Riyadh – Mubasher: Saudi Real Estate Company (Al Akaria) on Thursday said its net profits tumbled 43.09% year-on-year in the third quarter of 2017.

Net profits reached SAR 20.6 million in Q3-17, compared to SAR 36.2 million in Q3-16, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, profits went up 9.57%.

Saudi Arabia-based real estate firm attributed the decline in its year-on-year net profits to booking unrealised losses in the fair value (FV) of financial derivatives, and to losses that resulted from exiting from associate companies.

Al Akaria’s revenues rose 3% to reach SAR 80.1 million in Q3-17, compared to SAR 77.6 million in the year-ago period.

At the level of the first nine months of 2017, the firm’s net profits fell 2.17% to SAR 90.1 million, from SAR 92.1 million in the corresponding period in the year earlier.

Revenues levelled up 6%, reaching SAR 237.4 million from January until September 2017, compared to SAR 224.9 million in the same period in the year before.

By 10:21 am KSA time, Al Akaria's stock inched down 0.11% to reach SAR 18.68.