Saudi Real Estate Co. (Al Akaria) widened its net loss after Zakat and tax to SAR 37.6 million for the nine-month period ended Sept. 30, 2021, from SAR 15.6 million in the year-earlier period.
The higher losses were attributed to an increase of SAR 40 million year-on-year (YoY) in finance cost, as the company suspended the capitalization of financing cost for the Al-Widyan and Al Dhahia projects with financial impacts of SAR 32.8 million and SAR 8.8 million, respectively.
The company completed the basic construction of the project, despite an increase of SAR 27 million in the total profit of the activity.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 326.40 | 486.80 | 49.1 % |
| Gross Income | 129.34 | 156.57 | 21.1 % |
| Operating Income | (8.22) | 9.32 | 213.4 % |
| Net Income | (15.57) | (37.65) | (141.8 %) |
| Average Shares | 276.53 | 276.53 | - |
| EPS (Riyals) | (0.06) | (0.14) | (141.8 %) |
In Q3 2021, net losses after Zakat and tax increased by over twofold to SAR 23.9 million from SAR 8 million a year earlier, on an increase of SAR 20 million YoY in finance cost, as the company suspended the capitalization of financing cost for the Al-Widyan and Al Dhahia projects with financial impacts of SAR 15.8 million and SAR 5 million, respectively.
On a sequential basis, Q3 net losses also widened compared to SAR 9.2 million in the second quarter of the year.
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 132.48 | 141.29 | 6.7 % |
| Gross Income | 44.16 | 45.37 | 2.7 % |
| Operating Income | (7.91) | (1.72) | 78.3 % |
| Net Income | (8.01) | (23.93) | (198.7 %) |
| Average Shares | 276.53 | 276.53 | - |
| EPS (Riyals) | (0.03) | (0.09) | (198.7 %) |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 162.92 | 141.29 | (13.3 %) |
| Gross Income | 62.13 | 45.37 | (27.0 %) |
| Operating Income | 13.91 | (1.72) | (112.4 %) |
| Net Income | (9.17) | (23.93) | (161.0 %) |
| Average Shares | 276.53 | 276.53 | - |
| EPS (Riyals) | (0.03) | (0.09) | (161.0 %) |
Shareholders’ equity, after minority interest, decreased 5.6% to SAR 2.828 billion in the nine-month period, from SAR 2.996 billion a year earlier.
Accumulated losses reached SAR 338 million in the nine-month period, representing 14.1% of total capital.
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