Riyadh - Mubasher: Saudi Real Estate Company (Al Akaria) reported a decline in net profits for the second quarter of 2017 by 56.1% year-on-year, and 63.1% quarter-on-quarter.

The company said in a statement to the Saudi Stock Exchange (Tadawul) on Tuesday that net profits reached SAR 18.75 million in Q2-17, compared to SAR 42.75 million for the same period last year.

As for the first half of the year, profits rose to SAR 69.6 million, compared to SAR 47.6 million in the first six months of 2016.

Revenues grew by 5.4% and totalled SAR 78.6 million in Q2-17, versus SAR 74.6 million in Q2-16, while semi-annual revenues amounted to SAR 157.2 million compared to SAR 147.2 million in H1-16, increasing by 6.7%, the statement noted.