The financial statements of the Saudi Real Estate Company revealed that the company turned to profitability at the end of the second quarter of this year, with a value of 45.3 million riyals, compared to losses for the same period last year, which amounted to 9.17 million riyals.
The company said in a statement to the Saudi market (Tadawul), today, Tuesday, that the positive shift in results during the comparison periods is due to an increase in revenues by 261%, due to the recording of revenues from sales of housing units and the registration of sales of land plots during the current quarter compared to the same quarter of the previous year. .
The company also attributed the profit for the period to a decrease in selling and marketing expenses of 7.8 million riyals during the current quarter compared to the same quarter of the previous year, due to a decrease in the provision for expected credit losses and a decrease in advertising campaign expenses.
This is in addition to the increase in the company's share in the profits of an associate company by 2.2 million riyals, due to the improvement in the performance of the associate company.
The company also turned to profitability in the first half of this year, with a value of 15.86 million riyals, compared to 13.72 million riyals losses for the same period of the previous year.
