Saudi Real Estate Company (Al Akaria) turned profitable at SAR 26.90 million in the first nine months (9M) of 2024, against net losses worth SAR 89.30 million in 9M-23.

Revenues hit SAR 1.24 billion in 9M-24, up 9.30% year-on-year (YoY) from SAR 1.13 billion, according to the interim financial statements.

The earnings per share (EPS) reached SAR 0.07 as of 30 September 2024, compared to a loss per share of SAR 0.24 in 9M-23.

Financials for Q3-24

In the third quarter (Q3) of 2024, Al Akaria shifted to net profits worth SAR 38.10 million, versus net losses valued at SAR 15.60 million in Q3-23.

The Saudi group posted 11.43% YoY higher revenues at SAR 433.60 million in Q3-24, versus SAR 389.10 million.

Quarterly, the company also turned profitable in Q3-24 when compared with net losses of SAR 14.20 million in Q2-24. Meanwhile, the revenues increased by 13.41% from SAR 382.30 million.

Accumulated Losses

The Saudi group suffered accumulated losses valued at SAR 40.40 million as of 30 September 2024, accounting for 1.10% of the capital.

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