Saudi Real Estate Co. (Al Akaria) turned to a net loss after Zakat and tax of SAR 15.6 million for the first nine months of 2020, compared to a profit of SAR 49 million in the same period a year earlier, on booking provisions for financial asset impairments and provisions for capital project impairments.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Revenues | 231.99 | 326.40 | 40.7 % |
| Gross Income | 126.72 | 129.34 | 2.1 % |
| Operating Income | 6.77 | (8.22) | (221.4 %) |
| Net Income | 48.98 | (15.57) | (131.8 %) |
| Average Shares | 276.53 | 276.53 | - |
| EPS (Riyals) | 0.18 | (0.06) | (131.8 %) |
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 87.78 | 132.48 | 50.9 % |
| Gross Income | 43.54 | 44.16 | 1.4 % |
| Operating Income | (1.93) | (7.91) | (310.4 %) |
| Net Income | 8.98 | (8.01) | (189.3 %) |
| Average Shares | 276.53 | 276.53 | - |
| EPS (Riyals) | 0.03 | (0.03) | (189.3 %) |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 95.80 | 132.48 | 38.3 % |
| Gross Income | 38.72 | 44.16 | 14.1 % |
| Operating Income | (5.59) | (7.91) | (41.4 %) |
| Net Income | (4.65) | (8.01) | (72.2 %) |
| Average Shares | 276.53 | 276.53 | - |
| EPS (Riyals) | (0.02) | (0.03) | (72.2 %) |
The company turned to losses of SAR 8 million in Q3 2020 from a profit of SAR 8.9 million in the same quarter a year earlier.
When compared to previous quarter, the developer widened its losses in Q3 2020.
The company's accumulated losses reached SAR 175 million as of Sept. 30 2020, representing 7% of the company's capital.
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