Riyadh – Mubasher: Saudi Real Estate Company (Al Akaria) turned to net losses of SAR 8 million in the third quarter (Q3) of 2020, versus net profits of SAR 9 million in the corresponding period in 2019.
The move to losses came as the company formed provisions of SAR 7.5 million for financial assets impairment and a provision worth SAR 6.7 million for capital work impairment, according to a bourse filing on Wednesday.
Revenue for Q3-20 soared by 53.4% on an annual basis to stand at SAR 134.7 million.
During the first nine months of the year, the real estate developer suffered SAR 15.6 million worth of losses, compared to profits of SAR 49 million in the prior-year period.
Source: Mubasher
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