Al Akaria makes profit of SAR 579M in H1 2026, SAR 103.3M in Q2

Saudi Real Estate Co. (Al Akaria) reported a net profit of SAR 579 million for the first half of 2026, rising from SAR 229.6 million in the same period of 2025.

The company said the profit increase was mainly due to recognizing a SAR 640 million gain from the revaluation of its investment in Riyadh Holding Co. in H1 2026, after losing significant influence over the company.

This followed Riyadh Holding’s capital increase and the entry of a new partner that is wholly owned by the principal shareholder, resulting in a decline in Al Akaria's stake and the reclassification of the remaining investment as an equity investment measured at fair value through other comprehensive income.

Meanwhile, the company’s revenue declined on annual basis in H1 2026 by 33.5%, or SAR 374 million. This was mainly due to a 78% YoY drop in real estate sales revenue, equivalent to SAR 383 million, due to the disposal of certain non-core land assets during the comparable period last year.

Partially offsetting this decline, revenue from the leasing, construction projects, and facility management services segments increased by 19%, or SAR 40 million, mitigating part of the impact of lower real estate sales revenue on total revenue.

The second-quarter net earnings increased 9.4% year-on-year (YoY) to SAR 103.3 million from SAR 94.4 million, mainly due to lower general and administrative expenses.

Sequentially, the three-month net earnings also dropped 78.3% from SAR 475.6 million in Q1 2026.

Shareholders’ equity, excluding minority interest, edged down to SAR 5.89 billion at the end of H1 2026, compared to SAR 5.27 billion a year earlier.

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