Al Akaria incurs SAR 73.7 mln loss in H1 2023, SAR 82.5 mln in Q2

06/08/2023 Argaam Exclusive

Saudi Real Estate Co. (Al Akaria) swung to a net loss of SAR 73.7 million in H1 2023, against a net profit of SAR 15.9 million in H1 2022. Revenue dropped 14% year-on-year (YoY) due to lower revenue from residential unit sales and a decline in the gross profit of subsidiaries, which recorded extraordinary losses of SAR 46 million in a project carried out by the subsidiary, Tamear.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 869.94 748.45 (14.0 %)
Gross Income 200.89 164.94 (17.9 %)
Operating Income 90.17 55.39 (38.6 %)
Net Income 15.86 (73.65) (564.5 %)
Average Shares 375.00 375.00 -
EPS (Riyals) 0.04 (0.20) (564.5 %)

During the six-month period, selling and marketing expenses increased by SAR 3.1 million YoY, on higher provisions for expected credit losses. Further, finance costs (FCs) rose SAR 61 million YoY on higher interest rates.

 

In Q2 2023, the company turned to a net loss of SAR 82.5 million from a net profit of SAR 45.3 million in the corresponding period of 2022. Revenue fell by 40% YoY, as a result of a drop in gross profit of subsidiaries and revenue from residential unit sales.

 

During the three-month period, selling and marketing expenses climbed by SAR 14.2 million YoY, on a rise of SAR 9.9 million in the provisions for expected credit losses. Further, FCs added SAR 23.7 million YoY on elevated interest rates.

 

The company reported negative results this quarter versus a net profit of SAR 8.87 million in Q1 2023, hurt by a 10% quarter-on-quarter drop in revenue. Operating expenses increased by SAR 5.6 million on a quarterly basis.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 587.80 355.47 (39.5 %)
Gross Income 133.53 36.67 (72.5 %)
Operating Income 87.13 (23.10) (126.5 %)
Net Income 45.31 (82.52) (282.1 %)
Average Shares 375.00 375.00 -
EPS (Riyals) 0.12 (0.22) (282.1 %)

Shareholders’ equity, no minority interest, stood at SAR 4.57 billion by the end of the six-month period, up from SAR 4.51 billion a year earlier.

 

Accumulated losses reached SAR 209 million as of June 30, 2023, representing 5.6% of the company’s capital.

View More Financial Results

 

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Share Price

Saudi Real Estate Co.
25.40
0.30 1.20 %

Saudi Real Estate Co. (ALAKARIA)

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Financial Ratios
Current
Market Cap (M Riyal) 9,525.00
Enterprise Value (EV) (M) 11,859.54
Shares Outstanding ((M)) 375.00
EPS ( Riyal) (TTM) 0.49
Book Value (BV) ( Riyal) 12.79
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 1.99
Return on Average Assets (%) (TTM) 2.0
Return on Average Equity (%) (TTM) 3.9
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 63.76 0.9 % 43.68 (4.4 %) 37.26 (11.1 %)
Q2 2014 64.88 3.4 % 45.30 9.2 % 36.65 1.9 %
Q3 2014 68.08 1.5 % 46.94 0.3 % 41.79 (3.4 %)
Q4 2014 144.51 119.7 % 117.48 147.6 % 112.93 168.2 %
Q1 2015 67.20 5.4 % 46.39 6.2 % 39.52 6.1 %
Q2 2015 68.49 5.6 % 46.06 1.7 % 39.79 8.6 %
Q3 2015 70.90 4.1 % 50.09 6.7 % 44.40 6.3 %
Q4 2015 72.30 (50.0 %) 52.38 (55.4 %) 42.02 (62.8 %)
Q1 2016 72.63 8.1 % 50.41 8.7 % 41.41 4.8 %
Q2 2016 74.65 9.0 % 50.42 9.5 % 41.70 4.8 %
Q3 2016 77.67 9.5 % 48.99 (2.2 %) 30.33 (31.7 %)
Q4 2016 89.52 23.8 % 66.52 27.0 % 49.11 16.9 %
Q1 2017 78.60 8.2 % 52.38 3.9 % 40.43 (2.4 %)
Q2 2017 78.65 5.4 % 53.06 5.2 % 35.45 (15.0 %)
Q3 2017 80.13 3.2 % 52.47 7.1 % 39.11 28.9 %
Q4 2017 77.63 (13.3 %) 52.01 (21.8 %) 29.01 (40.9 %)
Q1 2018 80.29 2.2 % 54.12 3.3 % 32.98 (18.4 %)
Q2 2018 83.12 5.7 % 58.50 10.3 % 20.40 (42.5 %)
Q3 2018 69.02 (13.9 %) 36.03 (31.3 %) 4.83 (87.7 %)
Q4 2018 64.14 (17.4 %) 36.56 (29.7 %) (19.17) (166.1 %)
Q1 2019 72.41 (9.8 %) 45.36 (16.2 %) 1.44 (95.6 %)
Q2 2019 71.80 (13.6 %) 37.82 (35.3 %) 7.26 (64.4 %)
Q3 2019 87.78 27.2 % 43.54 20.9 % (1.93) (139.9 %)
Q4 2019 106.03 65.3 % 44.92 22.8 % (91.42) (376.9 %)
Q1 2020 98.12 35.5 % 46.46 2.4 % 5.28 266.9 %
Q2 2020 95.80 33.4 % 38.72 2.4 % (5.59) (177.0 %)
Q3 2020 132.48 50.9 % 44.16 1.4 % (7.91) (310.4 %)
Q4 2020 227.07 114.2 % 56.12 24.9 % (68.86) 24.7 %
Q1 2021 182.59 86.1 % 49.07 5.6 % (2.87) (154.4 %)
Q2 2021 162.92 70.1 % 62.13 60.5 % 13.91 348.7 %
Q3 2021 141.29 6.7 % 45.37 2.7 % (1.72) 78.3 %
Q4 2021 542.04 138.7 % 190.92 240.2 % 101.00 246.7 %
Q1 2022 282.14 54.5 % 67.36 37.3 % 3.04 205.8 %
Q2 2022 587.80 260.8 % 133.53 114.9 % 87.13 526.4 %
Q3 2022 384.88 172.4 % 85.72 88.9 % 53.59 3219.3 %
Q4 2022 796.46 46.9 % 169.50 (11.2 %) 115.98 14.8 %
Q1 2023 392.97 39.3 % 128.27 90.4 % 78.49 2483.6 %
Q2 2023 355.47 (39.5 %) 36.67 (72.5 %) (23.10) (126.5 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 37.47 (11.1 %) 0.14 - 37.47 0.14
Q2 2014 48.03 149.3 % 0.17 - 48.03 0.17
Q3 2014 61.27 69.2 % 0.22 - 61.27 0.22
Q4 2014 132.20 126.4 % 0.48 - 132.20 0.48
Q1 2015 43.12 15.1 % 0.16 - 43.12 0.16
Q2 2015 36.72 (23.5 %) 0.13 - 36.72 0.13
Q3 2015 38.37 (37.4 %) 0.14 - 38.37 0.14
Q4 2015 29.42 (77.7 %) 0.11 - 29.42 0.11
Q1 2016 25.59 (40.7 %) 0.09 - 25.59 0.09
Q2 2016 42.75 16.4 % 0.15 (3.15) 45.90 0.17
Q3 2016 36.19 (5.7 %) 0.13 - 36.19 0.13
Q4 2016 (21.76) (174.0 %) (0.08) 9.40 (31.16) (0.11)
Q1 2017 47.76 86.6 % 0.17 - 47.76 0.17
Q2 2017 20.71 (51.6 %) 0.07 - 20.71 0.07
Q3 2017 21.36 (41.0 %) 0.08 - 21.36 0.08
Q4 2017 39.91 283.4 % 0.14 (15.50) 55.41 0.20
Q1 2018 44.64 (6.5 %) 0.16 9.53 35.10 0.13
Q2 2018 30.27 46.1 % 0.11 3.04 27.23 0.10
Q3 2018 12.67 (40.7 %) 0.05 - 12.67 0.05
Q4 2018 (270.64) (778.2 %) (0.98) (215.93) (54.71) (0.20)
Q1 2019 18.49 (58.6 %) 0.07 - 18.49 0.07
Q2 2019 21.51 (28.9 %) 0.08 - 21.51 0.08
Q3 2019 8.98 (29.2 %) 0.03 - 8.98 0.03
Q4 2019 (235.33) 13.0 % (0.85) (97.51) (137.82) (0.50)
Q1 2020 (2.91) (115.7 %) (0.01) (1.08) (1.83) (0.01)
Q2 2020 (4.65) (121.6 %) (0.02) (3.21) (1.45) (0.01)
Q3 2020 (8.01) (189.3 %) (0.03) (6.06) (1.95) (0.01)
Q4 2020 (125.17) 46.8 % (0.45) (82.77) (42.40) (0.15)
Q1 2021 (4.55) (56.6 %) (0.02) 3.62 (8.17) (0.03)
Q2 2021 (9.17) (97.1 %) (0.03) - (9.17) (0.03)
Q3 2021 (23.93) (198.7 %) (0.09) - (23.93) (0.09)
Q4 2021 92.56 173.9 % 0.33 50.00 42.56 0.15
Q1 2022 (29.45) (547.3 %) (0.11) - (29.45) (0.11)
Q2 2022 45.31 594.1 % 0.12 - 45.31 0.12
Q3 2022 12.09 150.5 % 0.03 - 12.09 0.03
Q4 2022 82.59 (10.8 %) 0.22 - 82.59 0.22
Q1 2023 8.87 130.1 % 0.02 - 8.87 0.02
Q2 2023 (82.52) (282.1 %) (0.22) - (82.52) (0.22)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 69.17 % 72.93 % 67.43 %
Q2 2014 70.06 % 72.62 % 71.12 %
Q3 2014 69.85 % 71.83 % 78.16 %
Q4 2014 74.26 % 75.43 % 81.75 %
Q1 2015 74.30 % 75.34 % 82.57 %
Q2 2015 73.75 % 75.55 % 78.47 %
Q3 2015 74.06 % 75.76 % 71.32 %
Q4 2015 69.89 % 70.12 % 52.93 %
Q1 2016 69.97 % 70.35 % 45.76 %
Q2 2016 69.98 % 68.25 % 47.95 %
Q3 2016 68.02 % 62.69 % 46.12 %
Q4 2016 68.79 % 63.62 % 24.33 %
Q1 2017 68.13 % 62.73 % 30.80 %
Q2 2017 68.10 % 61.80 % 22.65 %
Q3 2017 68.65 % 61.40 % 17.95 %
Q4 2017 66.64 % 61.44 % 46.11 %
Q1 2018 66.83 % 60.05 % 41.86 %
Q2 2018 67.59 % 55.60 % 43.31 %
Q3 2018 64.71 % 48.48 % 42.06 %
Q4 2018 62.45 % 34.38 % 6.84 %
Q1 2019 61.12 % 24.15 % 1.28 %
Q2 2019 56.16 % 18.64 % (0.73 %)
Q3 2019 55.14 % 21.71 % (1.94 %)
Q4 2019 50.78 % (4.90 %) (26.28 %)
Q1 2020 47.49 % (2.50 %) (30.01 %)
Q2 2020 44.78 % (2.88 %) (34.07 %)
Q3 2020 40.30 % (5.89 %) (33.08 %)
Q4 2020 33.51 % 0.26 % (8.61 %)
Q1 2021 29.48 % (1.10 %) (8.46 %)
Q2 2021 29.99 % 1.64 % (8.75 %)
Q3 2021 29.79 % 2.42 % (11.72 %)
Q4 2021 33.78 % 17.95 % 0.13 %
Q1 2022 32.42 % 16.94 % (1.77 %)
Q2 2022 28.15 % 17.03 % 2.22 %
Q3 2022 26.58 % 17.90 % 3.92 %
Q4 2022 22.24 % 16.62 % 5.39 %
Q1 2023 23.91 % 19.17 % 6.88 %
Q2 2023 21.77 % 15.72 % 1.09 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 276.53 0.55 0.63 11.92
Q2 2014 276.53 0.65 0.67 12.14
Q3 2014 276.53 0.74 0.74 12.20
Q4 2014 276.53 1.01 1.01 12.51
Q1 2015 276.53 1.03 1.03 12.44
Q2 2015 276.53 0.99 0.99 12.50
Q3 2015 276.53 0.91 0.91 12.33
Q4 2015 276.53 0.53 0.53 12.39
Q1 2016 276.53 0.47 0.47 12.54
Q2 2016 276.53 0.49 0.50 12.58
Q3 2016 276.53 0.48 0.50 12.10
Q4 2016 276.53 0.30 0.28 12.68
Q1 2017 276.53 0.38 0.36 12.78
Q2 2017 276.53 0.30 0.27 12.55
Q3 2017 276.53 0.25 0.21 12.34
Q4 2017 276.53 0.47 0.53 12.54
Q1 2018 276.53 0.46 0.48 12.65
Q2 2018 276.53 0.49 0.50 12.50
Q3 2018 276.53 0.46 0.47 12.52
Q4 2018 276.53 (0.66) 0.07 11.43
Q1 2019 276.53 (0.76) 0.01 11.51
Q2 2019 276.53 (0.79) (0.01) 11.54
Q3 2019 276.53 (0.80) (0.02) 11.53
Q4 2019 276.53 (0.67) (0.32) 10.74
Q1 2020 276.53 (0.75) (0.39) 10.61
Q2 2020 276.53 (0.85) (0.48) 10.69
Q3 2020 276.53 (0.91) (0.52) 10.83
Q4 2020 276.53 (0.51) (0.17) 10.35
Q1 2021 276.53 (0.51) (0.20) 10.31
Q2 2021 276.53 (0.53) (0.22) 10.43
Q3 2021 276.53 (0.59) (0.30) 10.23
Q4 2021 276.53 0.20 0.00 10.71
Q1 2022 276.53 0.11 (0.07) 10.60
Q2 2022 375.00 0.23 0.09 12.05
Q3 2022 375.00 0.32 0.19 12.05
Q4 2022 375.00 0.29 0.29 12.29
Q1 2023 375.00 0.40 0.40 12.31
Q2 2023 375.00 0.06 0.06 12.20

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 38.39 33.22 1.76
Q2 2014 38.09 36.89 2.04
Q3 2014 37.81 37.81 2.30
Q4 2014 19.50 19.50 1.57
Q1 2015 20.38 20.38 1.69
Q2 2015 22.11 22.11 1.75
Q3 2015 15.10 15.10 1.11
Q4 2015 25.33 25.33 1.09
Q1 2016 23.14 23.14 0.87
Q2 2016 25.82 25.24 1.01
Q3 2016 21.58 21.08 0.86
Q4 2016 52.38 56.66 1.24
Q1 2017 32.25 34.30 0.96
Q2 2017 41.10 46.36 0.98
Q3 2017 48.86 56.69 0.97
Q4 2017 28.10 25.10 1.05
Q1 2018 27.94 26.68 1.01
Q2 2018 38.08 37.27 1.50
Q3 2018 36.00 35.19 1.33
Q4 2018 NEG More than 100 1.26
Q1 2019 NEG More than 100 1.33
Q2 2019 NEG NEG 1.24
Q3 2019 NEG NEG 1.24
Q4 2019 NEG NEG 1.50
Q1 2020 NEG NEG 1.35
Q2 2020 NEG NEG 1.39
Q3 2020 NEG NEG 1.66
Q4 2020 NEG NEG 1.72
Q1 2021 NEG NEG 2.11
Q2 2021 NEG NEG 3.01
Q3 2021 NEG NEG 2.70
Q4 2021 More than 100 More than 100 2.23
Q1 2022 More than 100 NEG 2.35
Q2 2022 59.39 More than 100 1.11
Q3 2022 38.84 66.38 1.04
Q4 2022 38.74 38.74 0.93
Q1 2023 31.19 31.19 1.01
Q2 2023 More than 100 More than 100 1.15

Business Segments (Million)

Compared With The
Period Infrastructure Projects Property Sales Rental Facility Management Construction Project elimination services segment Residential sector The commercial sector Rents Other real estate revenues Maintenance revenues Sale of Land Amana Project
Q1 2014 - - - - - - - - - 63.23 0.02 0.51 - -
Q2 2014 - - - - - - - - - 64.47 0.01 0.40 - -
Q3 2014 - - - - - - - - - 67.32 0.28 0.49 - -
Q4 2014 - - - - - - - - - 67.06 - 0.56 77.15 -
Q1 2015 - - - - - - - - - 66.68 0.02 0.51 - -
Q4 2016 - - - - - - - 113.91 (24.39) - - - - -
Q1 2017 - - - - - - - 45.84 32.76 - - - - -
Q2 2017 - - - - - - - 21.60 57.05 - - - - -
Q3 2017 - - - - - - - 33.98 46.15 - - - - -
Q4 2017 - - - - - - - 35.82 41.81 - - - - -
Q1 2018 - - - - - - - 44.71 35.58 - - - - -
Q2 2018 - - - - - - - 28.12 55.00 - - - - -
Q3 2018 - - - - - - - 30.99 37.69 - - - - -
Q4 2018 - - - - - - - 28.19 36.29 - - - - -
Q1 2019 - - - - - - - 32.44 39.96 - - - - -
Q2 2019 - - - - - - - 28.83 42.97 - - - - -
Q3 2019 - - - - - - - 31.71 56.08 - - - - -
Q4 2019 - - - - - - 36.04 31.58 38.41 - - - - -
Q1 2020 - - - - - - 25.79 33.30 39.04 - - - - -
Q2 2020 - - - - - - 34.03 31.02 30.75 - - - - -
Q3 2020 - - - - - - 65.08 31.51 35.89 - - - - -
Q4 2020 - - - - - - 117.84 34.99 69.82 - - - - -
Q1 2021 - - - - - - 5.31 32.22 145.07 - - - - -
Q2 2021 - - - - - - 5.70 35.59 121.63 - - - - -
Q4 2021 - - - - - - 136.24 235.69 170.12 - - - - -
Q1 2022 - - - - - - 108.10 145.25 28.79 - - - - -
Q2 2022 - - - - - - 197.10 304.01 86.70 - - - - -
Q3 2022 - - - - - - 170.35 182.97 31.56 - - - - -
Q4 2022 - - - - - - 379.02 40.91 376.53 - - - - -
Q1 2023 198.49 83.80 66.84 11.94 31.91 - - - - - - - - -
Q2 2023 208.76 57.86 72.18 9.66 7.02 - - - - - - - - -

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