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Saudi Real Estate Co. announces its Interim Financial results for the Period Ending on 2024-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 427.6 | 393 | 8.804 | 676.7 | -36.81 |
| Gross Profit (Loss) | 129.1 | 128.3 | 0.623 | 292.3 | -55.833 |
| Operational Profit (Loss) | 77.8 | 78.5 | -0.891 | 225.1 | -65.437 |
| Net profit (Loss) | 2.9 | 8.9 | -67.415 | 156.9 | -98.151 |
| Total Comprehensive Income | 30.1 | 8.3 | 262.65 | 185.1 | -83.738 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (After Deducting the Minority Equity) | 4,779 | 4,616 | 3.531 |
| Profit (Loss) per Share | 0.01 | 0.02 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Percentage of the capital (%) | Amount | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | 1.7 | 64 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | The main reason for the increase in revenues during the current quarter compared to the same quarter of the last year is: - Increase in revenues from infrastructure projects by 28% with the amount of SR 56 million. - Increase in revenues from rental revenue by 23% with the amount of SR 15 million. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The main reason for the decrease in net profit during the current quarter compared to the same quarter of the last year is: - Increase in cost of revenues by 13% with the amount of SR 34 million. - Increase in general and administrative expenses by 14% with the amount of SR 5 million. - Increase in finance costs by 14% with the amount of SR 8 million. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The main reason for the decrease in revenue in the current quarter compared with previous quarter is: - Decrease in revenues from real state sales by 85% with the amount of SR 272 million. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The main reason for the decrease in net profit during the current quarter compared to the previous quarter is: - Decrease in revenues by 37% with the amount of SR 249 million. - Decrease in the group share of profit in the investment in associate and joint venture by 50% with the amount of SR 3 million. - Increase in zakat expense by 21% with the amount of SR 1 million. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | We draw attention to note (6-a) to the interim condensed consolidated financial statements for the three month period ended 31 March 2024, as stated therein, certain land parcels owned by the Company are currently not available for use or development due to various reasons, of which certain reasons relate to the areas where these lands are located and other related to the fact that they are under study from specialised committees to resolve these matters. The management is currently communicating with the related government agencies and committees to address these reasons to allow the use of these lands. The impact on the net realisable value of these lands is still uncertain and depend on the final results of the study by the assigned committees. The carrying value of these lands amounted to SR 437.7 million as at 31 March 2024 (31 December 2023: SR 437.7 million). We draw attention to note (6-b) to the interim condensed consolidated financial statements. as stated therein, during the period; it has come to management’s attention that the land which was designated for the Al Widyan project is located within an area that is currently under study by the relevant government agencies with the aim of developing it, which may result into a fundamental change to the original project’s plan and may impact the land’s realisable value. The effect of the extent of this study remains uncertain and is dependent on future development by the relevant government agencies’ plan. The carrying value of the land and capital work-in-progress amounted to SR 2.6 billion and SR 326 million respectively as at 31 March 2024 (31 December 2023: SR 2.6 billion and SR 326 million respectively). Other matter The interim condensed consolidated financial statements for the three months period ended on 31 march 2023 were reviewed by another independent auditor, who expressed an unmodified conclusion on those interim condensed consolidated financial statements dated on 4 Dhul Qida 1444H (corresponding to 24 May 2023). |
| Reclassification of Comparison Items | Certain of the prior period amounts have been reclassified to conform to the presentation in the current period. |
| Additional Information | - |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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