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Saudi Real Estate Company’s (Al Akaria) fourth quarter results were in line with NCB Capital’s expectation, the brokerage firm said in a results review.
Net income declined 11.3 percent year-on-year, and rose 31.5 percent quarter-on-quarter to SAR26 million, compared to NCB Capital’s forecast of SAR 25 million.
“We believe the decline in earnings came mainly from higher financing expenses related to the Al Waseel project and other one-off expenses related to bad debt provisions and consultancy fees,” the report said.
Al Akaria posted a YoY growth in sales by 23.8 percent.
Revenues increased 23.8 percent to SAR 90 million, compared a forecast of SAR 79 million, which the brokerage said could be a result of higher rental prices and occupancy.
“However, due to a contraction of 460 basis points in gross margins to 67.8 percent, growth on the gross profit level was limited to 15.9 percent YoY,” it added.
The agency said it expected the white land fee to lead to short-term weakness in Saudi Arabia’s real estate market. It expects the fee on Al Akaria’s 20.6 million square meter land bank to be between SAR 15 million and SAR 21 million (which is 10 percent to 14 percent of 2015 net income).
NCB Capital is “neutral” on the stock with a target price of SAR 39.9.
“As financing expense pressures from Al Waseel project ease and the company’s projects operate, we believe the earnings outlook for the company will improve,” the report said.
“Dividend yield of the company stands at 4.1 percent; however, dividends may be at risk for the next few years due to the projects under construction,” it added.
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