Al Akaria widens net loss to SAR 4.6 mln in Q1 2021

23/05/2021 Argaam Exclusive

Saudi Real Estate Co. (Al Akaria) widened net losses after Zakat and tax to SAR 4.6 million for the first quarter of 2021, from SAR 2.9 million in the prior-year period.

 

Al Akaria reported higher general and administrative expenses, as well as increased marketing expenses on recording a bad debt provision of SAR 8.4 million.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 98.12 182.59 86.1 %
Gross Income 46.46 49.07 5.6 %
Operating Income 5.28 (2.87) (154.4 %)
Net Income (2.91) (4.55) (56.6 %)
Average Shares 276.53 276.53 -
EPS (Riyals) (0.01) (0.02) (56.6 %)

The company narrowed loss after Zakat and tax from SAR 125.1 million in Q4 2020, as it recorded a real estate investment impairment of SAR 82.6 million. Moreover, the real estate developer recorded provisions worth SAR 25.8 million for advance payments and other payables, along with other provisions of SAR 5.7 million for propriety, plant and equipment.

Accumulated losses reached SAR 305 million, or 13% of capital by the end of Q1 2021.

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