Riyadh – Mubasher: Arriyadh Development Company (ARDCO) on Wednesday stated that its net profits surged 22.9% year-on-year in the third quarter of 2017.

Net profits increased to SAR 45.6 million in Q3-17, from SAR 37.1 million in Q3-16, according to a bourse filing.

Quarter-on-quarter, profits edged up 0.7%.

The firm attributed the increase in its year-on-year net profits to the improvement in operating sector, growth in other revenues, and decrease in general expenses.

The company’s profits slid 40.3% to reach SAR 134.3 million in the first nine months of 2017, compared to SAR 225 million in the same period in the year-before.

The stock rose 1.7%, closing at SAR 17.12 on Wednesday.