Riyadh – Mubasher: Riyad Real Estate Investment Traded Fund (Riyad REIT) on Thursday reported a 102.95% year-on-year rise in its net profits during the full year 2017, compared to the year ago.

Riyad REIT’s net profits rose to SAR 20.07 million last year versus SAR 9.9 million in 2016, according to a statement to the Saudi Stock Exchange (Tadawul).

The fund attributed the growth in its profits to a rise in occupying properties that were acquired in 2016.

“Revenues [of 2017] reflect partial operational revenues of properties acquired in 2017, where Riyad REIT acquired two properties in Q2: Vivienda (Mousa Bin Nusair), and The Residence (Hittin),” the statement added.