Al Akaria narrows loss to SAR 11.3M in H1 2024, SAR 14.2M in Q2

Al Akaria narrows loss to SAR 11.3M in H1 2024, SAR 14.2M in Q2

07/08/2024 Argaam Exclusive

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Saudi Real Estate Co. (Al Akaria) limited its loss to SAR 11.3 million in H1 2024, from SAR 73.7 million in H1 2023.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 748.45 809.90 8.2 %
Gross Income 164.94 254.38 54.2 %
Operating Income 55.39 136.06 145.6 %
Net Income (73.65) (11.27) 84.7 %
Average Shares 375.00 375.00 -
EPS (Riyals) (0.20) (0.03) 84.7 %

Topline grew in H1 2024 due to a 22% year-on-year (YoY) increase in revenues from infrastructure projects and a 20% rise in revenue from real estate rental.

 

Moreover, gross profit increased by 54% YoY as H1 2023 included extraordinary losses in the construction segment, amounting to SAR 46 million. Other income increased by 53% YoY.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 355.47 382.33 7.6 %
Gross Income 36.67 125.30 241.7 %
Operating Income (23.10) 58.29 352.4 %
Net Income (82.52) (14.19) 82.8 %
Average Shares 375.00 375.00 -
EPS (Riyals) (0.22) (0.04) 82.8 %

In Q2 2024, the company narrowed losses to SAR 14.2 million from a net loss of SAR 82.5 million in the year-ago period.

 

Al Akaria turned to loss in Q2 from a profit of SAR 2.9 million in Q1 2024, due to lower revenues and higher selling and marketing expenses.

 

Shareholders’ equity, no minority interest, stood at SAR 4.73 billion by the end of the six-month period, compared to SAR 4.57 billion a year earlier.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q3 2023 389.12 1.1 % 103.91 21.2 % 56.74 5.9 %
Q4 2023 676.66 (15.0 %) 292.29 72.4 % 225.08 94.1 %
Q1 2024 427.58 8.8 % 129.08 0.6 % 77.77 (0.9 %)
Q2 2024 382.33 7.6 % 125.30 241.7 % 58.29 352.4 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
Q3 2023 (15.62) (229.2 %) (0.04) - (15.62) (0.04)
Q4 2023 156.90 90.0 % 0.42 - 156.90 0.42
Q1 2024 2.92 (67.1 %) 0.01 - 2.92 0.01
Q2 2024 (14.19) 82.8 % (0.04) - (14.19) (0.04)

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 %
Q2 2024 34.68 % 26.36 % 6.93 %


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
Q2 2024 375.00 0.35 0.35 12.64

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
Q2 2024 54.98 54.98 1.51

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 208.76 57.86 72.18 9.66 7.02 - - - - - - - - -
Q3 2023 251.88 28.46 78.12 11.72 18.95 - - - - - - - - -
Q4 2023 236.98 320.72 84.97 66.55 33.13 - - - - - - - - -
Q1 2024 254.68 49.91 82.16 12.02 28.81 - - - - - - - - -
Q2 2024 240.62 28.59 84.24 11.50 17.38 - - - - - - - - -

Analysts Estimates (Million)

Item Q2 2024 (e) Q2 2024 (a) Change‬
Average 10.00 (14.19) (241.9 %)

Estimates vs Actual (Million)

Item Q2 2024 (e) Q2 2024 (a) Change
GIB Capital 10.00 (14.19) (241.9) %


Financial Ratios
Current
Market Cap (M Riyal) 9,412.50
Enterprise Value (EV) (M) 11,747.04
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 1.96
Return on Average Assets (%) (TTM) 2.0
Return on Average Equity (%) (TTM) 3.9
more

Share Price

Saudi Real Estate Co.
25.10
(0.40) (1.57 %)

Saudi Real Estate Co. (ALAKARIA)

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