Saudi Entity Reports Losses of Approximately 500 Million Riyals in 2023
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The Saudi Entity, a closed joint-stock company operating in real estate development and investment, recorded operating losses of 494.9 million Saudi riyals in 2023, compared to losses of 17.1 million riyals in the previous year.
This was stated in the company’s annual report issued by the Saudi Stock Exchange “Tadawul,” which attributed the significant increase in losses to decreased real estate sales and the recording of an impairment allowance on the company’s investments.
The report indicated that the company’s total revenues reached 147.6 million riyals in 2023, compared to 62.8 million riyals in 2022, an increase of 135%. Meanwhile, the loss per share was 0.70 riyals, compared to a loss of 0.02 riyals in 2022.
The company’s CEO, Engineer Abdullah bin Mohammed Alabdulkarim, said that “the financial results for 2023 reflect the impact of the economic challenges faced by the company, especially in light of the COVID-19 pandemic and its repercussions on the real estate sector.”
Alabdulkarim added that the company is working to implement a strategic plan aimed at improving its financial performance and increasing its profitability during the coming period, noting that the company has a promising portfolio of real estate projects that will contribute to achieving its goals.
It is worth mentioning that the Saudi Entity was established in 1976, and its headquarters is located in Riyadh. The company is active in developing and managing commercial, residential, and industrial real estate projects, in addition to investing in securities and real estate.
مكة بوست ، موقع إخباري شامل يهتم بتقديم خدمة صحفية متميزة للقارئ، وهدفنا أن نصل لقرائنا الأعزاء بالخبر الأدق والأسرع والحصري بما يليق بقواعد وقيم الأسرة السعودية، لذلك نقدم لكم مجموعة كبيرة من الأخبار المتنوعة داخل الأقسام التالية، الأخبار العالمية و المحلية، الاقتصاد، تكنولوجيا ، فن، أخبار الرياضة، منوعات و سياحة.
