The Saudi property firm achieved SAR 44.64 million ($11.90 million) in profits in the first three months of 2018, down 6.53% from SAR 47.76 million ($12.73 million) in the corresponding period of 2017, according to a bourse filing.
Quarter-on-quarter, however, profits grew 11.52% from SAR 40.03 million.
Gross profit amounted to SAR 54.12 million in Q1-18, up 3.32% year-on-year from SAR 52.38 million, while operating profit dropped 18.43% to SAR 32.98 million from SAR 40.43 million in Q1-17, Saudi Real Estate said.
Earnings per share (EPS) amounted to SAR 0.37 in Q1-18 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% to SAR 80.3 million in Q1-18 from SAR 78.6 million in the year-ago period, 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% from SAR 73.7 million the year before.
The company’s stock closed Wednesday down 0.41% to SAR 21.91 on Tadawul.
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