Riyadh: Saudi Real Estate Company (Al Akaria) registered 101.28% higher net profits after Zakat and tax at SAR 110.50 million in 2022, versus SAR 54.90 million in 2021.

Revenues amounted to SAR 2.05 billion as of 31 December 2022, a 99.39% year-on-year (YoY) hike from SAR 1.02 billion, according to the annual financial results.

Meanwhile, the earnings per share (EPS) increased to SAR 0.34 last year from SAR 0.23 in 2021.

In the first nine months (9M) of 2022, Al Akaria turned profitable at SAR 27.90 million, compared to net losses after Zakat and tax of SAR 37.70 million in 9M-21.

The accumulated losses hit SAR 229 million as of 30 September 2022, which equaled 6.10% of the SAR 3.75 billion capital.

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