Al Akaria profit dips 67% to SAR 2.9M in Q1 2024

Al Akaria profit dips 67% to SAR 2.9M in Q1 2024

07/05/2024 Argaam Exclusive

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Saudi Real Estate Co. (Al Akaria) reported a net profit of SAR 2.9 million in Q1 2024, a 67% decline from SAR 8.9 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 392.97 427.58 8.8 %
Gross Income 128.27 129.08 0.6 %
Operating Income 78.49 77.77 (0.9 %)
Net Income 8.87 2.92 (67.1 %)
Average Shares 375.00 375.00 -
EPS (Riyals) 0.02 0.01 (67.1 %)

The company noted a 13% year-on-year (YoY) increase in the cost of revenues to SAR 34 million, a 14% (SAR 5 million) YoY rise in general and administrative expenses and a 14% YoY growth in finance costs.

 

This was partially offset by a 28% (SAR 56 million) YoY rise in revenues from infrastructure projects and a 23% hike in revenues from rental revenues.

 

Al Akaria's Q1 2024 earnings fell 98.2% quarter-on-quarter (QoQ) from SAR 156.90 million.

 

Total shareholders’ equity, no minority interest, reached SAR 4.77 billion by the end of Q1 2024, compared with SAR 4.6 billion in the year-ago period.

 

Accumulated losses reached SAR 64 million as of March 31, 2024, representing 1.7% of the company’s capital.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2015 67.20 5.4 % 46.39 6.2 % 43.12 15.1 % 0.16
Q2 2015 68.49 5.6 % 46.06 1.7 % 36.72 (23.5 %) 0.13
Q3 2015 70.90 4.1 % 50.09 6.7 % 38.37 (37.4 %) 0.14
Q4 2015 72.30 (50.0 %) 52.38 (55.4 %) 29.42 (77.7 %) 0.11
Q1 2016 72.63 8.1 % 50.41 8.7 % 25.59 (40.7 %) 0.09
Q2 2016 74.65 9.0 % 50.42 9.5 % 42.75 16.4 % 0.15
Q3 2016 77.67 9.5 % 48.99 (2.2 %) 36.19 (5.7 %) 0.13
Q4 2016 89.52 23.8 % 66.52 27.0 % (21.76) (174.0 %) (0.08)
Q1 2017 78.60 8.2 % 52.38 3.9 % 47.76 86.6 % 0.17
Q2 2017 78.65 5.4 % 53.06 5.2 % 20.71 (51.6 %) 0.07
Q3 2017 80.13 3.2 % 52.47 7.1 % 21.36 (41.0 %) 0.08
Q4 2017 77.63 (13.3 %) 52.01 (21.8 %) 39.91 283.4 % 0.14
Q1 2018 80.29 2.2 % 54.12 3.3 % 44.64 (6.5 %) 0.16
Q2 2018 83.12 5.7 % 58.50 10.3 % 30.27 46.1 % 0.11
Q3 2018 69.02 (13.9 %) 36.03 (31.3 %) 12.67 (40.7 %) 0.05
Q4 2018 64.14 (17.4 %) 36.56 (29.7 %) (270.64) (778.2 %) (0.98)
Q1 2019 72.41 (9.8 %) 45.36 (16.2 %) 18.49 (58.6 %) 0.07
Q2 2019 71.80 (13.6 %) 37.82 (35.3 %) 21.51 (28.9 %) 0.08
Q3 2019 87.78 27.2 % 43.54 20.9 % 8.98 (29.2 %) 0.03
Q4 2019 106.03 65.3 % 44.92 22.8 % (235.33) 13.0 % (0.85)
Q1 2020 98.12 35.5 % 46.46 2.4 % (2.91) (115.7 %) (0.01)
Q2 2020 95.80 33.4 % 38.72 2.4 % (4.65) (121.6 %) (0.02)
Q3 2020 132.48 50.9 % 44.16 1.4 % (8.01) (189.3 %) (0.03)
Q4 2020 227.07 114.2 % 56.12 24.9 % (125.17) 46.8 % (0.45)
Q1 2021 182.59 86.1 % 49.07 5.6 % (4.55) (56.6 %) (0.02)
Q2 2021 162.92 70.1 % 62.13 60.5 % (9.17) (97.1 %) (0.03)
Q3 2021 141.29 6.7 % 45.37 2.7 % (23.93) (198.7 %) (0.09)
Q4 2021 542.04 138.7 % 190.92 240.2 % 92.56 173.9 % 0.33
Q1 2022 282.14 54.5 % 67.36 37.3 % (29.45) (547.3 %) (0.11)
Q2 2022 587.80 260.8 % 133.53 114.9 % 45.31 594.1 % 0.12
Q3 2022 384.88 172.4 % 85.72 88.9 % 12.09 150.5 % 0.03
Q4 2022 796.46 46.9 % 169.50 (11.2 %) 82.59 (10.8 %) 0.22
Q1 2023 392.97 39.3 % 128.27 90.4 % 8.87 130.1 % 0.02
Q2 2023 355.47 (39.5 %) 36.67 (72.5 %) (82.52) (282.1 %) (0.22)
Q3 2023 389.12 1.1 % 103.91 21.2 % (15.62) (229.2 %) (0.04)
Q4 2023 676.66 (15.0 %) 292.29 72.4 % 156.90 90.0 % 0.42
Q1 2024 427.58 8.8 % 129.08 0.6 % 2.92 (67.1 %) 0.01

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2023 22.67 % 15.77 % (0.35 %)
Q4 2023 30.93 % 22.70 % 3.73 %
Q1 2024 30.39 % 22.23 % 3.34 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2023 375.00 (0.02) (0.02) 12.17
Q4 2023 375.00 0.18 0.18 12.66
Q1 2024 375.00 0.16 0.16 12.74

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2023 NEG NEG 1.12
Q4 2023 88.38 88.38 1.26
Q1 2024 More than 100 More than 100 1.62

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 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 - - - - - - 316.91 17.83 20.74 - - - - -
Q3 2023 - - - - - - 281.70 70.87 36.55 - - - - -
Q1 2024 254.68 49.91 82.16 12.02 28.81 - - - - - - - - -

Analysts Estimates (Million)

Item Q1 2024 (e) Q1 2024 (a) Change‬
Average 111.00 2.92 (97.4 %)

Estimates vs Actual (Million)

Item Q1 2024 (e) Q1 2024 (a) Change
GIB Capital 111.00 2.92 (97.4) %


Financial Ratios
Current
Market Cap (M Riyal) 6,922.50
Enterprise Value (EV) (M) 9,273.13
Shares Outstanding ((M)) 375.00
EPS ( Riyal) (TTM) 0.16
Book Value (BV) ( Riyal) 12.74
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 1.45
Return on Average Assets (%) (TTM) 0.7
Return on Average Equity (%) (TTM) 1.3
more

Share Price

Saudi Real Estate Co.
18.46
0.06 0.33 %

Saudi Real Estate Co. (ALAKARIA)

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