Saudi Real Estate Company (Al Akaria) turned to profitability in the first half (H1) of 2022, gaining SAR 15.86 million in net earnings, against SAR 13.72 million in the corresponding period in 2021.

The real estate developer recorded a profit per share of SAR 0.06 in H1-22, versus a loss per share of SAR 0.06 in H1-21, according to a bourse statement on Tuesday.

Revenues stood at SAR 869.94 million in the January-June period in 2022, up 151.78% on an annual basis from SAR 345.51 million.

During this year’s second quarter (Q2), the company moved to net profits of SAR 45.3 million, compared to net losses of SAR 9.17 million in Q2-21.

Moreover, sales for Q2-22 surged by 260.79% yearly to reach SAR 587.8 million, compared to SAR 162.92 million.

It is worth noting that during Q1-22, Al Akaria incurred net losses after Zakat and tax of SAR 29.40 million, an annual hike of 539.13% from SAR 4.60 million.