0.31) | (103.6 %) |
| Net Income | 40.00 | (7.56) | (118.9 %) |
| Average Shares | 276.53 | 276.53 | - |
| EPS (Riyals) | 0.14 | (0.03) | (118.9 %) |
In Q2 2020, the company turned to a net loss after Zakat and tax of SAR 4.7 million, against a net profit of SAR 21.5 million in Q2 2019, on higher marketing, general and administrative expenses, as well as operational costs amid affiliates’ expansions.
On a sequential basis, net losses widened by 62% from SAR 2.9 million, due to a decline in revenues from the core business activity amid the Kingdom’s COVID-19 precautionary measures.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 71.80 | 95.80 | 33.4 % |
| Gross Income | 37.82 | 38.72 | 2.4 % |
| Operating Income | 7.26 | (5.59) | (177.0 %) |
| Net Income | 21.51 | (4.65) | (121.6 %) |
| Average Shares | 276.53 | 276.53 | - |
| EPS (Riyals) | 0.08 | (0.02) | (121.6 %) |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 98.12 | 95.80 | (2.4 %) |
| Gross Income | 46.46 | 38.72 | (16.7 %) |
| Operating Income | 5.28 | (5.59) | (205.9 %) |
| Net Income | (2.91) | (4.65) | (60.1 %) |
| Average Shares | 276.53 | 276.53 | - |
| EPS (Riyals) | (0.01) | (0.02) | (60.1 %) |
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