Al Akaria’s earnings grow 46% Y-o-Y in 2Q18, to SAR30mn
Saudi Real Estate Company (Al Akaria) announced its financial highlights for 2Q18. Revenue came in at SAR83.1mn (+5.7% Y-o-Y, +3.5% Q-o-Q), gross profit at SAR58.5mn (+9.1% Y-o-Y, +8.1% Q-o-Q), operating profit at SAR20.4mn (-42.5% Y-o-Y, -38.1% Q-o-Q) and net profit at SAR30.3mn (+46.2% Y-o-Y, -32.2% Q-o-Q). In 1H18, revenue totalled SAR163.4mn (+3.9% Y-o-Y), gross profit SAR112.6mn (+6.8% Y-o-Y), operating profit SAR53.4mn (-29.7% Y-o-Y) and net profit SAR74.9mn (+5.2% Y-o-Y). The company attributed the Y-o-Y increase in quarterly earnings to: i) higher revenue and higher GPM (70.4% vs 67.5% in the comparable period); ii) 52.6% decline in financing expenses due to the capitalisation of loan costs related to projects under construction; iii) revaluation gains of SAR5.4mn vs losses of SAR6.3mn in the comparable period; iv) booked gain of SAR4mn from the sale of investments held at FV; v) 179% increase in income from investments in associates; and vi) 42.3% decline in Zakah provisions.
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