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Saudi Real Estate Co (“Al Akaria”) announces its Interim Financial results for the Period Ending on 2025-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 628.1 | 427.6 | 46.889 | 744.2 | -15.6 |
| Gross Profit (Loss) | 309.7 | 129.1 | 139.891 | 319.8 | -3.158 |
| Operational Profit (Loss) | 243.4 | 77.8 | 212.853 | 241.9 | 0.62 |
| Net profit (Loss) | 135.2 | 2.9 | 4,562.068 | 188.2 | -28.161 |
| Total Comprehensive Income | 198.6 | 30.1 | 559.8 | 182.4 | 8.881 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Shareholders Equity (after Deducting Minority Equity) | 5,177.7 | 4,779 | 8.342 |
| Profit (Loss) per Share | 0.4 | 0.01 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| 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 the increase of 46.88% with the amount of 200 million, mainly due to: - Increase in revenues from property sales by 513% with the amount of 256 million, due to the divestment of non-core lands and the increase in percentage of completion and signed contracts value in off-plan projects. - Increase in rental revenues by 8% with the amount of 7 million, due to higher occupancy rates and an increase in the average lease rate per square meter. |
| 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 increase in net profit during the current quarter compared to the same quarter of the last year by 132 million is mainly due to the following factors: - Increase in gross profit from property sales by 794% with the amount of 146 million. - Increase in gross profit from infrastructure projects by 86% with the amount of 52 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 revenues during the current quarter compared to the previous quarter by 15.6% with the amount of 116 million is mainly due to the following factors: - Decrease in revenues from property sales by 19% with the amount of 71 million. - Decrease in revenues from infrastructure projects by 17% with the amount of 44 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 by 28.1% with the amount of 53 million is mainly due to the following factors: - Decrease in the Group’s share of profit from the associate and joint venture by 75% with the amount of 28 million. - Increase in zakat expense by 17 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 period ended 31 March 2025, 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 438 million as at 31 March 2025 (31 December 2024: SR 438 Million). We draw attention to note (6-b) to the interim condensed consolidated financial statements. for the period ended 31 March 2025, as stated therein, 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 the capital work-in-progress amounted to SR 2.9 billion as at 31 March 2025 (31 December 2024: SR 2.9 billion). No modified conclusion has been expressed in respect of the above matters. |
| Reclassification of Comparison Items | Certain of the prior period amounts have been reclassified to conform to the presentation in the current period. |
| Additional Information | - |
| Attached Documents |  |
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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