Saudi Real Estate- Al Akaria said Wednesday it has achieved profits worth SAR 44.64 million ($11.90 million) during the first three months of 2018, down 6.53 percent from SAR 47.76 million ($12.73 million) during the same period in 2017, according to a bourse filing.
Quarter-on-quarter, however, profits grew by 11.52 percent from SAR 40.03 million.
Gross profit amounted to SAR 54.12 million in during the first quarter of the year, up 3.32 percent year-on-year from SAR 52.38 million, while operating profit dropped 18.43 percent to SAR 32.98 million from SAR 40.43 million in during the same period a year earlier, Saudi Real Estate said.
Earnings per share (EPS) amounted to SAR 0.37, versus SAR 0.4 in the same period of the previous year.
Al Akaria attributed its profit fall to higher general and administrative expenses after the unification of the company’s subsidiaries added to higher Zakat provisions and lower profits from an associate.
The Saudi real estate firm’s revenues increased 2.2 percent to SAR 80.3 million from SAR 78.6 million, the statement showed.
Al Akaria previously logged SAR 132.5 million in profits for the full-year 2017, registering a sharp rise of around 80 percent from SAR 73.7 million the year before.
The company’s stock closed Wednesday down 0.41 percent to SAR 21.91 on Tadawul.