Riyadh – Mubasher: Saudi Real Estate on Thursday announced that net profits jumped 111.26% in the first quarter of 2017, compared to the same quarter in 2016, according to a bourse filing.

Net profits amounted to SAR 54.04 million in Q1-17, compared to SAR 25.58 million in Q1-16.

The company attributed the year-on-year profit increase to an 8.2% increase in revenues which led to an increase in total income by 3.9%, despite high depreciation expenses.

The rise in profits also came due to a decrease in financing costs by 76%, as capital projects were capitalised at SAR 22 million, and other revenues increased by 132.8%, according to the statement.

Quarter-on-quarter, net profits surged 122.3% in Q1-17, compared to the Q4-16.

The company had previously reported a 41.42% decline in annual profits to reach SAR 86.48 million in 2016, compared to SAR 147.62 million in 2015.