Saudi Real Estate Co. (Al Akaria) posted a net profit of SAR 110.5 million in 2022, nearly double the earnings of SAR 54.9 million in 2021.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 1,028.84 | 2,051.28 | 99.4 % |
| Gross Income | 347.50 | 456.11 | 31.3 % |
| Operating Income | 110.32 | 259.74 | 135.4 % |
| Net Income | 54.91 | 110.54 | 101.3 % |
| Average Shares | 276.53 | 375.00 | 35.6 % |
| EPS (Riyals) | 0.20 | 0.29 | 48.5 % |
The positive performance was driven by higher rental revenue, along with revenues from units and land plots sales. Meanwhile, subsidiaries performance improved, with expansion of activities and increases in revenues.
The company also managed to cut its general and administrative expenses and sales and marketing expenses.
Furthermore, income from time deposits increased.
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 542.04 | 796.46 | 46.9 % |
| Gross Income | 190.92 | 169.50 | (11.2 %) |
| Operating Income | 101.00 | 115.98 | 14.8 % |
| Net Income | 92.56 | 82.59 | (10.8 %) |
| Average Shares | 276.53 | 375.00 | 35.6 % |
| EPS (Riyals) | 0.33 | 0.22 | (34.2 %) |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 384.88 | 796.46 | 106.9 % |
| Gross Income | 85.72 | 169.50 | 97.7 % |
| Operating Income | 53.59 | 115.98 | 116.4 % |
| Net Income | 12.09 | 82.59 | 583.2 % |
| Average Shares | 375.00 | 375.00 | - |
| EPS (Riyals) | 0.03 | 0.22 | 583.2 % |
The fourth-quarter net profit fell 11% to SAR 82.6 million, from SAR 92.6 million in the year-earlier period.
Sequentially, net profit rose over six folds from SAR 12.09 million in Q3 2022.
Shareholders’ equity, excluding minority interest, stood at SAR 4.60 billion as of Dec. 31, 2022, compared to SAR 2.96 billion a year earlier.
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