“Saudi Real Estate” loses 23.9 million riyals in the third quarter

Saudi Real Estate Company’s losses increased 198.7% in the third quarter of 2021, to 23.9 million riyals, compared to losses of about 8 million riyals in the same quarter last year.

Likewise, Saudi Real Estate’s losses increased 159.8% in the third quarter of 2021, compared to losses of 9.2 million riyals in the second quarter of 2020.

And Saudi Real Estate said in a statement in “Tadawul Saudi”, today, Thursday, that the reason for the increase in net loss during the third quarter of questyear over the same quarter of the previous year is due to the increase in financing charges for an amount of 20 million riyals due to the suspension of the capitalization of the financing fees for the Valli project, with an effect of 15.8 million riyals due to the interruption of the project activities, in addition to the termination of the capitalization of the commissions of financing for the Al-Dahiya project, with an impact of 5 million riyals following the completion of the basic construction of the project.

During the first nine months of 2021, Saudi Real Estate’s losses increased by 141% to 37.6 million riyals, compared to losses of approximately 15.6 million riyals in the same period of 2020.

Saudi Real Estate recorded cumulative losses of approximately 338 million riyals at the end of the first nine months of questyear, accounting for 14.1% of the capital of 2.4 billion riyals.

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