Saudi Real Estate Co (“Al Akaria”) announces its Annual Financial results for the period ending on 2024-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 1,987.7 | 1,814.2 | 9.56 | ||
| Gross Profit (Loss) | 709.3 | 561.1 | 26.41 | ||
| Operational Profit (Loss) | 481 | 337.2 | 42.65 | ||
| Net profit (Loss) | 215.1 | 67.6 | 218.19 | ||
| Total Comprehensive Income | 230.5 | 141.1 | 63.36 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 4,979 | 4,748.8 | 4.85 | ||
| Profit (Loss) per Share | 0.57 | 0.18 | |||
| 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 year compared to the last year | The increase in revenue by 9.56% is primarily driven by the following factors: 1- A 15% increase in revenue from property sales, mainly due to the launch of the "Fai Sedra-1" project in 2024 and the commencement of revenue recognition for the project. 2- A 9% increase in revenue from infrastructure projects, attributed to the signing of several new contracts in 2024, in addition to higher completion rates of contracts signed in previous years. 3- A 13% increase in revenue from rental properties, driven by higher occupancy rates and an increase in the average rental price per square meter. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The increase in net profit by 218.19% is primarily driven by the following factors: 1- A 42.64% increase in operating profit. 2- A 181% increase in the company's share of profit from an associate and the joint venture. 3- A 39% decrease in zakat expenses recorded during 2024. |
| Statement of the type of external auditor's report | Unmodified opinion |
| 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) | 1- We draw attention to note (9) to the consolidated financial statements for the year ended 31 December 2023, as stated therein, certain land parcels owned by the Group 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 437.7 million as at 31 December 2024 (31 December 2023: SR 437.7million). 2- We draw attention to note (9) to the consolidated financial statements. as stated therein, during the period; 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 capital work-in-progress amounted to SR 2.9 billion as at 31 December 2024 (31 December 2023: SR 2.9 billion). |
| 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 |  |
