Riyadh – Mubasher: Saudi Arabia-based, Dar Al Arkan Real Estate Development on Thursday stated that its net profits surged 86.38% year-on-year in the third quarter of 2017.

Net profits jumped to SAR 209.62 million in Q3-17, from SAR 112.47 million in Q3-16, according to a bourse statement.

Quarter-on-quarter, profits soared 1,186%.

Saudi Arabia-based real estate development firm attributed the growth in its year-on-year net profits to a rise in sales of properties, non-operating other revenues, and in revenues of leasing.

Sales levelled up 140% to SAR 1.48 billion in Q3-17, from SAR 617.57 million in the same period in 2016.

At the level of the first nine months of 2017, net profits increased 8.96% to reach SAR 232.69 million, compared to SAR 213.55 million in the corresponding period in the year earlier.

The company’s sales went up 57.53% to SAR 2.3 billion from January until September 2017, from SAR 1.46 billion in the year-ago period.

By 10:53 am KSA time, the stock rose 6.75% to reach SAR 8.70.