Riyadh – Mubasher: Saudi Arabia-based Dar Al Arkan Real Estate Development on Monday said that its net profits surged 759.96% year-on-year in the fourth quarter of 2017.

Net profits rose to SAR 320.68 million during Q4-17, from SAR 37.29 million in the same period a year earlier, according to a bourse filing.

Quarter-on-quarter, profits grew 52.98%.

Dar Al Arkan attributed the increase in its year-on-year net profits to a rise in properties’ sales.

“The increase in finance cost is partially off-set with operating expenses, the increase in non-operating income received from deposits and the increase in lease revenue,” the statement added.

The firm’s sales soared 493.22%, reaching SAR 2.4 billion in Q4-17, compared to SAR 410.49 million in the same period in the prior year.

Dar Al Arkan’s net profits went up 120.62% to SAR 553.37 million during 2017, up from SAR 250.83 million the previous year.

The Saudi real estate developer’s sales jumped 153.16% to SAR 4.7 billion in 2017, compared to SAR 1.87 billion in the year before.

By 10:23 am KSA time, Dar Al Arkan’s stock grew 4.37% to SAR 10.50.