Riyadh - Mubasher: Saudi Real Estate Company (Al Akaria) announced that annual net profits declined by 41.42% in 2016, totalling SAR 86.48 million ($23 million) compared to SAR 147.62 million ($39.37 million) in 2015.

The decline in net profit is due to an increase in financing fees by SAR 74.6 million, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Monday.

The company said in January that profits declined by 37.99% to SAR 91.54 million from SAR 147.62 million in the year before.